I'm guessing Solms figured on an increase in revenue, not a decrease, what happed. That and the savings from no longer having to pay the previous golden parachutes and the further savings from removing no-revenue-cash-draining adventures along with the adventurers who spawned them on Wave shareholders.
I think he truly thought his crack team could bring some sales home--but all Wave came up with is the sale of old technology--none of the highly vaunted VSC 2.0--which is deeply troubling.
Wave seems precarious, with a third reverse split looming by summer, declining sub-dollar SP, and beyond that one sale, not much at all, especially since Solms elevated expectations he couldn't back up--deja vu.
I'm guessing Solms thought if he came close, shareholders would grant him a little more time. Solms is in his second year at Wave's helm and the results thus far are not impressive--in fact, just the opposite--dastardly results---that, after the BIG talk--strangely and repulsively reminiscent of SKS.
More dilution is happening via the shelf and when that's exhausted, I fully expect more fundings before summer--if Wave does not collapse first from accumulated layers of non-performance, dilution up the wazoo, low volume, no insider buys, another reverse split may be in the works and on top of that, maybe yet another de-listing warning notice from the Naz, if Wave slips below the $35M cap requirement. We're sitting at a little more than a million and a half over the minimum today.
In short, no news, bad news, a video replay of the worst days and worst ways of his predecessor.
If there's a silver lining in all this, I'm too blind to see it. It looks like bad news stacked atop worse news. It has been so long since any really good news where you thought, "Maybe Wave does have a chance." But not lately.
And with just 7 biz days left in the Q1 quarter to be reported in early May--the lack of any real news nearly insures the Q1 may actually be worse than Q4 '14. The accumulated hammering and concussive power of all those bad quarters in a row, coupled with the new CEO's optimistic statements--may bring an end to the madness known as Wave before the year is out.
I am happy to be on the sidelines.
Blue
