Wave Systems Corp. (fka WAVXQ)

[Snackman]

SPIN as your friend I know that you are not posting to manipulate the stock. I know that. What I think you are doing however is riding an emotional roller coaster and not looking at the bigger picture.

We know that Intel is paying Wave per board between $.50 and $1.50. SkS has already stated that. We know that some boards have already been shipped (Intel said that) To me that means there is some revenues this quarter no matter what. That's just one customer. How about IBM customers?

The bigger picture is that TPMs are going into the market place. And that means trusted services will be purchased. The purchase of those trusted services will be AFTER the CPUs are in the customers hands and will be a lagging revenue. So, if the boards were shipped this quarter, which some have, and if the trusted services are subcriped to in Q1 of 2004, you will not see those revenues until May 15th. Exactly what kind of guidance were you looking for when there has probably been zero trusted services purchased so far. Now come May 15th, I would expect that Wave will be able to give you the guidance you are looking for but until then, it's probably a no go for what you want to hear.