Wave Systems Corp. (fka WAVXQ)

[ramspower]

Shareholder's Meeting Notes

I estimated approximately 50 people were in attendance for the meeting. Listed below are a few of my notes from the meeting.

* Samsung SSD drives will be available mid-July timeframe.
* Expenses are down to $5.2 million per quarter
* Over 20K active enterprise seats are currently under management.
* Shipments of Embassy Security Center Software (Cumulative): 2008 - 45 Million; 2009 - 70 Million; 2010 - 100 Million
* Have 150 Enterprise Customers
* Ensign - Halifax Bank of Scotland (HBOS) goes live in October 2009. HBOS is 2nd largest UK bank.
* Another private placement is "probable". Owe ~$3M to vendors.
* A very interesting space is developing - External Drives
* Competition for software to manage TPM is Infineon and Lenovo. Advantages are they are not interoperable, limited management functions, and wont run on Dell Advanced Platform
* Regarding HP...SKS remarked that last year, HP did not feel the disk encryption drives will not gain much traction in the market. The Army consolidated buy program will eventually drive HP to Wave.
* Steven remarked that we are getting close to going to Wall Street to tell them our story and we will have some large customers who will help tell the story. Wave first needs to be CFBE.
* Deal with large systems integrator is now scheduled in mid July time frame.

I too am very confident in my investment in Wave and feel our day is coming very soon.