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MELVIN has a face made for radio!
Argyll -- ROFLMAO!
where? start here ----->
http://www.investorshub.com/boards/profile.asp?User=24295
Sterling's Class ---->
http://www.sterlingsclass.com/about.htm
"private" RB board ---->
http://www.ragingbull.lycos.com/mboard/viewclub.cgi?board=CLB01219
wonder if his *real* name is Sterling ?
Sterling's Disclaimer (and apparent lack of) says it all:
©1998-2004-This site ©2000-2004 by Sterling's Class.com. All rights reserved. This web site or any part thereof may not be duplicated or reprinted without the written permission of the Publisher. If this web site contradicts any securities laws and/or regulations, the securities regulations of the country will prevail. In which case that this issue does offend such regulation you must leave this site immediately. Readers Caution: This web site (Sterling's Class.com) does contain paid advertisement. All company profiles should be considered paid advertisement (unless otherwise noted) on behalf of the Companies or IR Firms whose articles and/or information appear herein and may not be construed as investment advice. All articles, notices, and other information contained herein concerning a Company(s) is a paid advertisement by such Company(s) or IR Firm(s), which has retained the Publisher to produce this advertisement. No analysis has been made by the Publisher of the financial position, condition, business, and other factors about the Company(s), which may appear in the advertisements contained herein. All information about the Company(s) contained herein has been furnished by the respective Company(s) or IR Firm(s), and the Publisher has not made any independent verification of any of such information. The information contained herein is based upon sources, which may be consider reliable but is not guaranteed by Sterling's Class.com or officers, directors, employees or any affiliated parties. Any sales and/or earnings forecasts were obtained by and/or from audited financial's and/or news releases and unless otherwise stated are not endorsed by the management of the company which is the subject matter of this advertisement. The Publisher, therefore, makes no guarantee as to the reliability of such information. Statements in this publication are made as of the date stated and are subject to change without notice. The advertisements are not a solicitation to purchase, hold, or dispose of shares warrants or options of an advertising Company(s) or IR Firm(s). All corporate profiles are for the sole purpose of corporate image marketing only. Readers should consult with their own independent tax, business and financial advisors with respect to any investment opportunity, including any contemplated investment in the advertised Company(s). All information concerning a Company advertising herein and contained in this web site should be verified independently with such company and an independent securities analyst. The Publisher, its affiliates, officers, directors, subsidiaries and agents (collectively, the "Publisher") of this advertisement have been compensated by the Companies or IR Firm(s) advertising herein, which compensation may include shares of stock in the Company. This compensation should be viewed as a potential conflict of interest. Furthermore, Sterling's Class.com or any parent company, employees, associates, or affiliates and families may have financial positions in profiled companies. The Publisher will therefore benefit from any increase in share price as to the stock of any Company(s) or IR Firm(s) advertising herein which is held by the Publisher. The Publisher may increase or decrease its ownership interest in the Company at any time before, during or after the distribution of this advertisement. We may profit in the event the shares of the Company profiled by us increase in value. These positions may be liquidated from time to time even after we have made positive comments regarding the Company. All current compensation is listed in the main disclaimer within this web site. The main web site disclaimer overrides any typo or mistakes that might be made in individual company profiles. Section 17 of the Securities Act of 1933, which covers Fraudulent Interstate Transactions, and specifically 17-(b) which reads as follows:
"Use of interstate commerce for purpose of offering for sale. It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purposing to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof"
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS Except for historical information contained herein, the statements on this web site and newsletter are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the companies operations. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ``anticipate,' ``estimate,' ``expect,' ``project,' ``intend,' ``plan,' ``believe,' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance
--------------------------------------
can anyone find "the main web site disclaimer" on Sterling's website?!?
--------------------------------------
oh, and BTW -- THE MELVINS ROCK!
http://www.themelvins.net/
junk - that was AWESOME!
It was simply the MOST unprofessional IR ever... even started out the interview with an obvious lie, and then was tangled up in it just a few moments later.
Claimed he hadn't seen the UCAD PR (and couldn't distinguish between macro and micro-diamonds) and then roughly one minute into the interview, he starts reading the from the very PR he claimed he hadn't seen!!!
Denials of past quotes, repeated use of profanity, double negatives, refusals to identify the names of the company's partners, admissions of how disappointing the results were (but we gotta lot of holes left to drill guys!), invites everyone to come visit him, etc., etc., etc.
Then he closes the interview begging for more time and patience!!!
Downloaded that baby for posterity.
http://members.aol.com/junkmasterg/melvin/
http://yousendit.com/d.aspx?id=02C785E396D0CF53C81AFB0744F6C04D
NEWBIES ---> "Let the healing begin..."
almost four years to the day.
--------------------------------------------------------------------------------
June 18, 2000
Chat-Room Millions, Real-Life Misery
By DANNY HAKIM
--------------------------------------------------------------------------------
Steve Kagan for The New York Times
Douglas McCoy, front, with son, Kyle, and his brother, David, with
daughter Haley. The McCoys lost a paper fortune in Wave Systems stock.
--------------------------------------------------------------------------------
MARENGO, Ill. -- It is just after 9 one June evening in this rural
town, an hour's drive from Chicago in light traffic. David L. McCoy is
sitting with his laptop in an office nook of his house, tracing his
finger along a curve on the screen, heading down, down, down.
"That was Monday," he says, as his finger stops at the bottom of a
stock chart that resembles a ski slope. The point under his fingertip
represents a day almost two months earlier -- Monday, April 17. That
was the day that Mr. McCoy stopped being a millionaire, and that his
younger brother, Douglas R. McCoy, realized that he would have to sell
his 1996 Honda Prelude to cover margin debts. And it came during a
month when many investors suffered bracing losses that, overnight,
erased fortunes built during the bull market.
