24601, [edited]
I don't know what Bluefang has been writing, so I'm responding to your point. Wave's "inception" [that's how the early reports read] was February 1988. They were incorporated August 12, 1988, 19 years ago. As such, I think it's fair to say that Indata/Cryptologics had shareholders, but it's true that the company wasn't publicly traded. In fact, I show Indata as having 1,560,000 Class B shares (post-split) at the beginning of time.
Unc
10K:
Wave was incorporated in Delaware under the name Indata Corp. on August 12, 1988. We changed our name to Cryptologics International, Inc. on December 4, 1989. We changed our name again to Wave Systems Corp. on January 22, 1993.