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wavelover, that was very informative...you have heard some most interesting things from your sources. Thanks for running your info by Steven and for sharing his response.
Regards, R2
Fantastic effort C2...a great summary...thanks, R2 e/
Somebody has been buying recently. That was a nice bit of up volume. Had been sitting at 1 x 355...now it's sitting weighted on the bid side.
1WAVOID
As far as I am concerned the jury will remain out on salary/bonuses until the endgame (now upon us) has played out. I do however admit that company loans to execs were unatractive/unfortunate.
I really believe Wave will be able, come hell or highwater, to remain capitalized. If I thought not, I would capitulate my entire holding.
OT 1WAVOID
I merely pulled those numbers from Yahoo most recent quarter. I thought snackman's point was; here is a company that has gone from $64/share to $4 and the CEO still gets big options packages.
Anyways, -.75/share earnings (trailing twelve months) for a company with 3B shares is a substantial loss.
1wavoid re: SUNW
You call this making money?
Per-Share Data:
Book Value (mrq) $2.34
Earnings (ttm) -$0.75
Earnings (mrq) $0.00
Sales (ttm) $3.57
Cash (mrq) $0.95
Valuation Ratios:
Price/Book (mrq) 1.66
Price/Earnings N/A
Price/Sales (ttm) 1.09
Income Statements:
Sales (ttm) $11.4B
EBITDA (ttm) -$1.70B
Income available to common (ttm) -$2.38B
Profitability:
Profit Margin (ttm) -20.8%
Operating Margin (ttm) -23.8%
According to Yahoo, SSPX has 25.3M outstanding and a float of 7.2M
The 3 mo. average daily volume is 12.1K
Re: the 7.2M float I would guess it is closely held.
It looks tough to acquire much SSPX on the open market...how much could actually be bought would depend on how closely held it is. What could be bought would move the price significantly.
Looks like buying blocks of unregistered shares would be the way to go for a takeover.
barge, a great, great post..thanks for your efforts and for sharing.
best regards, R2
Bull Dolphin, I too have long hoped for guidance/visibility. It would be nice to bolster the share price in case Wave does have to sell more equity.
OT CL,
I don't have premium subscription yet so I can't reply. Please provide your e-mail if you want...mine is, ramseyvegas@yahoo.com
Have a good weekend.
Ramsey
Snackman, near-term revenue from TPM deloyment is to be derived from Wave's Premium Services, but I thought SKS stated in the last CC that Wave is not ultimately about software applications but more about enabling trusted services based on ther vendors' applications...I thought this is where Wave's attestation comes in. Makes sense to me that there would be an ongoing revenue from attestation.
go-kite-surf
I can't comment on the $3M Finread/Embassy development cost as stated in the filing. Just don't really know including if those funds are currently being burned for that purpose. Maybe they are if the company sees the need to enhance Embassy in that way.
SKS June 11, 2003 e-mail:
1. If an NSM PC21100 user wanted to subscribe to
Wave's Premium Services are those downloads in fact
ready to go today? I am confused if that would be a
"private" download, if you will, or one that would be
clearly accessible/visible via/on our website. It has
been suggested to me by another shareholder that IBM
ThinkPad users, for example, might migrate to our
Premium Services, if they were available for a
download from the website (if in fact they are not
already downloadable privately?).
Stay tuned soon to be available (we are finishing language and feature
support)
beta software has been delivered today for full certification.
2. Perhaps a more direct question to the above
is...are the Premium Services and Wave's TCG
attestation server today ready for service?
attestation will be available in the fall non of the TPM's contain
endorsement
keys at this point we are working with the oems to enable them to
comply with
the specification requiring secure key loading (wave has this) Without
endorsement keys a TPM is only capable of securing local data and not
network
data.
3. I have a vision that once the Premium Services are
ready for downloads, if in fact they are not already,
that it will be the highlight on our Home Page. This
would seem to be the first most obvious choice for
advertising. Would you agree with that? I understand
that a great deal of our marketing will be done
through the OEMs and their resellers' channels, but
still it is bolded in my mind that we should highlight
our trusted computing infrastructure services brightly
on our Home Page.
Stay tuned we agree.
4. I am sure you would love to issue permission to Mr.
Feeney to issue guidance ahead of revenues, in the
earliest available CC, if the certainty of various
situations would permit that.
Let's be conservative it will serve us well.
5. Needless to say, but I will say it anyway,
shareholders will be most anxious to hear progress
with respect to HP and IBM users (non-PC21100 TPMs)
tying into Wave's infrastructure.
We have siginifcant design wins and these products will be on shelves
in the 3rd
and 4th quarter
6. Can we expect to see programmability, ala Embassy
as we advance towards TCPA 1.2? The close relationship
with NSM comes to mind.
Stay tuned I can't get into this.
7. Do you see debt financing as a plausible
alternative to equity once revenues begin to flow?
If appropriate all options can be considered.
C2
Actually Cl raised an important point when asking if the SF dinner revealed any info re: revenue model from attestaion server...attesting other vendors' apps.
CL
The June 30 SEC filing states that $200K is required to finish the digital services product line (Smart Safe/Signature etc.)...the Premium Services. I am sure that is currently being wound up, obviously out of the current burn.
You must be confusing my SKS e-mail with something else...there was nothing about "being able to build something but no current demand".
He did inform me that with respect to the Premium Services, "that beta software was delivered that day (June 11, as I recall) for certification, and that they were working on language and support features"...that sounds like the $200K referred to in the filing...covered by the ongoing burn.
BTW, the $3M development cost in the filing for Embassy products relates to Finread...I think enhancements...basic functionality already exists.
The other $700K was for WXPS additional functionality and enhancements.
