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Gee Howie,
I didn't see your name mentioned..........were all your comments off-the-record?.
Ramsey,
It is what I expected from a hack writing for a sensationalist publication.
kevin
From "financial_reporter"?!!!!
http://www.smartmoney.com/onthestreet/index.cfm?story=20030826
On the Street
A Wave of Delusion
By Scott Patterson
August 26, 2003
DAVID STONE DOESN'T like to give stock tips. But in 1995, Stone, who owns a company that makes digital-camera cleaning products, came across an investment he couldn't resist. "I told anybody who would listen that this was a long-term stock," says the 53-year-old from his home in Cape Cod, Mass. "I really think the potential that Wave Systems has is phenomenal. Just think if you'd bought Intel in '78."
Tech fever, it seems, is alive and well in Lee, Mass., a sleepy town nestled in the heart of the Berkshires, a continent away from Silicon Valley. This is where tiny technology outfit Wave Systems (WAVX) was founded in 1988 under the name Indata. It's also the spiritual home of a small, fanatical group of investors known as "Wavoids" who see Microsoft (MSFT)-like potential in Wave Systems' future.
No matter that the company's share price fell from an intraday high of $50.75 in March 2000 to a low of 75 cents in March 2003. No matter that Wave Systems, which makes digital-security hardware and software products for the Internet and e-commerce, has never posted a profit since going public in 1994, and, as of June 30, had racked up $246 million in losses.
Despite this grim reality, Wavoids continue to display an unwavering commitment to their beloved investment. And it seems to be paying off. For some Bubble-era nostalgia, take a glance at the stock's recent activity. In late July, Wave seemed doomed to the corporate bone yards of the over-the-counter bulletin board, its shares having changed hands for less than a buck for most of the year. (The Nasdaq delists companies whose stock trades below $1 for more than 120 consecutive days.) Then came news of a software-bundling deal with Intel (INTC) and a partnership with IBM (IBM) -- twin events that caused Wave's stock to spike more than 500% over the course of several days, reaching an intraday peak of $5.24 on Aug. 5.
The numbers tell only part of the story -- but what numbers they are. On July 30, Wave closed at 84 cents a share on volume of 136,700. On Aug. 1, it closed at $3.65 on an astonishing 63.7 million in volume. (By way of perspective, Microsoft, a company nearly 2,000 times larger than Wave, sees average daily trading volume of 55.8 million.) The activity seemed to be fueled by two sources: momentum traders who had long ago written off the company for dead, and frantic covering by short sellers who had bet on the company's demise. There's little evidence that institutional investors played much of a role; according to Media General, just 3.8% of Wave's 52 million outstanding shares are institutionally held.
After the dramatic rally, Wavoids took to Internet message boards to boast of their vindication. "The time for caution is past," wrote one fan on Raging Bull. "Those who have eyes to see let them see. But remember to wear sun glasses. Cuz this is going to be white hot."
"Where do we go from here?" wrote another on Investor's Hub. "My bet is onward and upward."
'The Fun Thing About Wave'
Wave's followers continue to believe that the company's digital-security products -- primarily its Embassy suite of cryptographic hardware and software -- will play a central role in a burgeoning sub-industry known as trusted computing. The movement, called "TC" in the trade, is being heavily promoted by a not-for-profit organization called the Trusted Computing Group (TCG). Backed by such tech behemoths as Advanced Micro Devices (AMD), Hewlett-Packard (HP), IBM, Intel and Microsoft, the TCG is coordinating what some say will be the biggest technological shift in the computing world since the advent of the Internet. Wave's July 31 announcement of the Intel deal fell under the TCG umbrella.
If the TCG achieves its far-reaching goals, nearly every computer made in the next few years will contain hardware and software that provide advanced encryption and decryption services for online transactions. In Wave's most starry-eyed vision of future glory, its software and its Embassy chips would be included on most of those computers.
Wave Chief Executive Steven Sprague isn't afraid to speculate on his company's upside possibilities. "This is a technology that could ship on 40 or 50 million PCs and realize an installed base of users that's measured in the tens of millions," he says. "The fun thing about Wave is that it has the potential of tremendous scope."
Burn, Baby, Burn
Unfortunately, Wave has many short-term hurdles to overcome -- problems the Wavoids seem willing, even eager, to ignore. For all the talk of paradigm-shattering killer-apps, Wave will have to pull off a minor miracle just to stay in business. Its meager $50,131 in revenue during the first half of the year led to a net loss of $9.8 million, or 24 cents a share. The company has just $6.6 million in cash, and is burning through about $1.2 million a month, according to CEO Sprague, down from $1.6 million earlier this year after layoffs, slashed marketing budgets and other cuts.
A proposed 45 million share offering, approved by the SEC on Aug. 8, is supposed to solidify Wave's capital structure -- but the company has given few specifics as to when that will take place. HC Wainwright has served as an underwriter in the past, but it's not clear which investment banks will underwrite the next offering. Wave doesn't have much of a relationship with Wall Street, and no analysts cover the stock. In fact, most of the semiconductor analysts we called for comment hadn't even heard of Wave Systems -- a reality that flies in the face of claims of Microsoft-like growth potential.
The company's cash troubles were partially allayed when several managers exercised stock options after the early August run-up, adding a quick $2.6 million to company coffers. An additional $1 million was recovered when Wave's former chairman, Peter Sprague, Steven Sprague's father and the founder of the company, repaid a loan Wave had previously written off as uncollectible.
This is no cause for celebration, however. Wave's liberal use of financial-engineering techniques to benefit its officers has long been a sticking point even among its most devout shareholders.
Board of Protectors
In 2001, certain executives took out big personal loans from the company to pay various outstanding debts. Wave's board later approved bonuses matching the amounts of some of the loans executives used to pay down their debts -- a maneuver similar to the one at the heart of the Tyco International (TYC) accounting scandal, which has resulted in criminal indictments of three Tyco officers who, prosecutors allege, used the company as their "personal piggy bank." The Sarbanes-Oxley Act of 2002 made the practice of granting personal loans to officers illegal.
Wave made a loan of $250,000 to the company's chief financial officer, Gerard Feeney, in 2001 so he could pay capital-gains taxes on exercised Wave stock options. After extending the due date on the loan in 2002, the company approved a bonus on March 27, 2003, "in an amount equal to Mr. Feeney's obligations with respect to such loan and accrued interest," according to Wave's 2003 Schedule 14(a) proxy filing. Feeney repaid the loan with the funds from the bonus.
Wave also made loans in 2001 to then-Chairman and Chief Executive Peter Sprague totaling about $1.06 million -- during a year in which the company lost $48.7 million and saw its stock price plunge 40% to $1.33. In 2002, Wave's compensation committee approved a payment of a bonus of $174,391 so that Sprague could repay part of the debt. This left Sprague owing $999,518. On March 31, 2003, Sprague resigned as chairman and chief executive and assumed the CEO post of Wave subsidiary WaveExpress. His son, Steven Sprague, was named CEO. The company put in place a loan-loss reserve against the elder Sprague's debt in a Nov. 15, 2002, 10(q) filing with the SEC, essentially forgiving the loan.
Then, on Aug. 5, Wave announced that Sprague would repay the loan in full. Why would he pay back a debt the company had already written off? Look no further than the company's skyrocketing shares. "Before [the run-up], the stock was under a dollar," says the 64-year-old Sprague, who served as chairman of National Semiconductor (NSM) from 1965 to 1995. "I saw a window of opportunity, and it was trading in such huge quantities that selling 100,000 shares didn't make much of a difference."
