Wave Systems Corp. (fka WAVXQ)

[DRM]

Vickers... from DRM

I completely understand where you are coming from. I guess I dont see it as this black and white. I have talked to Steven a number of times, as many of us have. I see him as a genuine optimist.

I think that many times he has let his energy get the best of him... and when he had concrete developments in hand he let himself get a bit carried away and did not stay grounded in his comments.

Do I think that he truly felt that we could hit B/E during Q1 or Q2 this year. Sure... I think that he thought it... heck he may still think it... and honestly if the stars lined up and just a handful of key enterprise customers were to fall in place yea that could happen.

Now...we all agree that the Killer App is the key now and that will drive Wave forward and really provide mass adoption in the industry. Cool....

But the other thing is this... it would have been easy for SKS to get as frustrated as all of us... day in and day out... preaching this message for a decade and having to wait so long for concrete hard results to validate his life's work. The same validation that we are all waiting for... in order to validate this crazy investment with our friends and family.

I for one am glad that SKS has remained this passionate. This passion carried us through some dark times. Yes he has over stepped the line a few times... but he also kept us energized and excited about this vision.

Finally... yes I agree that he will need to change his approach moving forward. Once we hit B/E and move forward from there... I do not think he will have a problem doing that...

Once he had that validation that we are all looking for...
DRM