Wave Systems Corp. (fka WAVXQ)

[xxxxcslewis]

One putt,

As I understand it, Dell buys motherboards from others and assembles the PC's from components. So the STM shipments would not go directly to Dell.

Revenue flows initally from STM to Wave shortly after shipment.

Additional, potentially greater revenue then may then flow to Wave from the motherboard manufacturer.

The greatest revenue results from the sale of Wave's other software products that provide greater benefit to the consumer.

The STM shipment is the first modest revenue stream generator but is necessary for the subsequent greater revenue streams to occur.

I could be wrong but that is how I understand it.