Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

I agree, one small customer and pilots. It's just my sense (or hunch) that non-material smaller orders have closed along with the one gov't customer. For one thing in the VSC 2.0 launch there was a reference to DMI "helping with roll-outs very soon" which granted may have been pilots but it could have been more. With the interest shown by the gov't customer (which had already deployed Common Access Cards as their main means for authentication) and the dozens of pilots across multiple sectors of commercial enterprise, I think it likely that some customers by now have moved forward with deployment. Since there have been no 8-K's these would be smaller orders. I don't think there would be the significant piloting announced and then have many or all of them reject the solution. They wouldn't pilot unless they liked it. Piloting is expensive. I also doubt Wave has been unable to create a product that is practical for customers to deploy after the extensive customer feedback and re-engineering, otherwise they wouldn't have had a formal product launch.