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  According to George Gilder, author of the book "Life After Television" and one of today's more compelling and liberating visionaries in the fields of computer science and telecommunications, Wave Systems Corporation is "in the process of launching a radical new system for distributing all forms of data. For its chosen purposes, the system outperforms its established rivals by a factor of hundreds or even thousands." Multi-channel digital content distribution will be dominated by "the mandate of the microcosm: move intelligence from large centralized systems into the hands of customers." Wave Systems Corporation's Embedded Application Securtiy System (EMBASSY) is part of this mandate; enabling this exciting, new telefuture by localizing and securing e-commerce transactions at the consumer's PC desktop and other information sharing devices.
  [Mr. Gilder is on the board of WAVX. "Life After Television" has been in print for some seven years. Mr. Gilder's sentiments concerning Wave Systems Corporation remain essentially the same. Nevertheless, Mr. Gilder cannot be held responsible for any fluctuations in the price of the Company's stock nor those of Wall Steet's "psychology."] 
  Sincerely, Marty Lee |