"He just wanted to put [the issue] behind him," says Wave spokesman David Collins, of Jaffoni & Collins, a PR firm. "The loan wasn't only a problem for the company from a cash-flow standpoint, it was increasingly a problem from a shareholder-perception standpoint."
Wave says it made the personal loans to Feeney and Sprague so that they wouldn't have to sell shares to pay their debts. But the record shows that the Spragues have a long history of insider selling. On Jan. 7, 2002, for instance, Peter Sprague sold 60,000 shares of Wave at $2.46 for $147,800. The following month, he sold an additional 10,000 shares at $2 each, and on March 5, as the stock's price continued to fall, he unloaded another 10,000 shares at $1.83. Steven Sprague, meanwhile, on Aug. 6, 2003, exercised options on 150,000 shares, most of which he sold for a total of more than a half a million dollars. And on Aug. 5, CFO Feeney sold 100,000 shares at $5 a piece -- right near the stock's 52-week high.
Against the backdrop of Sarbanes-Oxley, it's difficult to avoid the conclusion that the loans were suspect moves for a company that was hemorrhaging cash. James Fisher, director of Emerson Center for Business Ethics at Saint Louis University, says that in such situations, the company's board of directors is often to blame for being too pliant. "If the board is under the thumb of management," says Fisher, "then there's some justification for concluding that these are ill-considered policies most likely designed to enrich the managers, who, from all appearances, haven't been able to guide the firm successfully."
There can be little doubt that at the time many of these decisions were made, Wave's management exercised significant influence over its board. Peter Sprague was chairman of the seven-member board during his reign as CEO. Steven Sprague, formerly the president and chief operating officer, was a director when his father was chairman. Now, he's chairman of Wave's five-member board, which also includes George Gilder, author of the popular 2000 book "Telecosm" and a lead cheerleader of the tech boom, who has been a director since the company's IPO. "Having insiders sell stock in a company that's precarious is more damaging than having the company make loans to its officers," says Gilder in defense of the board's decision. (Gilder declined to comment on Wave's future prospects, citing concerns about potential class-action litigation if the company should fail.)
Steven Sprague isn't unaware of the power he and his father have wielded. "Put yourself in the shoes of any board of directors that has to make that call against somebody who probably hired all the people that are on the board," he says. "[Complying] was the right thing to do."
The Clock Is Ticking
So what of the Intel and IBM announcements, which sparked the furious run-up in Wave's stock in recent weeks? The IBM partnership seems to have been misread by the markets; it will generate no direct revenue for Wave, according to the company. The Intel deal, meanwhile, is difficult to quantify, since financial terms weren't disclosed. Intel said it would bundle Wave's software and services on an industry-standard TP-enabled chip known as the Trusted Platform Module (TPM) embedded on a future Intel desktop motherboard, the internal chassis that holds the chips that run personal computers. The deal is similar to a March agreement for National Semiconductor to bundle Wave's software on its PC21100 SafeKeeper security chips, but nothing has been released about the financial terms of that arrangement, either.
Intel, for one, doesn't seem to view the contract as earth-shattering. Spokesman Robert Manetta says the motherboard's rollout will take place in the fourth quarter, but declines to give any further details. "We have a lot of motherboards," says Manetta. "This is just one."
Wave says it's unable to release financial details on the deal because of a nondisclosure agreement with Intel. During its second-quarter conference call with investors on Aug. 14, however, CEO Sprague hinted that it could be worth around 50 cents to $1.50 per motherboard. At potentially millions of units, the deal could indeed be quite lucrative for Wave.
But in typical Wave fashion, management hinted at grand potential while declining to give specifics. The company left its revenue and earnings guidance for the rest of the year unchanged. This doesn't sit right with some. Pacific Growth analyst Brian Alger, who dropped coverage of Wave in August 2002, says that while the company can't release specific figures on the Intel agreement, it should update its revenue guidance for future quarters in which it expects to book sales from the deal. "If there is an expectation for X amount of revenues, and that has materially changed, isn't there an obligation for [management] to inform shareholders?" (Alger doesn't own shares of Wave; Pacific Growth has had an investment-banking relationship with the company in the past.)
Perhaps the problem is the unpredictability of the TC movement itself. Given all of the various players and their competing agendas, it might take years for TC activity to ramp up significantly, says Peter Glaskowsky, editor-in-chief of the trade journal "Microprocessor Report." In all likelihood, Intel won't roll out a dramatic number of TPM-enabled motherboards in the foreseeable future. "The value [of the deal for Wave] a year from now or two years from now I think remains very, very low," says Glaskowsky. He estimates that TC won't be a ubiquitous application for at least four or five years, after Microsoft launches its new operating system, code-named Longhorn, which is expected to carry broad TC capabilities. By then, of course, Wave could very well be out of business.
And with giants like Microsoft and Intel devoting resources to the effort, it's not difficult to imagine smaller players like Wave being marginalized or squeezed out completely. Microsoft, for one, has a long history of this sort of thing.
Ross Anderson, head of the Computer Laboratory at Cambridge University, is unmoved by Wave's claims of a future as a TC titan. "I don't think Wave Systems is a big deal," says Anderson. "From the point of view of the big TC picture, Wave is below the radar." Anderson, a vocal critic of the TC movement for its willingness to cede control of the Internet's information flow to a few big companies, thinks Microsoft has used Wave merely as a "competitive threat" in its dealings with Intel.
Yet Wave's CEO proudly defends the company's all-or-nothing approach. He says he favors big, home-run deals that will cement Wave's status as a TC goliath to short-term deals that would offer much-needed cash now. "If you're looking for me to provide security for a midsize medical-services provider, that's not what Wave Systems is about," says Sprague. "While I could do that and collect a few hundred thousand dollars in revenue, I'll do that at the jeopardy of the broader opportunity. And the broader opportunity has been close enough to touch."
Such thinking played well during the Bubble -- but seems hopelessly out of date in 2003. Most investors nowadays would scoff at the notion of a nearly insolvent company turning away easy business. "You have to question that," says Saint Louis University's Fisher. "The promise of a long-term bonanza can cover a lot of short-term shenanigans."
A Few Warts Among Friends
Diehard Wavoids remain undaunted by the company's many shortcomings. "Sure, I think [management] is a little rich in compensating itself," says Wallett Rogers of Palmyra, Wisc., a retired corporate attorney who's been invested in Wave since the late 1990s. "But it doesn't bother me. You have the warts on the one hand, and on the other hand, you have a company that's potentially the size of a Microsoft three or five years from now. I've made a rational decision based on the relative importance of the warts and the company's potential."
If enough investors feel the same way, Wave may actually survive. But will it be the next Microsoft? Don't bet on it.
Hi Ramsey,
If you can believe this, I still haven't gotten my alert from Wave's e-mail system. Actually, credit goes to Gugi on this one. I was watching the price and thought we had some news. By the time I found it on Reuters, Gugi had confirmed it.
kevin
re: RSA
RSA Security Inc. provides interoperable solutions for establishing online identities, access rights and privileges for people, applications and devices. The Company has two business segments, the e-Security Solutions segment and the RSA Capital segment. Its e-Security Solutions segment sells enterprise solutions and developer solutions through its four product lines: RSA SecurID authentication, RSA Keon digital certificates and smart card solutions, RSA BSAFE developer tools and RSA ClearTrust Web access management software. Its RSA Capital segment consists of its investment activities.
