Wave Systems Corp. (fka WAVXQ)

[Jay Signor]

My pleasure.

Before you get too excited, I suggest you wait to see how many Enterprise deals you have closed through Dell.

From what I hear from people at Dell... none. In all fairness Wave has done an excellent job being integrated in so many boxes. The real revenue for both Dell and Wave will be converting client based software to the Enterprise.

From all the IT people we speak with, they are not ready to commit to Wave. When you see all your competitors hitting the ground running going after you, then you will realize the game is on. I feel that will be sometime in late 2008.

This happened with the biometric industry. All the first to market companies like IO Software, BNX, Saflink all blew their funding prior to the current adoption rate.

Wave has done an excellent job staying a float to date. My only concern is when the time is right you will be competing against the RSA's, MacAfee's, Infinion's etc.

I wish you all the best, I really don't see head-to-head competition with Wave. Wave is designed for System Authentication, while IdentiPHI, ActivIdentity, GemPlus, SafNet are focused on user authentication.