The elder brother is trying to be philosophical. The money he had on
paper for those brief shining moments, did not, for the most part,
have a tangible effect on his life. He likes to joke that his "$2
million truck," a Chevrolet Tahoe he bought by borrowing money from
his brokerage account, is all he has to show for his market bravado.
Still, the losses hurt. The McCoy brothers bet almost their entire
investment portfolios, as well as hundreds of thousands of dollars
borrowed from their brokerage firm, on just one stock: the Wave
Systems Corporation, a tiny company based in Lee, Mass., that designs
semiconductors for use in e-commerce.
This strategy might seem foolish, but Wave did go from $1 a share in
1998 to $50.75 on March 1. By then, Dave McCoy, 36, a high school
teacher of economics and psychology, held $2.34 million worth of the
stock, after investing about $90,000 over three years. Doug McCoy, 31,
a community college administrator, had $507,500 worth at Wave's peak,
on investments of $30,000 to $40,000. Not bad for two sons of a school
principal who came from solidly middle-class roots in the Chicago
suburbs.
Terrance Odean, a professor at the University of California at Davis
who researches investor behavior, calls a strategy like the McCoys'
"the correct formula to maximize the chance of a huge windfall.
"It's also the correct formula to maximize the chance of losing
everything," he added.
You could say the story of the McCoy brothers and others like them
makes a case for diversification. You could say it makes a case
against margin investing. You could say it, of course, but it wouldn't
matter, because the brothers' quest is as old as stock markets
themselves: to find the next Ma Bell or the next Microsoft before
anyone else does -- to pile in and get rich.
But the quest also has a new and increasingly popular dimension: the
Internet, with its chat rooms. The McCoys and hundreds of others who
think Wave Systems is that holy grail are prominent citizens of a
thriving message board devoted to the company at RagingBull.com.
Many of the Web's most popular financial chat subjects are tiny stocks
that most people have never heard about. Wave has attracted more than
200,000 messages in less than two years, more than the combined
chatter on RagingBull.com devoted to Yahoo, eBay and America Online.
The followers of the stock are a close-knit community; many of them
socialize off line -- a kind of e-Kiwanis Club devoted to what it sees
as careful consideration of a stock they intend to hold for the long
term. They have even given themselves a name, Wavoids, and often refer
to the company by its stock symbol, WAVX.
The McCoys and other Wavoids -- many of whom had more than half their
portfolios in the company -- rejoiced together on the ride up and then
suffered together as technology stocks took a pummeling. Wave fell
79.3 percent from its March peak to its April low. Pain, and gallows
humor, spread across the Wavoid community.
"Well that was fun" one chat-site Wavoid wrote during the turmoil.
"Just like a dental visit!"
Weeks later, Doug McCoy, married and the father of an 11-month-old
boy, Kyle, is resilient enough to chuckle as he recalls his quandary.
"How do you go home and tell your wife, 'Honey, I just lost a
quarter-million dollars?' " he said.
And how do you explain that you're not ready to change a strategy best
described as Wave-or-die?
Fantastic Voyage
The McCoy brothers first heard about Wave Systems in 1997 from another
online investor. Dave McCoy had dabbled in some small stocks, while
Doug McCoy, an associate dean at Waubonsee Community College, outside
Chicago, had invested in mutual funds and blue-chip stocks but had
never bought into a small company.
The brothers were excited about Wave's blend of technologies and its
management. The company's main product is a semiconductor intended to
safeguard and ease e-commerce transactions. Wave is also involved in a
venture to develop technology that would allow broadcasters to
transmit television shows and Internet content to home computers.
Wave has ties to some luminaries. The chairman and founder, Peter J.
Sprague, was chairman of National Semiconductor, a big chip maker, for
three decades.
Among Wave's board members are George Gilder, the technology guru, and
Nolan Bushnell, the founder of Atari, the pioneering video game
company.
Finding the company, Doug McCoy said, was "the modern equivalent of
finding gold."
Wave's financial history, however, was decidedly less glittery. From
its inception in 1988 through March 31 of this year, Wave has had
total revenue of just $284,676.
The McCoys started buying Wave in small amounts in 1997, but within a
year the stock accounted for most of their portfolios. Soon the McCoys
got dozens of Chicago-area friends to invest, convincing them that
Wave, as Doug McCoy said in one posting, would be "the industry
standard for metering and security on the Internet."
They corresponded on the chat board with other Wavoids: lawyers,
psychiatrists, a Coca-Cola bottler in Southern California, a
Massachusetts accountant who recently conceded that he had "broken
every rule of investing" and staked everything on Wave, and the last
beauty queen crowned Ms. U.S.S.R., who posted a picture of herself in
a bikini when Wave met a price target of $10.
About 200 Wavoids turned out for the company's shareholder meeting
last November in New York, including people from Massachusetts, New
York and California with license plates bearing the company's ticker
symbol. One retired General Dynamics engineer wore a 14-karat gold tie
pin bearing Wave's logo.
Wave was then trading around $16 a share. Many Wavoids had become
rich, at least on paper, and were understandably giddy about a company
that had, in some cases, brought returns of 300 percent.
Steven K. Sprague, Wave's chief executive and the chairman's son, has
spent hours mingling and meeting with Wavoids at various functions. In
an interview, he said that he was concerned about some of their
investing practices.
"Is it appropriate to diversify? Yes. We are not a sure thing," he
said. "I tell my employees that having 99 percent in Wave is not a
good idea."