RSAS is a provider of electronic security solutions. The Company helps build secure, trusted foundations for electronic businesses through use of its two-factor user authentication, encryption and public key management products and solutions. For the six months ended 6/03, revenues rose 11% to $124.7 million. Net income totalled $5 million vs. a loss of $38.8 million. Results reflect SecurID authentication product line growth and the absence of restructuring charges.
Wave Teams with RSA Security
to Provide Trusted ESIGN Solution
Tuesday August 26, 11:27 am ET
Wave's eSign Transaction Management Suite(TM) Product Family certified interoperable with RSA Keon(R) Digital Certificate Management Software
LEE, Mass.--(BUSINESS WIRE)--Aug. 26, 2003-- Wave Systems Corp. (Nasdaq: WAVX - www.wave.com), a leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms, today announced it has joined the RSA Secured® Partner Program to help provide trusted identity and access management between the Wave's eSign Transaction Management Suite(TM) (eTMS) and RSA Keon® digital certificate management software.
ADVERTISEMENT
As part of the RSA Secured Partner Program, Wave's eSign Transaction Management Suite has been awarded "RSA Secured RSA Keon Ready" certification signaling its interoperability with RSA Security's digital certificate management software. The RSA Secured certification lets organizations know that a powerful strategic partnership has been created that leverages market-leading security products and technologies in order to meet the needs of an effective e-business strategy.
Wave Systems' eSign Transaction Management Suite (eTMS)
Wave Systems' eTMS allows organizations to manage business processes and transactions entirely online, without the need for time-consuming and costly ink signatures and paper storage, overnight mail or expensive traditional delivery services. eTMS is flexible, with modular components that are engineered to be easily customized to suit an organization's specific requirements. With eTMS, organizations can create, sign, store, access and manage the lifecycle of legally-binding electronic records, all designed to be within the legal standards set by ESIGN, UETA, Revised Article 9 of the UCC, SPeRS and GPEA.
As the business world evolves, an effective e-business strategy is essential to the growth and success of an organization. Companies must feel confident that vital information and applications remain secure, both inside and outside their operations. The strategic partnership between Wave and RSA Security helps end users efficiently and cost-effectively manage the digital identities of diverse user bases - including employees, partners and customers.
"We are extremely pleased with the continued success of our RSA Secured Partner Program, and are pleased to continue the momentum with the addition of Wave and eTMS," said Stuart Cohen, director of partner development at RSA Security. "With the growth of e-business, companies are struggling to maintain secure access to vital information and applications. The strategic partnership between Wave and RSA Security provides a convincing trusted identity and business process automation solution for end users."
"We chose to team with RSA Security because they are a leader in e-security and their PKI technology is proven. We were able to easily integrate the RSA Keon software with eTMS to provide authentication, certificate issuance, and digital document signing and document storage - all in a single browser session," said Scott Schrader, president of Wave's eSign Systems Group. "eTMS can also provide a huge ROI for organizations that have already deployed PKI or issued digital certificates."
About the RSA Secured Partner Program
The RSA Secured Partner Program is on of the oldest and largest alliance programs of its type, bringing more than ten years of experience and hundreds of complementary solutions together. The RSA Keon Ready certification programs brings added assurance to customers that the solutions they are deploying are certified as interoperable with industry leading products, helping them achieve faster time to deployment and lower overall cost of ownership. The program reflects RSA Security's commitment to providing standards-based interoperability and mutual vendor support to customers using RSA Security's digital certificate solutions.
About Wave Systems
alea
I'm sorry I posted barge's comments here. So as to not insult you, I intentionally deleted your name. barge has to be one of the funniest writers on any of the boards, and I thought the DESCRIPTION was hilarious. I personally don't believe you actually resemble the remark!
kevin
Unclever,
Sorry, shoulda been an "F". Uncontrollable laughter caused the typo! :)
kevin
Tony,
At least he didn't say this about you (ROTHLMAO!!!):
**** is a harmless nitwit, with toothpick legs and toothpick arms, and 4 stray whitish hairs atop a shrunken egg-white bald head.[i/]
Bull, just a little more
http://mae.pennnet.com/Articles/Article_Display.cfm?Section=OnlineArticles&SubSection=Display&am...
"Wave is delighted to be partnering with Cubic, a leader whose technology has gained a strong foothold in military, national security, transportation and state government markets," said Steven Sprague, Wave's president and CEO. "Our EMBASSY technology, which hardens and protects vital secrets from attack, is the perfect complement to Cubic broad portfolio of authentication solutions."
Wave is delivering EMBASSY trusted client technology for this partnership, based on the EMBASSY 2100 security chip embedded in smart card readers and trusted keyboards. Trusted Computing Group-compliant, EMBASSY technology is an inexpensive platform that is programmable and targeted at a broad range of applications that demand advanced security solutions, such as strong authentication and identity management. EMBASSY offers multi-factor authentication, including secure PIN entry and secure biometric matching functions. This secure processing environment guarantees that sensitive PIN and biometric data is never open to attack, thus ensuring that data stays secure.
In concert with advanced silicon solutions, the EMBASSY trusted client technology is backed by a robust PKI security infrastructure, the Trust Assurance Network. This comprehensive security system is the industry's first trusted platform to provide the means to securely manage the authentication, administration and operation of the virtual network of trusted clients.
Cubic offers a 32K contactless smart card, already popular GO CARD public transit ticketing technology, multi-function smart card readers, and secure state-of-the-art gating solutions. These products are easily integrated with video surveillance, hybrid smart/optical memory cards and readers, and secure entry-exit systems and information management software to satisfy new security application requirements.
[b[Wave's EMBASSY-platform trusted client technology is currently in use in a range of government environments, including defense and healthcare applications, and in commercial applications in Europe. EMBASSY is ideal for a wide variety of applications requiring access control of information, including HIPAA Privacy and Security regulations for the protection of health patient information. For more details, go to www.wave.com.
Wave is a member of the Trusted Computing Group, a group of industry leaders dedicated to embedding trust and security more broadly into computing platforms and devices. The TCG works to create open standards that can be adopted for use in products and solutions across the spectrum of computing and communications devices, to enable secure and trusted computing that can protect data, privacy, and individual rights.
The Cubic Defense Applications group, one of Cubic's two major segments, provides realistic combat training systems for military forces as well as simulation, force modernization, educational services and operations & maintenance and manufacturing services. The group also supplies products and systems for C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance & Reconnaissance) applications, search and rescue avionics and radio communications for military and civil markets. The corporation's other major segment, Cubic Transportation Systems, designs and manufactures automatic fare collection systems for public mass transit authorities.
Now this is interesting, too
http://www.erggroup.com/news/mediarel/mediadisplay.cfm?MediaRelease=269
ERG Group, a global leader in smart card based transit fare collection and management systems, along with Northrop Grumman Information Technology (IT), has been selected by the Washington Metropolitan Area Transit Authority (WMATA) to install and operate a new Regional Customer Service Centre for its smart card based fare collection system, known as SmarTrip®.
The WMATA decision means a contract for the project can be awarded to ERG following final negotiations and the expected approval of the Maryland Transit Administration.
The WMATA project will begin a new era of integrated transit in the Washington DC area, Maryland and Northern Virginia allowing passengers to use a single smart card to pay fares across 17 transit systems. The SmarTrip system is expected to grow to a card base of more than one million over a five-year period.