C2, thanks for your DD re: Wave/VRSN attestation expertise. That took a bunch of your time...most appreciated. e/
Snackman/barge,
1. Was there any discussion on when Wave might be certified?
http://jitc.fhu.disa.mil/pki/vendor/wave_systems_smart_safe_signature.html
2. Any discussion of EDS, once thought of as a powerful marketing tool for Embassy? If EDS ends up with the Israeli smart card deal, one wonders if Wave would still supply Embassy to EDS for that.
3. Any discussion about Wave's IP re: attestation?
Researchers Claim Windows Password Breakthrough
By Gavin Clarke
Researchers have developed a methodology that slashes the time taken to crack a Windows password from nearly a minute-and-a-half to under 14 seconds.
A project conducted at the Security and Cryptography Laboratory (LASEC) in Switzerland, claims to have reduced by two-thirds the number of calculations needed to mount an attack on a Windows password.
Members of LASEC have also published a so-called Instant NT Password Cracker, designed to break Windows passwords in under five seconds. A posting on LASEC’s web site said the project shows the weakness of systems like Windows that do not include random information in the password hashes, such as salt or initialization vectors. Details of the work are expected to be published at security conference Crypto ’03 in Santa Barbara, California, next month.
The work suggests hackers can theoretically mount more attacks on Windows by using less data to crack users’ passwords. The news will prove uncomfortable for Microsoft.
Microsoft is still locking down security two years into the Trustworthy Computing initiative. That initiative was launched following a rash of embarrassing Worm attacks that exploited vulnerabilities and backdoors in Windows.
The initiative saw Microsoft spend nearly $200m to lock-down Windows Server 2003. Last week, though, the company issued a security patch for vulnerability that not only affected Windows Server 2003 but which was present in legacy versions of Windows.
The LASEC’s work, though, would appear to have thrown Microsoft a fresh challenge in securing Windows. Part-time LASEC lecturer Philippe Oechslin said the new method proposes a way to pre-calculate data needed to attack a Windows password, reducing the number of calculations during crypto analysis.
He said 99% of all alphanumerical passwords could be cracked in 13.6 seconds using 1.4Gb of data, or two CD-ROMs, compared to nearly a minute and a half using so-called distinguished points. "We show the gain could be even much higher depending on the parameters used," Oechslin said.
The NT Password Cracker, meanwhile, can break alphanumeric passwords, letters and numbers, in less than give seconds with a data set that holds on a single CD Extended passwords, mixing case letters, numbers and 16 other characters, can be cracked in 30 seconds with a data set that holds on three DVDs.
The NT Password Cracker web page said: "Our method is about 6,000 times faster than a brute force attack and 32 faster than the original method of Hellman optimized with Rivest’s suggestion of the use of distinguished points."
Microsoft was unable to comment at the time of going to press.
barge, needless to say, but I can't resist, thanks for your report...dynamite!...R2 e/
svenm...Toshiba/Hitachi...thanks. R2 e/
Jesse, the Wavemeter is still there. From the June 30 SEC filing:
The Wave Commerce System (the “Commerce System”) allows flexible purchase models for the sale of digital content including rental, rent-to-own and event-based charges. The Commerce System comprises two main functions: authentication and commerce. Each of these functions provides multiple services enabled by the ETS. The authentication services component positively identifies the person wishing to access protected content. It accomplishes this through a protected applet in conjunction with the EMBASSY device. The goal of the Commerce System is to provide digital commerce, completely secure from unauthorized access. Web site owners would use authentication services to replace less secure username/password pairs with strong authentication. Content providers use commerce services to distribute digital content. This means that content, goods and services can be consumed with more efficient and flexible pricing, broader distribution opportunities and greater protection against unauthorized usage, with better privacy protection of the consumer’s sensitive information. The Commerce System consists of the Wavemeter, a chip that performs metering and security functions at the client level and Wavenet, a back office infrastructure that performs secure digital rights management functions. Development of these products is complete with respect to their current versions, although development work for new features and functionality may be required. Presently, no further development work is planned with respect to this product group.
CL, you write:
"Good luck with your investment, I believe with selling the assets wave will still have to go back to the Capital Markets. Wave belives it too or they would not be preparing the proxy to issue all those new shares.....CL"
Any company needs to have a substantial cushion in their treasury (authorized shares)...@ the current 75M, we need more...whether more are sold in the near term or not.
go-kitesurf,
I happily stand to be corrected on your SOL angle! We shall see. It matters litlle to me who is right/wrong only that we get the facts.
I guess I don't grasp life for Wave after SOL...presumably the IP would be licensed from the new owner and perhaps the new owner would contract with Wave for TAN services or whatever.
Regards, R2
Snackman, dynamite report! Thanks. e/
Thanks svenm, interesting indeed about Hitachi. I wonder if NEC is planning on deploying TPMs in their Japanese market (or elsewhere of course) with Wave onboard...like the NSM SafeKeeper TPM? If so, NEC could be the second large Japanese company you were told about. I would love to know if an Embassy keyboard used in conjunction with a TPM would be viewed as competition to NGSCB by the TCG. SKS has mentioned that Wave does not want to do anything that will be viewed as competitive (to the TCG initiative).
Thanks Snackman, I will stay tuned. e/
go-kitesurf
You seem under the notion that Wave wants to sell SOL.
There had been quite a lot of discussion on RB that Wave might consider selling WXPS or perhaps monetize it in an IPO spinoff. But SOL, I think, is a different story. Wave's suite of digital services are derived from SOL technology...selling SOL would, I would think, then mean Wave would have to license Smart Signature etc. from the new owner.
SKS gets a lot of e-mail inquiries from us and can be pretty good about responding, but lacks the time to answer all of them. No offense, but this time he may have passed on yours. I don't think SOL is for sale, and SKS might have figured that you will be able make your own determination on that one.
best regards, R2