Few Wavoids were as zealous as Doug McCoy, who compiled a 600-page
compendium of board postings and e-mail messages, called WAVX 101, for
fledgling investors. After the shareholder meeting, the McCoys, more
convinced than ever about the company's prospects, began to invest on
margin, using money borrowed from their broker, Web Street Securities,
to increase their position. By the end of March, such purchases
accounted for about a third of their positions.
For a short while, the strategy proved lucrative. Wave skyrocketed in
February, though there wasn't much company news driving the stock.
Then, in March, Wave hit its all-time high after reporting that it had
received $122 million in a round of private financing.
Suddenly, Dave McCoy was a millionaire twice over, and his younger
brother was a half-millionaire. Many other Wavoids were also margin
millionaires, and the mood on the Raging Bull board turned euphoric.
"Can I ask a stupid question?" one chat board message asked. "Why do
some people refer to WAVX as 'risky?' Am I missing something?"
Another Wavoid started a contest offering a 10-share prize for the
person who could guess when the stock would hit $187 a share. Of the
276 contestants, Doug McCoy was the second-most bullish: he guessed
March 15, or in about two weeks. His brother said April 9.
"The day it moved from $40 to $50, we made $500,000 in one day," Dave
McCoy said. He celebrated by going on a shopping spree with his wife,
Sharon, for some clothes for their two young daughters. In late March,
a co-worker and fellow Wavoid with a small plane offered to fly him
down to the Florida Keys for a fishing trip.
"It was kind of our 'Great Gatsby' trip," Mr. McCoy said. "We had our
Roaring 20's experience, then came home and came back to earth."
Down in a Flash
Indeed, the McCoys and some other Wavoids who bought on margin had a
sudden and rough landing.
On March 29, the brothers received e-mail messages from Web Street,
their online broker based in Deerfield, Ill. They were told that U.S.
Clearing, the New York-based intermediary that processes Web Street's
trades, needed cash to meet margin calls in the McCoys' accounts.
Unless they wired the money into the accounts by April 5, the messages
warned, shares might be liquidated for them.
David McCoy needed to produce $221,778, and his brother $43,000.
Initially, the McCoys, not understanding why the money was needed for
a margin call, assumed that it was a mistake. They had little reason
to suspect trouble. The Nasdaq composite index was still up 14 percent
for the year, and only the day before, Wave had again topped $50.
Left unsaid in the e-mail messages was that U.S. Clearing, a unit of
FleetBoston, had raised the margin requirement on Wave Systems from 50
percent to 75 percent. Clearing firms are allowed wide discretion to
raise margin requirements above the benchmarks set by the Federal
Reserve and market regulators, with little notification.
A spokesman for U.S. Clearing said the company sometimes raises its
margin requirements on speculative stocks that have had sharp spikes
in their prices, on the assumption that declines could be just as
pointed.
But to the McCoys and many other investors in April, the sudden
changes were baffling.
"Wave had just received $122 million in financing," Doug McCoy
recalled. "Why would it change?"
On April 4, Wave closed at $28.50, down 40.5 percent in just over a
week. "TIMBER!!!!!!!" exclaimed one chat board posting. "WAVX margin
investors . . . Get ready for the margin call from your broker . . .
Sorry guys, don't quit your day jobs just yet." Web Street granted the
brothers a temporary extension, during which they set about trying to
transfer their accounts to a different broker with a lower margin
requirement.
The overall slide in technology shares became severe, meanwhile,
spurred in part by higher-than-expected inflation numbers, interest
rate fears, Microsoft's antitrust woes and concerns about inflated
valuations. Investors of many types suffered, and the McCoys' margin
debt swelled. Their account transfers also stalled; ultimately, they
were unable to move their accounts until a couple of weeks after the
Nasdaq, and Wave, hit bottom.
The McCoys, along with two other Chicago-area Wave investors, say they
plan to file a claim against Web Street for arbitration by the
National Association of Securities Dealers. They contend that Web
Street misinformed them about the transfer process.
Web Street executives say that such transfers often take weeks and
that they acted appropriately. "We really bent over backwards for
these individuals," said D. Jonathan Rosenberg, chief operating
officer of Web Street. "The market went against these guys, and that's
the bottom line."
By Friday, April 14, when Wave was still dropping and after the
brothers realized that the transfer would not go through in time, the
McCoys received new e-mail messages warning that their stock would be
sold to cover margin debts at 11 a.m. on Monday.
That weekend, the two families pondered what would happen if Wave fell
even further before the debts could be covered. If the worst happened,
they decided, they would all move in together and make the best of it.
"Monday morning, I got up, kissed my wife and said I hope we have our
house when I get home," Dave McCoy recalled.
The day did not start auspiciously. Wave opened at $11 a share. Mr.
McCoy, who stayed home, had not slept for several days. Before the
market opened, he got a call through to Web Street's trading floor.
Hoping to avoid a fire sale of his stocks later in the day, he began
liquidating much of his position. For 45 minutes, he stayed on the
phone selling off blocks of shares into a seesawing market as many
individual investors unloaded their stocks.
By noon, he called his wife.
"Well, we made it," he told her. They had come out of the frenzy with
$64,000 left in their brokerage account. Sharon McCoy, who says she
never fully comprehended the stock gains in the first place, comforted
her husband, who had hoped to be able to retire early. "We have our
health and we have our work," she told him.
Doug McCoy, meanwhile, got to his office at 6 a.m. and started
crunching numbers. He figured that if he could sell at $17 a share, he
could walk away with nothing, but also without any debt. "If we
dropped back to $10 or $12," he said, "I would have had to file for
bankruptcy."