The project involves the establishment and operation of a smart card customer service centre, card management and the clearing and settling of smart card transactions across 17 transit agencies in Northern Virginia, Maryland and the Washington DC area. The new system will interface with existing installed hardware such as gates and readers. WMATA has managed the tender and evaluation process on behalf of the participating transit agencies.
ERG will be responsible for the management of smart cards and operation of the data processing system incorporating clearing, settlement and financial management. ERG will use its existing central computer processing system installed in the San Francisco Bay Area to perform these functions. This established facility has been designed to process smart card transactions from multiple North American cities.
The project calls for ERG to operate the system for a period of five years, with two subsequent one-year options. The initial five-year contract, worth approximately US$20 million, comprises the supply, installation and operation of the system. Northrop Grumman IT will be responsible for the distribution of smart cards and operation of the customer service centre in the Washington DC area as a subcontractor and partner to ERG. Work is expected to commence on the project during the first quarter of 2003.
"We are pleased that Washington DC is about to join a growing number of North American cities that have selected ERG's technology to help run their fare collection systems," said Michael Nash, General Manager of ERG's Operations in the Americas.
"San Francisco, Toronto, Las Vegas, and Ventura County in Southern California have all chosen ERG's solution because of its capacity for interoperability and scalability across multiple transit systems and millions of passengers and because its open architecture makes it easier to integrate new applications as they become desirable. This new project will give ERG a prominent East Coast presence ahead of some of the major tenders we expect in the coming twelve months.
"The WMATA approval is the first fruit from our relationship with Northrop Grumman IT. We hope to see that expand to further transit contracts as well as adding non-transit applications. ERG's capacity for interoperability and openness of its system is extremely important for the expanded use of this card base."
Bull, fyi
Cubic is the only company that has designed smart card systems that are independent of a particular smart card technology. The key element is the Cubic Tri-Reader® which is compatible with all ISO standard smart cards used by transit customers.
Our open systems architecture approach allows us to provide systems that can use various smart cards as well as Cubic's GO CARD® System. (interoperability?)
In addition to providing GO CARD-based systems for Washington, D.C. and Chicago mass transit systems, CTS has introduced smart card systems and/or smart card-ready equipment in London; New York; Freiburg, Germany; Shanghai and Guangzhou, China; Kuala Lumpur; and Hong Kong.
Our new generation contactless product, called Gen 3.0, will feature enhanced memory logic technology. Now under development, Gen 3.0 will offer reduced die size and high-speed transaction processing, allowing transit authorities to offer unprecedented contactless smart card memory and security for single or multi-application use.
MICRO TRI-READER® - The newest entry in Cubic's family of multi-card readers is the Micro Tri-Reader®. It offers the same functionality as its namesake the Tri-Reader®, the first device of its kind to read and process multiple contactless card types (ISO 14443 Types A and B, and Cubic's GO CARD® System). The Micro Tri-Reader enables integration of new smart card technology into third party equipment such as hand held devices, point-of-sale (POS) terminals, parking equipment, and various access control equipment that are compact in size. Additional card security is added to third-party applications through Security Access Module (SAM) technology. The SAMs will enable the Micro Tri-Reader to process other card applications including e-cash, e-purse, banking, and more.
barge, you have mail. e/
OT: Cubic Gets Pact To Expand Smart Card System
Washington's Smart Card System To Support Regional Merchant Network and Customer
Services
SAN DIEGO--(BUSINESS WIRE)--Aug. 25, 2003--Cubic Transportation Systems Inc., a subsidiary of San Diego-based Cubic Corp. (AMEX: CUB), has received a $12 million contract to upgrade the Washington Metropolitan Area Transit Authority (WMATA)'s smart card-based fare collection regional central computing system. The Cubic upgrades will support new customer service initiatives for the SmarTrip(R) card system, giving regional commuters options for purchasing and reloading their smart cards.
In addition to the new contract, WMATA is giving Cubic an option to provide $2.4 million in rail system upgrades. With this latest order, Cubic, under a 10-year, multi-phased contract, which culminates next year, will deliver nearly $190 million in systems software and infrastructure for a regional smart card-based fare collection system linking rail, bus and parking services in the District of Columbia, the State of Maryland and parts of Virginia.
Under the new contract, Cubic will deliver software and hardware upgrades that will interface with the regional fare collection system's customer service center, which is expected to be operational in the late summer 2004. Cubic's upgrades will support new applications for the SmarTrip card, including the company's Autoload, Smart Benefits, Regional Transit Benefits and its future Fairest Fare functionality.
"We are pleased to provide the advanced central computer technology and services that will enable WMATA to deliver on its promise of improving customer service and extending the reach of the SmarTrip(R) system. Now everyone in the region can take advantage of seamless, regional integration in fare payment," said Richard Johnson, president and chief executive officer of Cubic Transportation Systems Inc. "By providing a system based on innovation, quality and reliability, Washington sets the benchmark in the U.S. for a smart card-based fare collection system."
With Autoload, regional SmarTrip cardholders will be able to automatically and electronically either collect stored value or purchase new fare products when their smart cards are presented at bus fareboxes, gates, ticket vending machines, station management systems or parking readers. Smart Benefits uses the Autoload distribution feature to electronically deliver government or private employer-subsidized transit benefits to cardholders' smart cards. If the contract option is exercised, Fairest Fare will use the system to determine what is the best fare product for a given time period based on the patron's usage during that period.
Cubic will employ its Nextfare(TM) Central System as the backbone for expanding services throughout the region. Designed to industry standards using open platforms and commercial off-the-shelf applications, Nextfare will provide the regional credit/debit switch and the distribution of Autoload, Smart Benefits and hot list files between all regional transit operators and the customer service center. Nextfare also will collect and forward to the regional fare collection system customer service center all smart card transactions from the regional point-of-sale network and each of the participating agencies' fare collection system, including WMATA rail, WMATA bus, WMATA parking, MTA heavy and light rail, MTA bus, participating Maryland locally operated transit systems (LOTS), MTA-related commuter buses, MARC commuter rail and participating bus transit agencies in Northern Virginia.
Cubic also will deploy a point-of-sale network comprised of credit/debit terminals integrated with Cubic's Tri-Reader(R) and the IT and communications infrastructure needed to link merchant transactions to the Nextfare Central System. As many as 500 point-of-sale terminals are planned to be installed at strategically located retail outlets throughout the region, making it even easier and more convenient to purchase and reload value onto smart cards.
Cubic Transportation Systems is the world's leading system provider for regional multi-operator intermodal ticketing systems. Every year, nearly 10 billion rides are taken worldwide using Cubic fare collection systems in more than 40 major markets on five continents including London; New York; Washington, D.C.; Baltimore; Sydney; Sweden, Norway, and Denmark; Rotterdam; Chicago; Atlanta; San Francisco; Los Angeles; Miami; Hong Kong; Guangzhou; Shanghai; and Singapore.
The corporation's other major segment, Cubic Defense Applications, provides instrumented air and ground combat training systems, battle command training, simulations and simulation support for U.S. and allied military forces. The group also produces high technology avionics, data links and communications products for government and commercial customers, and a wide range of technical and logistics services. For more information about Cubic, see the company' Web site at www.cubic.com
SPIN, re: Cramer
I don't think its the Jim Cramer from Kudlow & Cramer. I just finished his book "Confessions of a Street Addict" where he stepped out of his hedge fund Cramer Berkowitz to spend more time with his family and focus on journalism, his other passion
dewey,
yup:
As part of the transaction, Wave Systems issued to the investors Warrants to purchase an aggregate of 3,608,558 shares of Class A Common Stock, which have an initial exercise price of $1.13 per share. If exercised in full, these Warrants would generate up to an additional $4,077,671.
