Wavelover,
Let us disect this "exchange" paragraph by paragraph, starting with the author.
Paragraph 1 ..."You've been a straight
shooter in the past so here's my (and others) take on the current situation based on lots of discussions and correspondence with various sources."...Don't you find it hard to believe that Steven is considered a "straight shooter"? He has promised the shareholders things over and over, without delivering on most of those promises, IMHO. Leads me to believe that the author would believe that if Steven told him Wave was selling the Brooklyn bridge, he would believe him.
Paragraph 2..."Perhaps as many as six OEMs will be shipping TPM computers by year end. Several of these will be from Japan using NSM's chip."...Where is he getting this information? This is a statement, not a question. Has this been made public? Is this the kind of thing talked about at dinners, to a select few? I wonder how the SEC would view this kind of statement if it in fact is true?
Paragraph 3..."We're talking with their customers." (in reference to IBM)....Is this public info? Again, more of a statement than a question.
paragraph 4..."Great progress on the various reseller channels. Lots of positive activity. We'll see something soon. Believe it or not, I even heard from someone outside the whole loop that said Wave would be in all HP computers after the current inventory was sold"...How do they know this?
paragraph 5..."Getting to talk with the gov't agencies as part of a Transit Authority project. Great opportunity."...Again, is this public info? What is this persons basis for making such statements?
paragraph 6..."Good progress with our West Coast strategic partner on the investment and R&D side."...God, I hope so!!! But, who are they? Do you know? I sure don't, but would love to know!!!
paragraph 7..."That Wavexpress deal with foreign investors could come any day."...SEE PARAGRAPH 6 COMMENTS.
paragraph 8..."But I also here we're once again running on fumes. I can't help but think this is best and worst of times. I actually don't understand how we can have this much visibility, be so critical to chair the infrastructure subcommittee of TCG and can't find sufficient funds to
carry us through to a real deployment stage. Some things just don't compute and I'm wondering what information is off."...The first thing in the exchange that makes ANY sense to me at all.
paragraph 9...All valid questions, none of which Steven answered.
Steven did not validate a SINGLE statement. He says things like "As a public company strategic investment is much harder and always has been."...Harder than what? Venture capital? Harder than the last round of financing? PLEASE!!!!! If Wave is as important to the plans of these "strategic partners" as Wave would have us believe, don't you think they would invest in the Company so that it doesn't go bellie-up or be bought out by a competitor?
Then he states..."We have access to capital and we are leveraging a couple of Wave assets to help cover our cash needs."...IMHO, I think he is saying sell off assets. The only questions are, who are the buyers and how much will they pay.
Steven admits..."trick is to get there with out significant dilution". I don't think they can do it.
Wavelover, what part of this exchange makes you warm and fuzzy?
CPA