With the shades drawn in his glass-walled office, he started selling
as Wave fluctuated between $14 and $17. "At the end of the day, I owed
them $14,000," he said. "I had over $300,000 in profit I had built in
three years that I watched get flushed down the toilet. I walked
outside my office and sat in the quad of the college, sat there just
dazed. I'll never get that $300,000 back." To help pay for the
shortfall, he sold his car.
A Hope That Doesn't Die
A month and a half later, Dave McCoy sits in his home office nook,
pondering his whirlwind tour of Internet fortune. On his desk is a
neat pile of seven banana-yellow Wave T-shirts, a "Bob Seger: Greatest
Hits" CD, a row of mystery novels and a copy of "Parenting for
Dummies." His 3-year-old daughter, Kelsey, rummages through a basket
of toys.
While his brother is generally upbeat, Dave McCoy has taken the loss
harder. He has, after all, lost a lot more. Still, he says, it helps
that little about his lifestyle will change.
"I never had it," he said of his paper millions. "I never used it. I
looked at it. Has losing it changed the quality of my life? Not a bit.
Just my ability to realize some dreams."
Will he consider diversifying?
"Diversification is more or less an excuse for not being able to read
the future," he said. "If I had half in an index fund and half in
Wave, it would take me 10 years to get my capital back instead of
five."
Though each of the McCoy wives says she will pay more attention to her
husband's trading and use of margin, both seem less bothered by the
investment losses than their husbands are. But Patricia McCoy, Doug's
wife, did feel it when she lost something tangible.
"I lost my car," her husband says, starting a thought.
"Your car?" she asks, grinning at him as their son shifts in her lap.
Her husband reconsiders his comment.
"Your car," he acknowledges.
Later, his wife is more pointed in her appraisal. "WAVX was like a
drug for them," she said. " 'Oh, did you see it drop, did you see it
drop? Oh, did you see it go up? Did you see it go up? Let's go to the
auto show and pick out our Porsches.' The boys were way too close to
Wave."
The brothers would come home from work, head directly for their
computers and field an endless stream of phone calls from other
Wavoids, usually at dinner time.
"When it crashed, I was actually kind of relieved," Ms. McCoy
continues. "We were living in a fantasy world. We'd had our big blow,
and now we could get back to reality."
But true love can be hard to extinguish. Both brothers are back in
Wave.
Dave McCoy is trading in and out of the stock with the $64,000 he
salvaged, hoping to make quick gains that will enable him to rebuild
his position.
Doug McCoy bought back in after receiving, he says, hundreds of
checks, gifts from other Wavoids looking to help one of their most
devoted and likable brethren. As of last week, he had purchased 500
shares at $17 to $18, waiting for Wave to begin a new climb. He
announced his return in a recent note posted on the Wave board. "Let
the healing begin," it proclaimed.
Zen - give me approx. $300,000,000.00 & wait a few years...
oh & btw, i wouldn't be investigated by the SEC or facing a dozen+ class actions either.
you should buy more wavx Zen.
MUCH more.
good luck!
only the 31 words between the hilarious SKS quote and the article written by Scott Kirsner.
IMO he was entirely lenient & i suspect that much of helpfulbacteria's analysis on the issue is more-or-less accurate. Had he dug deeper into the matter, he could have added SO much more depth.
btw, didya notice how the SKS added smore wiggle room to the "breakeven" prediction? Now, even another $25M won't get Wave to what was supposed to occur this year (w/out the now looming additional 35% dilution).
"In April, Wave announced a plan to raise $25 million in a stock sale. 'That will carry us to cash-flow positive, or very close to it,' says Wave chief executive Steven Sprague, son of the founder. Hope springs eternal."
http://www.boston.com/business/technology/articles/2004/06/14/after_16_years_of_struggle_wave_awaits...
wonder who gave the stable hand wavx shares for Christmas?
too funny.
"We have tried to be a very straightforward company."
ROFLMAO!
btw, the "working link" was to Yahoo! the company, not to the Yahoo! wavx board.
SO, wavoid David Stone gets his stock tips from the old man's stable hand?
poetic.
After 16 years of struggle, Wave awaits its big break
By Scott Kirsner / June 14, 2004
Hope springs eternal in the world of high-tech. But sometimes the industry's hard-coded optimism can start to seem more than a little delusional.
A case study: Wave Systems, based in Lee, a Berkshire County town, has portrayed itself as being on the verge of the big time -- the next Microsoft! the next Comcast! -- since it was founded in 1988. Reagan was still in office, and Terence Trent D'Arby was on the pop charts.
Wave Systems has been through at least three different business strategies and racked up a quarter-billion dollars in losses, but still has not managed to turn a profit.
You could compare Wave to the kid voted "Most Likely to Succeed" at your high school who is still living in his parents' basement when the 16-year reunion rolls around.
Wave now sells software that supports "trusted computing," an initiative that combines a special chip with software in order to better protect passwords, credit card numbers, and other sensitive information you keep on your PC; manage your subscriptions; and ensure that people you deal with electronically are who they say they are.
Trusted computing has great promise, just as Wave's original business did -- facilitating pay-as-you-go software usage. But Wave's revenue for the most recent quarter was a paltry $50,000. In March, the company's auditors expressed "substantial doubt" that Wave, which sells the software that accompanies trusted computing chips, would be able to continue as a going concern.
In April, Wave announced a plan to raise $25 million in a stock sale. "That will carry us to cash-flow positive, or very close to it," says Wave chief executive Steven Sprague, son of the founder. Hope springs eternal.
