Wave Systems Corp. (fka WAVXQ)

[xxxxcslewis]

TPM Market

If we could go back to the beginning of 2005 and mandate that all 200 million computers shipped in 2005 were magically equiped with TPM 1.2's at STM's price of $4 each, the total market would be $800 million. If Wave's royalty was $.25 per TPM, Wave's revenue would be $50 million. That is the maximum possible revenue for TPM's and will never, ever happen.

The revenue from TPM's will decline effectively to zero in a few years but the architecture will be an established industry standard. That is Wave's objective. Wave management has always understood that. Steven stated that years ago. The current revenues to Wave from TPM's are a nice early benefit to Wave, but don't get too focused on that number.

Just my opinion.