Looks like sks can pay off his AMT loan!
SOURCE: Form 4
ISSUER: WAVE SYSTEMS CORP
SYMBOL: WAVX
FILER: SPRAGUE STEVEN K
TITLE: Chief Executive Officer
DATE TRANSACTION SHARES PRICE VALUE
8/6/03 Exercise 150,000 $1.13 $169,665
8/6/03 Sale 150,000 $3.56 $533,850
OWNERSHIP: 46,552 (Direct) 223,500 (Indirect)
The Form 4 is filed with the Securities and Exchange Commission by insiders
to report transactions in their companies' shares. Open market purchases
and sales must be reported within two business days of the transaction.
doma, have you seen this?:
It would make more sense if I knew how to post the images found on the website....
http://www.finread.com/spip/01_detail_events.php3?id_article=77
[FINREAD beta-tested throughout Europe
July - August 2003
According to Trusted FINREAD's objectives, FINREAD-approved readers from participating manufacturers (Ingenico, SCM Microsystems and Omnikey) have been installed among about 80 beta-testers this Summer. These are staff members of project-involved companies (Cartes Bancaires, SIZ, SSB and Actalis in Italy, Interpay, Altasys, Banca Intesa, EuroKarten Systeme, Ingenico, SCM and Omnikey).
The voluntary testers have each received one of the 3 FINREAD readers previously approved in the framework of the Trusted FINREAD project (see our April 2003's press release).
They have committed themselves to conduct FINREAD-authenticated remote banking test transactions on a daily basis. Sample operations may be either a fund transfer order or a notification of fund reception. These transactions involve Banca Intesa's currently running corporate home banking application 'In-biz' and the PKI-based certification chain supplied by Actalis (Italy). This Certification Authority has in particular issued the smart cards used for on-line signature.
Reader's screen showing different steps of the FINREAD digital signing:
At the end of the trial, each participant will fill in an on-line questionnaire to provide Actalis and the FINREAD manufacturers with end-users' feedback. The pilot experimentation will end on August 31st 2003.
Caption of the PC-application used for the experimentation:
In-Biz signing a bank order
Activation of the FINREAD STIP-applet by the In-biz Application into the reader
ISSUER: WAVE SYSTEMS CORP
SYMBOL: WAVX
FILER: FEENEY GERARD T
TITLE: Chief Financial Officer
DATE TRANSACTION SHARES PRICE VALUE
8/5/03 Sale 100,000 $5.00 $500,000
OWNERSHIP: 100,000 (Direct)
The Form 4 is filed with the Securities and Exchange Commission by insiders
to report transactions in their companies' shares. Open market purchases
and sales must be reported within two business days of the transaction.
Solutions Based on New Microsoft Office System Platform
Healthcare Industry Starts Building and Deploying Solutions Based on New
Microsoft Office System Platform
New Generation of Microsoft Office Solutions Enables Productivity,
Collaboration and Innovation
REDMOND, Wash., Aug. 21 /PRNewswire-FirstCall/ -- Microsoft Corp. (Nasdaq: MSFT) today announced that leading healthcare industry software vendors, solution providers and organizations have developed a wide range of solutions that take advantage of the 2003 release of the Microsoft(R) Office System as a platform to increase productivity and improve quality of care. These solutions automate paper-based processes, streamline workflow and enable workers throughout the healthcare industry to focus on what they do best: healthcare.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO )
"The healthcare industry in the United States used over 25 billion pieces of paper in 2002. With the evolution of Microsoft Office to a comprehensive and integrated system of programs, servers and services, the healthcare industry is embracing this system as an ideal platform to transform information into business impact," said Ahmad Hashem, M.D., Ph.D., global healthcare productivity manager at Microsoft. "Hundreds of millions of people worldwide use Microsoft Office products, and the healthcare industry can build on this user base to automate paper-based processes and achieve healthcare without boundaries."
The Microsoft Office System, coupled with a wide range of software and services from leading vendors and solution providers, can help organizations of all sizes innovate quickly and respond to changing market dynamics in the healthcare industry. These solutions enable healthcare organizations to connect people and information through enhanced tools for collaboration, business and clinical information management, and increased productivity at the personal, team and organizational levels.
Healthcare Vendors and Solutions That Take Advantage of the Microsoft Office System
Allscripts Healthcare Solutions
Allscripts Healthcare Solutions is a leading provider of point-of-care decision support solutions for physicians. The Allscripts TouchWorks suite of software products enhances physician productivity using wireless handheld devices or workstations to automate many common physician activities. The TouchWorks Dictate and Transcribe modules will take advantage of the 2003 release of Microsoft Office products to increase practice productivity. These modules provide physicians with a convenient way to capture dictations and then transcribe and route the information using Microsoft Office Word 2003. Physicians can import completed medical documents directly into the TouchWorks electronic medical record. TouchWorks Transcribe also uses Microsoft Office Excel 2003 to track and report on transcription productivity. More information can be found at http://www.allscripts.com/ .
DataLabs
DataLabs Inc. is an innovative developer of Internet-based applications for clinical trial automation. DataLabs' flagship product suite, DataLabsXC, enables customers to quickly and easily design studies, capture clinical data, automate workflow and integrate legacy systems. DataLabsXC utilizes Microsoft Office Visio(R) 2003 to help users build clinical studies in a matter of hours instead of weeks. An upcoming release of DataLabsXC will utilize Microsoft Office InfoPath(TM) 2003 to create intelligent forms that facilitate accurate data collection related to clinical studies. InfoPath 2003 will enable DataLabsXC users to electronically collect data without an Internet connection, which will replace the current paper-based process that is used by many clinical sites. More information can be found at http://www.datalabs.com/ .
Elsevier
Elsevier is a leading publisher of scientific, technical and medical information products and services. In an ongoing effort to better serve the medical, pharmaceutical, educational and government communities, Elsevier will make two of its most popular electronic reference tools compatible with the 2003 editions of Microsoft Office: Dorland's Medical Dictionary, a comprehensive reference guide for medical terms; and Mosby's Drug Consult, a vast online database that offers current, unbiased and reliable drug information. By right-clicking on terms within the 2003 releases of Microsoft Office PowerPoint(R), Word, Microsoft Office Outlook(R) and Excel, healthcare practitioners will have seamless access to medical terms and drug information at the point of care or virtually anywhere. More information can be found at http://www.us.elsevierhealth.com/ .
Gold Standard Multimedia
Gold Standard Multimedia Inc. (GSM) is a leading developer of clinical drug information and medical education software. GSM's interactive drug information solution, Clinical Pharmacology, empowers healthcare professionals or consumers to incorporate the research and retrieval of drug information into their workflow. Clinical Pharmacology enables users of the 2003 editions of Microsoft Office Word, PowerPoint, Excel, Outlook, Microsoft Office Publisher, Microsoft Office OneNote(TM) and Visio applications to quickly and easily access current, clinically relevant data on all U.S. prescription drugs, including off-label uses and dosage, as well as herbal supplements, nutritional and over-the-counter products, and new and investigational drugs. By typing the name of the drug into a Microsoft Office document, users can access drug descriptions, product photos, indications and dosage, administration guidelines, contraindications and precautions, drug interactions, adverse reactions, patient education information in English and Spanish, cost information and chemical structures. More information can be found at http://www.gsm.com/products_cpoffice.htm .