Wave has been touted as an up-and-comer throughout the years by George Gilder, the Western Massachusetts newsletter publisher and telecom theorist, who also happens to sit on Wave's board. But the company's most solid supporters have been the Wavoids: individual investors who swap information and opinions about the company on various online bulletin boards, like Yahoo Finance and Investor's Hub.
Through the boom and bust, when Wave's stock sold for $50 a share and when it sold for less than a buck, when the company was delisted from the Nasdaq in 1997 and then reinstated in 1999, the Wavoids have been predicting that Wave will be bigger than Intel, AOL, or Yahoo -- and searching for clues that Wave's software is about to become the gold standard of trusted computing, an indispensable part of the 150 million PCs shipped yearly.
David Stone is a Wavoid of long standing; he bought 10,000 shares of the stock in 1995, a year after Wave went public. Stone, who owns a photographic cleaning company and lives on Cape Cod, found out about the company when his family visited Undermountain Farm, a riding stable in Lenox owned by Peter Sprague. (If the Sprague name sounds familiar, Peter Sprague is the grandson of the founder of Sprague Electric Co., which was long an industrial giant in Western Massachusetts. Its former plant is now the Mass MoCA museum.)
"The stable hand was basically saying, 'Do you know about Peter's new invention?' He'd gotten some stock at Christmas, and I started to look into it," Stone recalls.
Stone praises the company's ability to reinvent itself, and says he is convinced Microsoft will one day license Wave's trusted computing software, which would be Wave's crowning achievement. "One of the big mistakes is that people are waiting to see revenue, and they're ignoring the potential of the technology," he says.
But Wavoids like Stone are good at ignoring things, too. The company took in just $189,000 in revenue last year, but paid its chief executive $411,000. (Peter Sprague, the founder, continues as head of the company's WaveExpress division, which focuses on distributing video content to PCs.) Despite having just 85 employees, the company maintains offices around the globe: in Lee; New York City; Princeton, N.J.; Cupertino, Calif.; and Orvault, France.
The company also had a habit of making loans to its executives, including its chief financial officer, and then awarding them bonuses so they could repay the loans. The 2002 Sarbanes-Oxley Act made that illegal.
And trusted computing hasn't taken off, in part because of fears the chips will make it easier for companies to track what you do on the Internet, such as downloading illegal music or spamming millions with your vacation photos.
"We still have to deal with the demand-generation side," says Rob Enderle, a technology analyst and adviser to the Trusted Computing Group, a standards body. "The chips are out there already, but people aren't turning on the full capability. [Trusted computing isn't] seen as one of the key benefits."
There's also the possibility that chip makers or big companies like Microsoft will opt to create their own trusted computing software.
Not least, there's also an ongoing investigation by the Securities and Exchange Commission into public statements Wave executives made in August, and trading in the company's stock around that time. The investigation was followed by a raft of shareholder lawsuits alleging that Wave misrepresented the revenue potential of deals it had announced last year with IBM and Intel.
Steven Sprague says the company is cooperating with the SEC and defending itself against the suits. "We're doing our best to keep it out of the way of our business," he says. "We have tried to be a very straightforward company." He envisions a day --not far off -- when it would be silly to buy an untrustworthy PC without his software on it. "I think it's starting," he says. "The window has probably begun to open."
But can Wave raise the $25 million it needs to keep going? I wouldn't be surprised -- the company has pulled rabbits from its hat before, as when it raised $23 million in 1999, enabling it to return in temporary triumph to the Nasdaq National Market.
Stone, the Wavoid, acknowledges that Wave "looks like it's on the verge of going bankrupt," but says he's encouraged that the company is actively trying to raise money. "To me, this is a perfect stock for the average investor to get into," he says.
The above average investor, though, should probably stay out.
Scott Kirsner is a contributing editor at Fast Company. He can be reached at skirsner@verizon.net.
© Copyright 2004 Globe Newspaper Company.
© 2004 The New York Times Company.
http://www.boston.com/business/technology/articles/2004/06/14/after_16_years_of_struggle_wave_awaits...
hyperbole?
guess that's one way to characterize it...
Bre-X? eom
are you suggesting *another* P&D in the next 2 weeks in in order to gin the price for Russell?
do you think the SEC notices these spikes?
i'd only be a "poor example" if I continued to hold wavx.
btw, i consider your mean spirited sarcasm not in keeping w/the tie-dyed Birkenstock-wearing Pacific Northwesterners (as well as an obvious "attack" in violation of the i-Hub TOU).
peace & love!
PS great news today....zzzzzzzzzzzzzzzzzzzz
I-Hub Matt weighed in on that recently:
http://www.investorshub.com/boards/read_msg.asp?message_id=3242173
much better than using HIDDEN TEXT - oem
abSOlutely a non-issue!
"...an organized effort by domestic and foreign brokers to circumvent the recent National Association of Security Dealers [NASD] and Securities Exchange Commission [SEC] restrictions against so-called naked short selling..."
edit: do they?
read some CC SpragueSpeak about how Wave was going to implement their products internally, but that is a "forward-looking statement" & well, you know how that goes w/Wave...
no spin is needed.
Wave is *not* currently using its own product line internally.
goinup -- i am NOT looking for an entry point in wavx. in fact, as things stand w/Wave's (lacking) fundamentals, i would aggressively short the stock on every P&D spike if i could.
edit: awk -- that is funny. you, of all wavoids, attempting to impugn my ethics! i have no financial motive in criticizing the firm, you howiever, seek enormous wealth by holding what is likely a ridiculously large position in wavx. you have attempted to prime the pump repeatedly by sending journalists white papers, etc. a clear matter of public record & an apparent effort to recruit newbie capital.
well, at least you didn't actually author some faux news article.
there is nothing unethical whatsoever about my posting criticism in an attempt to balance the recruitment of new money to the stock. i believe what i write.
