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Re: SPIN post# 3881

Wednesday, 08/06/2003 10:51:49 AM

Wednesday, August 06, 2003 10:51:49 AM

Post# of 249131
SPIN/Truth Telling

Lets face it. The WAVX PR concerning IBM was entirely accurate, but it was phrased in a manner intended to highlight the opportunities for sale of WAVX services to IBM customers associated with the partnership. PR is usually written that way.

Many of the new shareholders attracted by the big runup didn't have a clue about what Wave really does. Some of them may very well have interpreted the IBM news to have more concrete revenue implications than it really did. The Dow Jones reporter made a rookie mistake, then tried to cover her butt by saying that others were confused too. Her story carried with it an implication that Wave was deliberately inflating the news to trap the unwary.

Bottom line. Our dramatic rally had real buying behind it rooted in a changed reality. But the market frenzy it created was cotton candy, sweet but not that substantial. After the bubble days, the financial press is highly suspicious of such dramatic moves. Its easy for them to believe that there is less than meets the eye. So the shorts got to work, and found a willing instrument in a reporter who hadn't done her homework.

None of this will matter if the revenues materialize. If they are coming, Wave was still undervalued at $5. If they are not, we remain overvalued after today's selloff.

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