The Jailhouse

[HhH]

24601: I consider THIS misleading PR...

and not misleading or erroneous press reports of PR.

Bolds are mine and indicate the sections I consider misleading.
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Wave Systems Makes Enterprise Applications
More Secure Than Ever

IBM's Independent Software Vendor (ISV) Program Helps Wave Systems Create More Secure Applications for the Enterprise User


Lee, MA - Aug. 4, 2003 – Wave Systems Corp. (NASDAQ: WAVX – www.wave.com) today announced that the new Document Manager Vault and SmartSignature security software applications in Wave's EMBASSY® Trust Suite client software family work with the IBM (NYSE:IBM) Embedded Security Subsystem, a hardware and software-based security solution available on select ThinkPad notebooks and ThinkCentre desktops, to create more secure applications for the business user.

The compatibility of Wave's security software applications with IBM's hardware and software security solution is a result of Wave's successful participation in IBM's Independent Software Vendor program. This partnership is another example of IBM's commitment to help independent software vendors use IBM's hardware and software-based security system to make computing as secure as possible for the end-user.

"The early stages of any emerging market are critical. IBM has clearly established their leadership in trusted computing with their family of Embedded Security System personal computers," said Lark Allen, executive vice president, Wave Systems. "Wave's partnership with IBM will significantly help us in our objective to deliver open and interoperable solutions to business customers as trusted computing continues to evolve." Leveraging the IBM security chip for personal computers, the Wave EMBASSY Trust Suite Client Business Edition includes the first of many new applications aimed at business users: Wave's Document Manager Vault and SmartSignature. Wave's EMBASSY Trust Suite represents one of the first portfolios of user software applications, administrative tools, and trust-based systems developed specifically around the new Trusted Computing Group (TCG) specification.

etc., etc., etc...

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Characterizing the relationship with IBM as a partnership was misleading, John. Oh, yes, I've read all the weasel words essplaining it already. But I ain't buyin it. The boys in Lee were hyping to beat the band. They crossed the line. Then, a bunch of them dumped stock into it. Certainly smells like a classic management pump-and-dump. Was it? Heck, I don't know. But I expect the Milberg Weiss folks will do their best to find out.

P.S. to Unclever: I think the stock ownership per the 10K includes all options, not just those exercisable in 60 days, but I'm working from memory here, so ICBW.

P.P.S. to whoever: Looks like somebody made a really dumb mistake to thing the sale of SSPX shares was an insider sale of WAVX stock. Duh.