"...some of the very cool aspects of what this technology can do."
if it is SO "cool" why doesn't anybody pay anything for it?
not even the wavoids!
& Wave doesn't even use their own tech internally to make the company cooler.
who would buy something from a company that doesn't even use its own products?
16 years, a quarter $ BILLION in accumulated losses & Gawd knows how many different business models...
for what?
compare similar time frames in the record Doma
since December 17, 2003, Wave has released only a handful of PRs. over past similar timeframes, Wave released quantities of PR in multiples of this amount.
you believe the formal SEC investigation did not shut down the fluff machine? that is up to you. but to declare the point as "BS" just demonstrates the lack of objectivity you have as a result of holding a large losing stock position & believing the dream as articulated by team Sprague.
who has been more right about this stock since last July... you or me?
not the dream.
not the tech.
not the dots.
the STOCK.
i already know the answer.
good luck!
frustrated?
you are right 'bout one thing though, you do *need* a PR.
but guess what Doma -- that spigot was turned off last December by the feds.
how will they dump another $25M in paper w/out the old HYPE?
good luck!
yep, i remember April 13 too.
as the best selling oppty voids had all year!
today feels sorta similar, 'cept for the notably lower highs (below the low of the last P&D w/significantly lower volume, btw). think the SEC notices these "phantom" P&Ds? nahhhhhhh.
SKS alSO "hinted" last Fall about one of the biggest PC OEMs being announced as a customer by Christmas. voids said it was Dell. somebody just posted today how he received the most recent Dell mailing & it said bubkus about TPMs, let alone Wave.
7 months later...
Snack, when a stock P&Ds & it can't reach the trough of the last P&D during the peak of its current P&D, it is usually a bearish signal IMO.
better haup Wave has something of substance to back up yet another "phantom" move... b/c if there isn't, it'll sell off again just like last time (& the time before that & the time before that & the time before that & SO on & SO on...)
SO, you may still get a chance to "load up" below a buck (since $1.10 wasn't cheap enough for ya!)
ciao!
cozied up w/SSP.
http://sspsolutions.com/about/partners/
isn't Wave's basis in those SSPX shares somewhere between $3-4?
forest....trees....forest....trees?
the question/s you asked suggest you don't see the obect of the newest "game" to circumvent SHO & IMO the answer you received was the answer you wanted to receive.
ain't about Berlin volume -- it's all about the impact of the contemporaneous foreign listing & what it permits...
i won't belabor the matter further b/c voids are seemingly happy that there is little volume on Berlin.
but fwiw, that is *not* the relevant inquiry.
NOW, back to whether Wave is joined @ hip w/Phantom, or Janus, or whatever is the dot-connect du jour...
runnnnnnnnnn forest, run!
good luck!
"We are going for the gold medal! All our effort and focus and capital needs to be focused on domination."
any updates that you know of regarding these objectives?
tia
Snack, what opinions do you have regarding the Berlin listing?
tia
Berlin volume is *not* the issue.
WVY is quoted in euros, just like EVERY other security listed on Berlin.
the reg SHO arb loophole *is* what matters & it permits naked shorting in U.S. & certainly some of the "off-shore" hotspots.
the loophole eliminates the 3-day delivery requirements & i've also read that the DTC reporting rules are frequently ignored, SO the trades may not even show up on reported short sales figures.
you guys are grasping at straws when you might be better off urging Wave mgmt to get de-listed from the Berlin exchange...
just trying to help.
good luck!
PS will reply to PMs next time i'm around & it's happy hour.
"...mostly OTCBB stocks..."
yep, mostly.
http://www.berlinerboerse.de/index.html?LANG=en
WVY = WAVX.BE
http://finance.yahoo.com/q?s=WAVX.BE
http://finance.yahoo.com/q/hp?s=WAVX.BE
PIPE coming that equals 33% (+/- ) of Wave's total market cap, btw.
BizWeek article quotes Larkspur outfit re: informing the issuers in advance of shorting the offering. but some DDers still incredulously claim that Wave being among those listed on Berlin is somehow irrelevant?!?
uhhhhhh, okay.
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=108...
Berlin-Bremen listings 'abuse rules'
By Norma Cohen in London
Financial Times; May 20, 2004
The Berlin-Bremen Stock Exchange is being used to circumvent new US regulations aimed at barring a form of share price manipulation, according to several small US companies which have suddenly found their shares listed on it.
The companies say that not only did they not seek a listing on the regional German stock exchange, they neither agreed to, nor were they informed of, the listing.
Moreover, the companies said that when they asked the Berlin exchange to de-list their shares, it refused, saying that only the broker who requested the listing in the first place could remove them.
In recent weeks, shares in several of the companies have fallen sharply as investors apparently dumped shares in what executives say is an abuse of trading rules.
Paul Metzinger, chief executive of Nanopierce Technologies, a Nevada-based manufacturer of patented connection technologies, said his company had learnt of the Berlin listing through the market, and believed it was connected to recent sharp downward moves in the company's share price.
"The listing on the foreign exchanges is coincident with the new rules to regulate short-selling," Mr Metzinger said. "It is being utilised on a fraudulent basis to harm our investors."
Todd Noble, chief financial officer at Advanced ID Corp, a Nevada-based manufacturer of radio devices to track cattle, said that the shares in his company had been knocked down sharply in recent weeks, with trading volumes exceeding the company's entire free float.
Because the company only went public last August, a significant proportion of the shares are restricted and unavailable for trading.
