Just as I came into this stock (1996) at $1/share (split adjusted, currently a little over a penny per share)--Wave was de-listed by the Naz to the pinkies--it did not go bankrupt--instead, Wave worked to get back on the Naz and it did. I still have the T-shirt "Wave Back on the Naz".
Over at St. Elsewhere, the tireless pushers of Wave hope are coming up with dire scare tactics stating a R/S is all that will save Wave from certain bankruptcy.
Not true. If Wave had sold any of its best and most hopeful product, the Virtual Smart Card V 2.0--there would be hope. And why didn't being demoted to the pinkies in the 1990's mean certain bankruptcy?
I don't know if Wave has ever sold a single VSC 2.0. If so, not many more, IMO.
Instead, the pattern of plunder continues. There is not one shred of hope put out for investors by the company. Not one word of explanation.
CEO Bill Solms has shown he not only has a yellow streak up his back, his entire back is as yellow as a stick of creamery butter.
He is a gutless, clueless manager who promised the world but gave us ashes--and now he hides in his spider hole and hopes the idiots who voted for the past two R/Ss will step up and approve another one without a single byte of info.
To what end? I can think of only one--prolonging the checks the mgt and BoD get until the very end.
Where is the statement from the company about a way forward? [IMO, They will not say because some of the angry supporters will certainly sue if they make any more false promises].
If there is any doubt this wreckage is company policy, look no further back than last year when Lt. Col (ret'd*) BS** Solms was given a big bonus for 'performance' when he reduced shareholder value more than 80% after he promisied profitability, lots of deals in the pipeline, dozens of pilots with big promise--all of which came to naught.
Take a good look at exactly who is promoting the voting in favor of a third R/S. Ask yourself this question: What is the accuracy of their pronouncements and 'leadership?'
Let me answer it for you. These so called 'leaders' in more than 20 years, have never been right. Not once. Instead, they have provided false hope by either misreading or intentionally misstating the facts [I believe there was more of the latter than the former].
So let me give you the Blue View: In the 27 years the co. has been in biz, they have existed almost exclusively by selling shares. They made a few small sales which gave hope, but then Wave bulked up on spending, anticipating huge orders to come. [They didn't.] But the premature spending for preparing for the 'big' orders crippled Wave--perhaps permanently.
After having more than enough time to demonstrate whether Wave was relevant in this new tech world, Wave has failed again and again to sell. Dell, once the company's brightest (and only) hope left Wave to wed Credant. GM did not resign.
Dell was a grievous and perhaps fatal loss for Wave, but what did the Leaders of Wave (life)Support Mission Team say? They said it would not matter; Wave would make up the Dell loss and more with rapid sales of the re-jiggered VSC 2.0 and more. Did not happen.
Look back at all the other momentous events in Wave's investor history. How many times did the 'leaders' call it right? Let me answer that question. Not once. Not ever.
These 'leaders,' made up of a group of naive and trusting investors alongside cold-eyed, dishonest, treacherous people who counseled one way on the boards, but in private helped drive Wave down, by selling short overseas (or in Canada) the shares they bought for a 20% discount. SKS once explained this process in public.
So, without disclosing their interests, some of the leaders have participated in PPs (until they requested their names be withheld by the company) to keep Wave shareholders from knowing what they were doing behind their backs.
Now they ask you to approve a third reverse split, without stating the reason for it or what Wave will do with the money. Has any Wave mgt type ever taken less pay because of poor results? Never, ever. It is only the shareholders who suffer losses and don't get bonuses for it.
If you believe the claptrap peddled elsewhere and do vote for a 3rd R/S, after 27 straight years of bungling, plundering and living high off the shareholder funding without ever supporting itself with enough sales, cushioning the shortage with more lies ('next quarter will be the first break-even quarter in the company's history'). [said by SKS 2010, G Feeney in 2011 and Solms in 2013, 2014 and hinted at in 2015)--if you vote for another R/S that will continue to fund the people who wrecked the co., then, please, have at it.
I promise the results will be the same, only quicker.
The people 'leading' you make money while you lose it. The CEO, CFO and the tri-headed military monster allegedly running Wave, along with the BoD (known for awarding huge bonuses for cratering the company) thank you in advance for another month at least of salaries and bonuses. Bonuses? Aren't they paid at the end of the year?
Hmmmm, maybe that's what this is about. Situation hopeless? Let's prolong the slo-mo wreck to freeze-frame speed and enjoy the high life a little longer--into the New Year.
Why the shareholders want us to enjoy ourselves! Why else would they keep believing our lies about imminent profitability, a full pipeline and non-existent deals, quarter after quarter until we squeeze the last drop of blood from the turnip. Give Bullsh*t Bill Solms another huge bonus--in fact, bonuses for the house (excluding shareholders).
If anyone believes voting for yet another R/S is the only way out, given all that has gone before (where the shareholders never got so much as a crumb--and now all these bone-cracking jackals and hyenas are going to go generous)? Sure! Back up the trucks, Mama, we are going to be rich!
*ret'd is an abbreviation of retarded (common Wave usage)
**BS Solms--you can prolly guess what BS stands for and the S does not stand for Solms, even though he defines it.
Blue
