Wave Systems Corp. (fka WAVXQ)

[Chowder]

Snacks, regarding when the revs come in...I took a minute to re-read SKS' SRA Tech presentation (the transcripts are invaluable - thanks unclever).

This may have been previously discussed, but do I understand this correctly, when SKS said "A billion machines are going to do strong authentication “this way.” You’re going to hear about lots of other companies. We talk about RSA has their tokens and Vasco has tokens and Gemplus has smartcards. There are lots of things out there helping you authenticate. The difference is RSA is really happy they’ve shipped 19 or 17 million tokens. We’re going to ship 17 million tokens a quarter. They’ve shipped that since the beginning of time. And we’ll ship at the rate of 17 million units a quarter in ’06. So it’s going to get interesting."

17 million units a quarter in '06?! My read is SKS was referring to wave bundled TPMs and if I am correct...

Any thoughts?

Chowder