Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

dj, according to your e-mail he suggested that licensing revenue alone could bring the break-even point at the current burn rate.

We are paid on every
motherboard that ships and every national enable machine. As I stated we have
volumes in the tens of thousands per month today and we have clear indications
that taker that to hundreds of thousands by mid year 2004 and potentially to
millions by the end of next year. This could potentially drive use to cashflow
breakeven on the current burn rate.