Wave Systems Corp. (fka WAVXQ)

[bbigtim]

Ramsey/Your Points

I agree with most of the points you made in your post. However, one critical question is whether your historical reference points have been adjusted for the effects of the reverse split. You state that Wave has historically issued 1.5-2 million options per year. Has this been adjusted for the reverse split? Was Wave issuing 4.5-6 million options per year prior to the reverse split? I doubt it.