Motion Computing
Motion Computing Inc., a Tablet PC market leader, combines world-class innovation with industry experience, enabling people to use computers in new ways and places. Marketed directly through its Web site and an experienced international reseller network, each Motion product is built to customer specifications. The company's M1200 and M1300 Tablet PCs and accessories are designed for users who need a combination of true mobility, power and versatility. Motion is planning to offer Microsoft Office Small Business Edition 2003 as a factory-installed option and will release a healthcare offering in conjunction with the new software. More information can be found at http://www.motioncomputing.com/ .
NextGen Healthcare
NextGen Healthcare Information Systems Inc. is a leading provider of practice management (NextGen EPM) and electronic medical records (NextGen EMR) software. Ideal for a solo practitioner or the multiprovider enterprise, NextGen Healthcare's award-winning solutions are proven to increase operational efficiencies, improve the quality of patient care and cut costs -- all while delivering a healthy return on investment. NextGen EPM and NextGen EMR are built on state-of-the-art Microsoft Windows(R) technology and take advantage of Microsoft Office Word 2003, Excel 2003 and Microsoft Office Access 2003 to connect providers, physicians and patients to real-time information throughout the full continuum of patient care. More information can be found at http://www.nextgen.com/ .
Ovid Technologies
Ovid Technologies Inc. is an internationally recognized medical information services company that delivers a universe of information to the fingertips of clinicians and healthcare professionals who need fast, accurate answers throughout their workday. Ovid has developed a solution that allows users of the 2003 editions of Microsoft Office to access, with the click of a mouse, more than 900 peer-reviewed medical and health sciences journals in 100 medical specialties. Clinicians or researchers working within Microsoft Office applications can right-click on a specific medical term within a document or click on the Research Pane button within the application to launch Ovid's rich journal database, Journals@Ovid, to conduct a subject search and retrieve relevant information. From the search, clinicians can select an article and view the entire full text if their institutions are Ovid subscribers, or they can access articles through Ovid's PayPerView feature to retrieve relevant information. More information can be found at http://www.ovid.com/microsoft/ .
Proscape Technologies
Proscape Technologies, a Microsoft Certified Partner, provides marketing and sales solutions that help pharmaceutical sales representatives deliver segmented content and win more time with physicians. Proscape's Tablet PC software, with support for the 2003 editions of Microsoft Office applications, provides a common platform for marketing and sales to exchange and communicate information. Proscape's technology enables sales forces to easily create multimedia sales presentations that utilize PowerPoint 2003 to target to specific sales channels. The company's back-end tracking and monitoring capabilities, which work with Excel 2003 and Windows SharePoint(TM) Services, offer sales and marketing managers nearly instantaneous feedback on sales force effectiveness and productivity, helping companies win market share as well as drive and direct buying decisions. More information can be found at http://www.proscape.com/ .
(MORE) Dow Jones Newswires
08-21-03 0930ET- - 09 30 AM EDT 08-21-03
Solutions Based on New Microsoft Office System Platform -2-
Quilogy
Quilogy, a member of the Microsoft Gold Certified Partner Program and the Regional Managed Systems Integrators Program, provides business and technical solutions through vertical industry practices. Quilogy has a large and varied national practice in healthcare solutions using Microsoft technologies. Quilogy develops and implements solutions for hospital, rehabilitation, outpatient and pharmaceutical companies as well as public-sector health agencies. Quilogy's Information Worker National Practice focuses on healthcare information worker productivity to achieve competitive advantage. Quilogy solutions for healthcare are a combination of packaged and customized solutions that integrate with a client's existing environment and platforms. Quilogy offers special healthcare technology expertise in portals and collaboration, physician order entry, emergency room, Tablet PC and mobile applications for physicians built on the newest generation of Microsoft technology, including Microsoft Office SharePoint Portal Server 2003, InfoPath 2003, Microsoft Windows Server(TM) 2003 and BizTalk(R) Server. More information can be found at http://www.quilogy.com/ .
ScanSoft
ScanSoft Inc. is a leading supplier of imaging, speech and language applications and technologies that increase productivity, reduce costs and improve customer service. The ScanSoft EMR Assistant integrates ScanSoft PaperPort and Dragon NaturallySpeaking with the 2003 editions of Microsoft Office and SharePoint Portal Server to deliver network scanning and speech- recognition capabilities to healthcare organizations of all sizes. The ScanSoft EMR Assistant also includes 25 premade healthcare templates using Word 2003, which can be filled via the keyboard or by using speech. The solution supports using Microsoft SharePoint as a centralized medical records repository and can be linked to existing commercial or in-house EMR systems. More information can be found at http://www.scansoft.com/ .
Standard Register
Standard Register offers innovative document technology solutions and document consulting services to help the flow of information. Standard Register is developing intelligent electronic forms applications using Word 2003, InfoPath 2003 and other Microsoft applications. These robust applications help clinicians automate paper-based data-capture methods and enable information to be captured naturally with handwriting using a mobile Tablet PC and digital ink. This handwritten information can be translated and shared with disparate systems, allowing patient data to be accessed quickly and securely. More information can be found at http://www.standardregister.com/ .
Thomson
MICROMEDEX, a division of the Thomson Corporation, provides trusted electronic drug information to the healthcare industry through the CareNotes Patient Education System. Physicians, nurses and clinical professionals use CareNotes documents in their offices and provide them directly to patients as an easy way to educate them about injuries, illnesses or treatments. Using Word 2003, clinicians can use the MICROMEDEX SaveNotes feature to customize CareNotes documents. More information can be found at http://www.thomson.com/ .
About the Microsoft Office System
The Microsoft Office System is an easy way to help more people use information to positively impact their business. Through a system of familiar and easy-to-use programs, servers and services, users can connect people and organizations to information, business processes and each other - helping ensure that they derive the most value out of information. The Microsoft Office System consists of the 2003 editions of Microsoft Office, Microsoft Office SharePoint Portal Server 2003, Microsoft Office Project and Project Server 2003, Microsoft Exchange Server 2003, Microsoft Office Live Communications Server 2003, Microsoft Office Live Meeting 2003, Microsoft Office FrontPage(R) 2003, Microsoft Office InfoPath 2003, Microsoft Office OneNote 2003, Microsoft Office Publisher 2003 and Microsoft Office Visio 2003. Enabling technologies, such as Microsoft Windows SharePoint Services and Microsoft Windows Server 2003, enhance the features and functionality of products in the Microsoft Office System.
x-point, I'd better buy the book!e/
barge, have you seen this?
http://vig.pearsoned.com/store/product/1,3498,store-562_isbn-0130092207_type-PRE_editmode-1,00.html
ubiquitous protection mechanisms
Further steps will come with the development of an operating system that uses the properties of a trusted platform, plus a supporting infrastructure. And the TCPA specification could also be used in handheld computing devices such as HP's Jornada and iPAQ.
The authors point out that theirs is the first book of its kind to set out the need for and the advantages of trusted computing platforms.
"We believe that this will increase confidence in the Internet, both for individuals and for businesses," says co-author Proudler, a researcher in the Trusted Systems group. "For the first time, ordinary individuals and businesses will be able to use ubiquitous protection mechanisms to ensure that their privacy and data are secure and that impostors cannot hide on-line."