Mr Noble said he had asked the SEC and the NASD to investigate trading in his company's shares.
The Berlin listings came just weeks before a new National Association of Securities Dealers rule on so-called naked short selling. Under the new rules, those seeking to sell shares short must be able to demonstrate that they are able to gain access to the securities within two days.
However, the rules contain a loophole for what are deemed to be genuine arbitrage trades, defined as short sales in shares that are listed on another stock exchange.
According to a spokeswoman for the Berlin-Bremen Stock Exchange, a single broker, Berliner Freiverkehr, asked that 850 US companies that are traded Over The Counter (OTC) be added to the official list during a six-week period beginning in mid-February.
The additional listings bring to 7,000 the number of foreign companies traded on that exchange, she said.
She confirmed that permission of the affected companies was not required under the exchange's rules.
skimmed it.
trust you know the difference between future, present and past-tense verbs.
my comment remains accurate until they actually use the products internally.
"so that we can actually use the technology ourselves..." is not using the products.
you never mentioned if the PP buddy is pleased w/his wavx position? down what, roughly 40%+? unless of course he dumped it into the last P&D - there was certainly adequate volume for that sort of move.
even so, he mighta made 20% at best. now there are millions more shares coming down the PIPEline -- must admit that it's nice to see that PP-types don't always get guaranteed sweetheart deals...
Jaybeaux - i do not know it is a "crock."
while it is likely that some pleadings contain hyperbole, exaggerations, etc., lawyers are duty-bound to perform a diligent inquiry and possess a reasonable belief in the veracity of the allegations asserted in pleadings.
do not know whether the claimants will prevail, nor do i know what (if anything) will come of the SEC's formal probe, nor have i ever claimed to know those outcomes.
i have repeatedly stated that there is notable RISK regarding these issues & as such, until they are resolved (one way or another), i cannot justify owning wavx as an investment b/c if these matters come down on the side of the claimants &/or the SEC, Wave just might not even exist in the aftermath (e.g., look what just hauppened to the fmr. Rite Aid CEO).
SO, i generally disagree w/almost everything you posted, but at the same time, i can completely understand why you wrote what you did, why you believe what you believe & why some people feel totally compelled to own the stock.
if Wave does succeed, i can certainly appreciate the magnitude of the potential upside & for some, the risk between here & there is acceptable to them. under the right circumstances, i would be willing to invest in wavx again on a long-term basis, but there have been no such signs of those circumstances being even remotely imminent.
IMO it is inexplicable how loyal some voids are, but they (you) are certainly entitled to maintain such a degree of loyalty, irrespective of how irrational i, or anyone else (including "the market"), might perceive it to be in the face of the current circumstances.
it's yer money...
never is a really long time...
Press Release Source: Measurement Specialties, Inc.
Measurement Specialties Announces Settlement of SEC Investigation and Schedules Earnings Release
Friday May 21, 8:27 am ET
FAIRFIELD, N.J., May 21 /PRNewswire-FirstCall/ -- Measurement Specialties, Inc. (Amex: MSS - News), a designer and manufacturer of sensors and sensor-based consumer products, today announced it has reached an agreement in principle with the Securities and Exchange Commission, which would resolve the Commission's investigation of the Company. Pursuant to the agreement, the Company will pay $1.00 in disgorgement and $1,000,000 in civil penalties. The Agreement is subject to final court approval.
Frank Guidone, Measurement Specialties CEO commented, "I am satisfied with the terms of the settlement, and am relieved to have this behind us."
The Company also announced today that it will report earnings for the fourth fiscal quarter and year end on Wednesday, May 26, 2004. Earnings will be released after 4:00 PM EDT.
A conference call reviewing fourth quarter and year-end results will be held on Thursday, May 27, 2004 beginning at 10:00 AM EDT. To participate, please dial 888 428-4479 prior to the start time. International callers should dial 651 291-0900. A recording of the call will be available for 90 days by dialing 800 475-6701 and entering access code 732167. The call will be simultaneously broadcast over the Internet and available for 90 days thereafter at www.vcall.com.
Measurement Specialties is a designer and manufacturer of sensors, and sensor-based consumer products. Measurement Specialties produces a wide variety of sensors that use advanced technologies to measure precise ranges of physical characteristics, including pressure, motion, force, displacement, angle, flow, and distance. Measurement Specialties uses multiple advanced technologies, including piezoresistive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and strain gages to allow their sensors to operate precisely and cost effectively.
This release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including but not limited to, statements regarding non-recurring expenses, and resolution of pending litigation. Forward looking statements may be identified by such words or phases "should," "intends," " is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "we believe," "future prospects," or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; the outcome of the classaction lawsuits filed against the Company; the outcome of the current SEC investigation of the Company; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company from time-to-time considers acquiring or disposing of business or product lines. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue.
Contact: Frank Guidone, CEO
(973) 808-3020
Boutcher & Boutcher Investor Relations
Aimee Boutcher
(973) 239-2878
------------------------------------------------------------------------
Source: Measurement Specialties, Inc.
http://biz.yahoo.com/prnews/040521/nyf046_1.html
why not?
you wrote:
"...there probably won't be any announcement."
have you confirmed this with mgmt?
http://www.google.com/search?as_q=announces+settlement+resolution+end+SEC+investigation&num=100&...
edit: Zen - pull up all the CA filings.
each one has attorneys of record listed -- see for yourself.
