Wave Systems Corp. (fka WAVXQ)

[awk]

Flyer

I think one can also look at the figures in a slightly different way:

Given the burn rate Wave needs probably around $30 million in revenue for 2004. Given an assumed, conservative adoption rate of 25% for premium services at $30.00 per subscriber and year, less than 4 million TPM enabled machines will have to be delivered in 2004...

Interestingly enough, IBM has already delivered about 4 million TPM enabled PC's. So, I think 4 million TPM enabled PC's in 2004 is a very conservative number.