SOURCE: Form 144
ISSUER: WAVE SYSTEMS CORP -CL A
SYMBOL: WAVX
FILER: BIZ INTERACTIVE ZONE INC
TITLE: No Relation
BROKER: MORGAN (J P) SECURITIES INC
RESTRICTED SHARES TO SELL: 56,800 DATE REGISTERED: 08/18/03
APPROXIMATE DATE OF SALE: 08/12/03
The Form 144 is filed with the Securities and Exchange Commission to
reflect the intention of any holder of restricted stock to sell those
shares. After the 144 is mailed to the S.E.C., the filer is permitted
to sell the shares, or any fraction of them, within 90 days.
Form 144 data source: Washington Service (info@washserv.com or 202-778-1380)
Sponsored and delivered by Hewlett-Packard
Date: August 21st., 9AM Pacific time
Webinar Title: Security Standards Developers and Architects need to know: Federated Identity
Session Abstract:
"Ensuring that the correct company, person and/or application are accessed by an authorized user is a crucial issue. Developers need to create applications and architectures that incorporate these security designs. The old data center process was once known as Password control, which migrated to a Single Sign On, and is now changing to Federated Identity. In this webinar, you will get details about Federated Identity, its design concepts and how it impacts application architectures. This webinar will examine current tools and standards affecting Federated Network Identity with a focus on the recently released specifications from Liberty Alliance Project. You will also see examples of how coding is done with SAML and other base technologies."
Speaker Biography:
"Jason Rouault is a Senior Solutions Architect in Hewlett-Packard's Global Software Business Unit CTO Office, where he is responsible for developing Web and Identity Services security strategies. He also represents Hewlett-Packard in the Liberty Alliance Project, an industry initiative for federated identity on the Internet. Within the Liberty Alliance, Mr. Rouault is the chair of the Technology Expert Group. Mr. Rouault has over 10 years experience in Web application development and security technologies."
To sign up:
http://www.presentationselect.com/hpinvent/details.asp?tp=reg#124
For those who may miss this webinar, it will be archived for later viewing.
Highlights Increased Market Momentum -2-
Wave Systems Corp. and Subsidiaries
(a development stage corporation)
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2003 2002 2003 2002
------- ------- ------- -------
Revenues $ 34 $ 78 $ 50 $ 323
Cost of Sales 5 39 9 147
Gross Margin 29 39 41 176
Operating Expenses:
Selling, general and
administrative 2,859 4,712 6,703 10,127
Research and
development 1,594 3,232 4,229 6,273
Restructuring costs
and other special
charges -- -- -- 726
Write-off of
intangibles -- -- -- 905
------- ------- ------- -------
4,453 7,944 10,932 18,031
Net Interest income 33 126 56 308
Recovery of note
receivable from
former officer 1,000 -- 1,000 --
Loss on other than
temporary decline
of marketable equity
securities -- (1,908) -- (3,385)
Other income (expense) (3) -- 47 --
------- ------- ------- -------
1,030 (1,782) 1,103 (3,077)
Net loss (3,394) (9,687) (9,788) (20,932)
Accrued dividends on
preferred stock
(including accretion
of discount of $2,800) 2,880 -- 2,880 --
Net loss to common
stockholders (6,274) (9,687) (12,668) (20,932)
======= ======= ======= =======
Net loss per share
- basic ($0.12) ($0.19) ($0.24) ($0.42)
======= ======= ======= =======
Weighted average shares
outstanding - basic 52,096 50,391 52,096 50,387
Wave Systems Corp. and Subsidiaries
(a development stage corporation)
Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2003 2002
------- -------
Assets (unaudited)
Current assets:
Cash and cash equivalents $ 4,331 $10,221
Cash collected on behalf of
charities -- 236
Notes receivable from
officers/former officers 1,023 278
Inventories 1,113 1,113
Prepaid expenses and other
receivables 158 574
Total current assets 6,625 12,422
------- -------
Property and equipment, net 2,368 2,543
Marketable equity securities 4,546 2,881
Other assets 308 363
------- -------
Total Assets 13,846 18,209
======= =======
Liabilities and Stockholders' equity
Current liabilities:
Accounts payable and accrued
expenses 2,474 3,404
Accrued dividends 91 --
Due to charities -- 263
Deferred revenue 83 --
------- -------
Total current liabilities 2,648 3,667
Redeemable Convertible Preferred
Stock 2,788 --
Total stockholders' equity 8,410 14,542
------- -------
Total liabilities and
stockholders' equity $13,846 $18,209
======= =======
Conference Call: Today, Thursday, August 14, 2003 at 4:30 P.M. E.D.T. Webcast / Replay URL: http://www.wave.com
Highlights Increased Market Momentum
LEE, Mass.--(BUSINESS WIRE)--Aug. 14, 2003--Wave Systems Corp. (NASDAQ: WAVX; www.wave.com), a leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms, today reported results for its second quarter and six month periods ended June 30, 2003 and reviewed significant recent corporate developments.
Wave Systems reported net revenue principally related to services and license contracts of $34,000 for the second quarter ended June 30, 2003 compared to year-ago second quarter revenue of $78,000. Wave reported a net loss to common stockholders for the quarter of $6,274,000, or $0.12 per basic share, compared to a year-ago net loss to common stockholders of $9,687,000, or $0.19 per basic share. The weighted average number of basic shares outstanding in the second quarter of 2003 and 2002 was 52,096,000 and 50,391,000, respectively.
Wave reported net revenue principally related to services and license contracts of $50,000 for the first six months of 2003 compared to revenue of $323,000 in the comparable year-ago period. Wave reported a net loss to common stockholders for the first six months of $12,668,000, or $0.24 per basic share, compared to a year-ago net loss to common stockholders of $20,932,000, or $0.42 per basic share. The weighted average number of basic shares outstanding in the first half of 2003 and 2002 was 52,096,000 and 50,387,000, respectively.
As of June 30, 2003, Wave had working capital of approximately $4.0 million (including a note receivable from a former officer totaling approximately $1.0 million). The Company has subsequently received approximately $2.6 million in proceeds from the exercise of employee stock options and the note receivable, including all accrued interest, has been paid in full. Reflecting these cash in-flows, Wave expects its current working capital position to be sufficient to fund its operating, sales and marketing and development activities into the first quarter of 2004.
Steven Sprague, Wave's president and CEO, said, "After years of hard work in developing trusted computing solutions, Wave is gratified that industry leaders are now actively embracing this issue, particularly with the formation of the Trusted Computing Group. With announced partnerships with some of the industry's most important participants and an improved financial position, Wave feels it now has established the momentum to play a key role as this very large potential market develops."
Recent Wave Systems developments (for more details, please visit www.wave.com):
-- Intel: In late July, Wave reached an agreement with Intel that
will help enable both companies to accelerate the development
and deployment of trusted applications and services for safer
computing on personal computer platforms. The agreement will
enable Intel to bundle Wave's software and services with a
future Intel desktop motherboard, targeted for trusted
computing platforms for enterprises. Intel said that Wave
helps fill a critical requirement for trusted computing
services and that EMBASSY(R) Trust Suite software will provide
good value for customers looking for trusted computing
applications.
-- IBM: In early August, Wave announced that the Document Manager
Vault and SmartSignature security software applications in its
EMBASSY(R) Trust Suite client software family interoperate
with IBM's Embedded Security Subsystem, a hardware and
software-based security solution already deployed on millions
of IBM PCs and available on select ThinkPad notebooks and
ThinkCentre desktops for business users. The compatibility of
Wave's security software applications with IBM's hardware and
software security solution is a result of Wave's successful
participation in IBM's Independent Software Vendor (ISV)
program.
-- Funding: In April, Wave completed a private placement of $5.5
million of Series H Convertible Preferred Stock and warrants.
