Wave Systems Offers Statement on Passing of Chair John Bagalay

Wave Systems Corp.

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."