"Just trying to keep all the guesses straight."
did you post that w/a straight face? voids raison d'etre is guessing about how & when they will all be zillionaires.
there are prolly > one million wavx-related posts on all combined forums & many of those posts include guesses that test the boundaries of absurdity.
here's something that ain't a guess:
EDS is still working w/SSP, but Wave is absent from the page:
http://sspsolutions.com/about/partners/
as for sub $1 -- take a look at edig (a firm which actually has product out & is generating revs).
the days of the "junk stock" flying on ether are over & the wavx trend is irrefutable:
http://finance.yahoo.com/q/bc?s=WAVX&t=2y&l=on&z=m&q=l&c=
Wave is running on financial fumes, has to float (some or all) $25M worth of paper SOON & naked offshore shorting of wavx is not precluded & may not even be reported due to the SHO loophole of the Berlin listing.
then there are the fundamental problems -- decreasing revs (when all the speculation was that they would be growing exponentially), SEC investigation & CAs (which seem to have the effect of eliminating any "fluff" news to support the stock), maxed-out wavoids (who are as a lot are most likely deeply under water), a backed-off "break-even", a phantom NSM SafeKeeper, WaveXcess delivering UkraniaTV, steep competition fomenting from every corner of the IT security space, etc.
btw, is the PP buddy still holding ALL of his shares? if so, is he pleased w/the direction of the equity? of the company? maybe Wave will pull it off & write a fabulous new chapter in its history... maybe not.
the trend is simply not the wavoids friend.
good luck!
edit: Trombone - are you being played? have you even read Wave's filings? the SEC investigation is clearly not over. Wave says so in writing. you are wishful thinking, or hoping & praying...
it's a stock Snack, not a religion / e
Snack, whether Wave mgmt has "lied" remains a matter that is being investigated by about 3 dozen+ plaintiffs' lawyers as well as the SEC.
suspect you have read at least some of the various pleadings: the phrase "fraudulent scheme" & other similar iterations is used many, many, MANY times.
you may someday wake up to find that those plaintiffs' lawyers &/or the SEC announce to the market their proof "that a CEO of a public corp LIED to its shareholders."
there "could be some liability" for lotsa things Snack, but i sorta doubt Kev's statement is one of them. Far too many things in the public record over the years of what Zen might call "exaggeration" in addition to those pesky pleadings that allege securities fraud, scienter, artificial price manipulation based on false and misleading public statements, etc., etc.
one thing is fer sure -- either you & other like-minded voids will someday be thoroughly vindicated, OR, the wavx gadflies will be proven to be prescient Cassandras.
of course you don't believe SKS has ever lied.
good luck!
Doma....... never asked for any "help" from you.
only requested that you provide some support for the contentions you made regarding the purported 3 different biz models & the supposed 3 different pricing structures for those 3 different models.
couldn't care less if you support those contentions, or not, especially as it is rather apparent that SKS has retreated from numerous such representations over the years.
a recent example would be when he claimed "break-even" revs by year-end 2004 (obviously not even remotely accurate), or when he told Brian Alger from GROW that he expected something around $19M in revs back in 2001 (i think - to date Wave has only done one tenth of that number in its entire existence).
This isn't "how i see it," these are historical facts.
btw, please cite where i wrote that TC is dead. i have more than once (correctly) commented on the acceptance rate would be considerably slower than voids posit.
Wave doesn't even use its own products internally - what kind of an endorsement is that?
what do you make of the fact that SKS couldn't even identify the Intel product that was s'posed to bring in big revs for Wave?
do you think the claim of "de minimus" has any merit?
does it bother you that Wave mgmt dumped something around $5M worth of stock following the Intel PR?
did you buy any of those shares?
how do you think "the market" sees any of this?
here's how:
http://finance.yahoo.com/q/bc?s=WAVX&t=2y&l=on&z=m&q=l&c=
SO.... Doma
are you suggesting that the three quoted excerpts are for three different biz models?
please show me support for this contention b/c as it stands it appears that SKS has backpeddled from the prior claims of $35-40 per year in ongoing revs per "seat" or license, which are seemingly now discounted down to around $20/yr.
of course, they first have to sell something to someone before there could even be the possibility of any recurring revs.
could you also please articulate what IYO are the reasons for the sluggish (declining) revs almost a year after the Intel PR?
btw, were you surprised that SKS couldn't remember the name of the 865 Intel MB during the CC?
tia
already have RWK.
a loophole exists where securities w/dual listings are not subject to the delivery rules of SHO. it has also been widely speculated in many circles that the DTC reporting requirements are not even being observed on naked shorting from Canada, Carribean & elsewhere.
IMO it is doubtful that wavx was listed in Berlin by coincidence.
btw, did you even read the FT article i posted?
good luck!
Weby - any comparison to DELL & MSFT is nonsense.
both firms you cited started out small & notched substantial sequential rev gains Q-to-Q, Yr-to-Yr, etc. AND they actually sold stuff almost from day one!
Wave has booked > a qtr $billion in accumulated losses over more than a decade & a half & less than $2M in all-time revs (& a substantial decline in recent revs, a morphing biz model, etc).
you compared apples & kiwis.
rick5 - while not necessarily probable, an R/S is not impossible either.
sooner or later NASD may very well consider Wave's listing. haven't checked the particulars of the listing rules lately, but aren't Wave's net tangible assets dangeroously near the cited minimums? additionally, the price is teetering near the minimum bid price ($1) for maintaining listing (yes, i know it requires a deficiency below the minimum for a series of consecutive trading days, 30 i think).
also, the NASD has on occasion, disregarded the stated minimums w/listed companies who don't actually do any real business, are defendants in calss actions & under SEC formal investigation.
not saying the NASD will suspend the listing of wavx near-term, but it remains a risk IMO.
a 5:1 reverse split would also reduced the O/S & permit the printing press to run freely again.
good luck!