The Series H Convertible Preferred Stock is convertible into
7.2 million shares of Wave Systems' Class A Common Stock at an
initial fixed conversion price of $0.76 per share. As part of
the transaction, Wave Systems issued to the investors warrants
to purchase an aggregate of 3.6 million shares of Class A
Common Stock, which have an initial exercise price of $1.13
per share. If exercised in full, these Warrants would generate
approximately $4 million in gross proceeds to the Company.
Wave announced in early August that it had received
approximately $3.6 million in proceeds from recent employee
and ex-employee option exercises and the repayment of a former
officer's loan.
-- Cubic Defense Applications: In late July, the defense segment
of Cubic Corporation forged a strategic partnership to
integrate Wave's EMBASSY(R) technologies into a line of
versatile smart card readers. The readers will be offered in
form factors such as standalone Universal Serial Bus (USB)
devices, trusted computer keyboards, and proximity door access
devices, and will satisfy the new requirements of several U.S.
government agencies, including the Department of Homeland
Security and General Services Administration (GSA). They will
be offered to these agencies and the intelligence community as
part of a new trusted infrastructure concept addressing
multilevel security solutions.
-- Trusted Computing Group (TCG): In April, Wave announced it had
been invited to join the TCG, a new industry group dedicated
to embedding trust and security more broadly into computing
platforms and devices. The TCG works to create open standards
that can be adopted for use in products and solutions across
the spectrum of computing. AMD, HP, IBM, Intel and Microsoft
were the initial promoters of the TCG, with contributing
members including Wave, Atmel, Infineon, National
Semiconductor, Nokia, Philips, Phoenix Technologies and Sony
joining the group to develop, define, and promote
hardware-enabled trusted computing and security technologies.
Recent Wavexpress Developments
-- TVTonic Direct: In May, Wavexpress announced the commercial
availability of TVTonic Direct, a video-caching technology
that is designed to deliver DVD-quality video to the PC. It
avoids bandwidth constraints by saving video files locally on
the PC hard drive. Unlike streaming, the video starts
immediately and can be displayed in full-screen, DVD-quality.
Each video is set to expire automatically, making room for new
content as it arrives. TVTonic Direct customers pay a
per-subscriber license fee, as well as fees for various
related software tools and services.
-- GolfSpan.com: In May, Wavexpress announced that GolfSpan.com,
the number one provider of online golf instruction, had
licensed TVTonic Direct and incorporated it into its website.
GolfSpan uses TVTonic Direct to power "Swing," a service that
delivers video tutorials featuring GolfSpan's elite team of
professional instructors.
-- Howard Dean: In May, Wavexpress announced that Democratic
presidential candidate Howard Dean had licensed TVTonic Direct
and launched " Dean TV," which offers his supporters dedicated
video coverage of the former Vermont governor's campaign.
ave Systems 2Q Losses 12c/Shr Vs 19c >
Wave Systems 2Q Loss 12c/Shr
lhf, what an astute hedger you are!
By: largehedgefund
07 Jul 2003, 10:28 PM EDT
Msg. 403257 of 406811
(This msg. is a reply to 403255 by internet.)
Jump to msg. #
Revenues sound iffy. Going to 50 cents. /e
By: largehedgefund
07 Jul 2003, 10:27 PM EDT
Msg. 403256 of 406811
(This msg. is a reply to 403254 by crazylarry.)
Jump to msg. #
Great post, CL. Wave is toast
By: largehedgefund
01 Jul 2003, 03:50 PM EDT
Msg. 402820 of 406811
Jump to msg. #
The trend is clear: DOWN /e
By: largehedgefund
16 Jun 2003, 01:08 PM EDT
Msg. 401182 of 406811
(This msg. is a reply to 401181 by mongo98.)
Jump to msg. #
But Mongo, I am so RIGHT about Wave. /e
By: largehedgefund
15 Jul 2003, 05:41 PM EDT
Msg. 404077 of 406811
Jump to msg. #
Has Wave been delisted yet? Just checking.
Yawn. This one is over. So over. It was over months ago and you people never got the news.
largeJenny,
You've come up with every possible scenario for Wave's demise. The only thing that's dead is your credibility. YOU'VE LOST MONEY but your Chicken-Little antics aren't going to force the stock down. Cover your short, take the loss, and move on.
Oh, and update your resume....
CC link and phone numbers
http://www.wavesys.com/news/press_archive/03/030807WAVXQ203announce.html
(212)346-6410 or (415)537-1934
Security to Hit $13.5 Billion by 2006
By Mathew Schwartz
Security spending will nearly double by 2006, according to a new report by Datamonitor. The analyst firm predicts worldwide security product revenue will jump from $7.1 billion in 2002 to $13.5 billion in 2006.
Encryption--SSL VPN appliances in particular, notably Nortel, Nokia and Neoteris--will lead the charge, as well as perennial performers antivirus and firewalls.
Datamonitor analyst Ian Williams, author of "Enterprise Security Product Markets," also singles out intrusion prevention and vulnerability assessment for notable growth, but says that they will be "part of an overall strategy...rather than point solutions," as they've been in the past.
Instead of playing hacker defense, many companies protect against collateral damage. "Very few companies think they're going to be directly targeted," Williams says.
That thinking could also explain why early adopters, such as financial services, are moving towards layered security--placing the same defenses at multiple levels. The key is redundancy: If a worm slips through a server's firewall, maybe the desktop firewall will catch it.
C2, you have mail....
tony,
you'd asked me a couple days ago if I had confirmation of Wave's chairing the infra-structure sub-committee. Yep, I was told by Wave and verified it with the TCG. No link, no anouncement, but I suspect a member could see it in the member's area of their website.
kevin
New options.......
SAN FRANCISCO, Aug. 13 /PRNewswire/ -- The Pacific Exchange (PCX) announced that, on Thursday, August 14, 2003, it will begin trading options on Novastar Financial, Inc. (NYSE: NFI; PCX), Qiao Xing Universal Telephone, Inc. (Nasdaq: XING; PCX: QAE) and Wave Systems Corporation - Class A (Nasdaq: WAVX; PCX: KWW).
Novastar Financial, Inc. options will trade on the January expiration cycle. Position and exercise limits have been set at 22,500 contracts. The new issue has been allocated to lead market makers Ethan Dorr and Steven Juno of Cutler Group, LP.
Qiao Xing Universal Telephone, Inc. options will trade on the March expiration cycle. Position and exercise limits have been set at 31,500 contracts. The new issue has been allocated to lead market makers Ethan Dorr and Steven Juno of Cutler Group, LP.
Wave Systems Corporation options will trade on the February expiration cycle. Position and exercise limits have been set at 75,000 contracts. The new issue has been allocated to lead market makers Ethan Dorr and Steven Juno of Cutler Group, LP.
cpa, a question
As users begin to sign up and pay for Wave's services, how would you expect them to account for the annual fees? Does it get booked up-front for a year or is it on an accrual basis? tia
kevin
wildman262,
"and with this new governance in TCG, there might be a better chance of E2 getting adopted in the future"
There are current possibilities for E2 and services for most of the existing TCG members and hopefully they're being exposed as we speak. Plus, an infrastructure sub-committee chair certainly doesn't hurt!
rachel,
Don't forget about the Puerto Rico deal. I believe the purchaser initially was looking for a less robust solution, but went with EMBASSY after it was demo'd.
kevin
Ramsey,
Do you have the rights to the screenplay? LOL!!
kevin