Lee, MA
June 21, 2011

Wave Systems Corp. (NASDAQ:WAVX www.wave.com) announced today that it has filed a $30 million shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). The filing replaces an existing shelf registration statement that became effective in June 2008 and expires on June 23, 2011. The filing includes shares underlying certain outstanding warrants to purchase up to 4,038,269 shares of Wave Class A common stock and would also facilitate Wave's ability to raise capital over the next three years. Wave has no current plans for the sale of the securities registered under this shelf registration statement. The terms of any offering by Wave under the registration statement would be established at the time of the offering and would be described in a prospectus supplement.

Once declared effective by the SEC, the shelf registration statement would permit Wave to sell, from time to time over three years, up to $30 million in aggregate value of its Class A common stock, preferred stock, or warrants to purchase its Class A common stock or preferred stock, or a combination thereof.

The registration statement has been filed with the SEC, but has not yet become effective. Any offers, solicitations of offers to buy, or sales of these securities will only be made once the shelf registration statement has been declared effective by the SEC, including any prospectuses and prospectus supplements. These securities may not be sold, nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release is not an offer to sell the securities covered by the shelf registration statement and it is not soliciting an offer to buy those securities in any state where the offer or sale is not permitted. The registration statement on Form S-3 may be accessed through the SEC's website at http://edgar.sec.gov.

For more information please contact:

Wave Contact:
Michael Wheeler
Wave Systems Corp.

Investor Relations:
David Collins, Eric Lentini
Catalyst Global LLC
212-924-9800 office / 917-734-0339 mobile