Wave Systems Corp. (fka WAVXQ)

[dig space]

awk more or less:

40 mm TPMs x 50% share = 20 mm TPMs wit ESC = $ 2.0 MM
50 KTM ES AD x $8’000.00 = $ 0.4 MM
4MM ETS x $10.00 = $40 MM (represents 5% activation)

TOTAL 2006: 42.4 MM - 20 MM burn = 22.4 MM => .224 / share

P/E 40 => .224 x 40 = $ 8.96/ share