Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

"there's a timeline when someone purchases wave's software. until then, there's uncertainty."

I'm sure you realize Wave does sell software and not just to OEMs. According to the 10-K, 2013 Embassy licensing and maintenance was $17.95m of which $11.18m was Dell leaving $6.77m for everything else including non-Dell OEMs and enterprise licensing.

I would readily agree that "when someone purchases wave software" can be taken to mean "when the numbers scale up significantly" but just the same software sales are occurring, in fact the $6.77m of non-Dell Embassy licensing and maintenance might include something like 50,000-100,000 new seats of ERAS.

What Solms needs to do is continue to improve core products such as ERAS, VSC and WEM to make them more scalable and attractive to deploy in large enterprise IT networks. He also needs sales people who have a track record selling to large customers.