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Wave Systems Signs 3-Year Royalty Agreement With Leading Microchip Distributor for TPM 2.0 Management Software

LEE, MA, Oct 05, 2015 (Marketwired via COMTEX) -- Wave Systems Corp. WAVX, +11.76% and Silicon Application Corp. Group (SAC), a distribution leader in the microchip industry, announced that they have signed a three-year software license and distribution agreement for Trusted Platform Module (TPM) software management and maintenance.

The agreement grants to SAC a royalty-bearing limited license to use, reproduce, distribute and import Wave's TPM management software client for packaging and sales distribution with the TPM 2.0 microchip. Royalties are based upon units sold, but the agreement does not provide for minimum or guaranteed purchases or royalties. Initial shipments may begin in Q4 2015, but we do not expect material shipments to begin prior to early 2016.

"While we continue to work through restructuring and cost savings initiatives and will require additional financing for operations in the near term, we believe that this agreement, the first royalty contract for our new TPM 2.0 management software, is an important development for our TPM solutions," said Bill Solms, President and CEO of Wave Systems. "This puts Wave in the position of being one of the first to market with software supporting the new TPM 2.0 standard. We're very pleased to be partnering with SAC to promote and set the tone for TPM management software globally."

As part of the agreement, Wave will offer its EMBASSY Security Center (ESC-Pro) Infineon Edition for 32/64 bit Windows 7, 8, 8.1 and 10. The software solution provides enterprises with a...