Wave Systems (WAVX) Postponing FY11 Results, Cites Accounting Errors

Wave Systems Corp. (Nasdaq: WAVX) announced today that it is postponing its fiscal-year 2011 financial results announcement and related conference call that were originally scheduled for this afternoon. Wave has made a determination that there are certain accounting errors in the financial statements of its subsidiary Safend Ltd. (acquired by Wave September 22, 2011) for the 2009 annual period, the 2010 annual period and the interim six-month period ending on June 30, 2011. Wave requires more time to complete its assessment of these errors and the preparation of the company's fiscal 2011 financial results and Form 10K, particularly the consolidation and related purchase accounting for Safend Ltd. Wave will be filing a report on Form 8-K providing additional details.

As a result of the delay, Wave also expects to file a 15-day extension (Form NT 10-K) for the filing of its annual report on Form 10-K which is due on March 15, 2011. Once the financial statements are finalized, Wave will announce a new date for its Q4 news release and conference call and will file its Form 10-K.

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