Wave Systems Corp. (fka WAVXQ)

[dig space]

Doma, sorry if I over interpreted your content,

You said:

“at around $10 revenue per copy to Wave” [price/active seat]

“Dell only has to sell 1 million TPMs …” [total seats]

“to give Wave $10 million ..” [price/seat *total seats*X(active/total)=revs]

solve for X

X= 100%

In lay terms you said Dell sells a million TPMs, and at 10 bucks a seat, Wave bags $10 million. The ONLY way is through 100% occupancy. It’s not stuffing words in your mouth.

Unless, of course, you attended the Feeney course of finance! LOL!

(bottom line, it is what you said, get over it, most know you know better and likely understand that in *2005* Wave will be lucky to get a 10% activation rate).

Regards,

Dig Space.