Wave Systems Corp. (fka WAVXQ)

[aleajactaest]

Hi Escrow,

I agree that Solms has made important changes. I'm only saying that waiting for things to occur and responding is something we learnt made sense under Sprague and it doesn't make less sense under Solms.

The only thing you miss by waiting is asteroid strikes, but as you know, they are lottery-like in their rarity and unpredictability and any deal is controlled by the customer rather than by Wave.

Exposing yourself to Wave in the hopes that such a strike will occur is less germane than the risk exposure in the meanwhile. The risks continue to be extremely high that Wave's underlying losses from non-strike business will fail to turnaround quickly (10 months after the product launch of VSC 2.0 the volume of orders remains small) and thus that Wave will continue to need to dilute and thus squared that the price will continue to be under pressure.

An investor is buying the fundamentals. A trader is trading the price. A gambler hopes for the lottery win.

Otherwise I agree with you.