Wave Systems Corp. (fka WAVXQ)

[xxxxcslewis]

From the 10Q in 2008 through 9/30/08 Wavexpress operations consumed $2,809,663 while capital expenditures were $434,415 for a total of $3,244,078.

Through 9/30/08 no revenue was reported.

At the 2008 rate of expenditures, by the end of 2008 the total use of cash will be around $4 million.

Justification for spending desperately needed cash has not been apparent to me. Though at the shareholders meeting in June there apparently was mention of an outside evaluation of $40 million, from my perspective just recovering the money consumed in 2008 would be money from heaven.

Based on the SKS statements in the conference call, which historically have always proven to be unreliable, would enable the core business to get to breakeven.

I hope a WXP sale occurs very, very soon.