Wave Systems Corp. (fka WAVXQ)

[Zeev Hed]

Bull, I believe we discussed the Infrastructure management issue last August. To summarize a very long argument, at the time we discussed the "chicken and the egg" issue, for Wave to benefit from such business, someone will have to invest in such an infrastructure, Wave surely does not have the resources (financial and ,manpower), thus whomever invests in putting this security infrastructure together will be the one to reap the stream of "management services revenues". WAVX might or might not have sufficient IP to put together a toll gate, but as I stated at the time, the IP is so vast, I could "not put my hands around that issue" to guesstimate what if any toll gate position WAVX could have. I have not seen any arguments or data indicating otherwise, so far.