Lee, MA
December 1, 2014


Wave Systems Corp. (NASDAQ: WAVX) is saddened by the unfortunate passing on Saturday, November 29, of longtime Chairman and member of the company’s Board of Directors, John E. Bagalay, Jr., Ph.D. Mr. Bagalay had been a valued member of the Board since 1993 and Chairman of the Board since 2003. He will be remembered for the many significant contributions he had made to the company over the past 20 years.

“We are deeply saddened by John’s passing, and we have been immensely privileged to benefit from his support and contributions to the company for so many years,” said Bill Solms, Wave’s President and CEO. “We will truly miss him, and we will miss the wisdom he always shared with us. Our thoughts and prayers are with his family.”

Mr. Bagalay served as Senior Vice President at Launch in US Alliance, LLC, a company that teams with international technology-based companies to make their U.S. launch successful, since 2009; as Executive-in-Residence for EuroUS Ventures LLP, a venture capital company, since 2005; as Director of Special Projects in the Life Sciences at the Boston University Technology Commercialization Institution from 2003 to 2005; as Senior Advisor to the Chancellor of Boston University from 1998 to 2003; and as Managing Director of BU Ventures, a university venture capital company, from 1989 to 1998.

Mr. Bagalay graduated from Yale University in 1957 with a Doctor of Philosophy (Ph.D.) and Political Economy, and later graduated from the University of Texas at Austin School of Law with a Doctor of Law (J.D.) in 1964. At the time of his passing, Mr. Bagalay lived in Austin, Texas.

For more information please contact:

Wave Contact:
Walter A. Shephard, CFO
Wave Systems Corp.


Investor Relations:
David Collins, Chris Eddy
Catalyst Global LLC