Wave Systems Corp. (fka WAVXQ)

[PaulCzar]

Snackman:

You are saying that significant revenues will occur in the spring of next year. It seems to me that your estimates of significant revenues (be them in your own humble and honest opinion) are always getting pushed back in time. I guess we all are doing this. It's getting kind of old, wouldn't you say? After Q1, I guess that we will be saying: "by the spring of 2006" because we still have runway (approximately $20M of the shelf registration). That runway is the only hope left for Wave investors waiting for revenues. But when will they come? Being a Wave investor and waiting for revenues is like being a Cubs fan and waiting for a World Series win.

Paul