Replies to post #227956 on Wave Systems Corp. (fka WAVXQ)

[Bluefang]

Chance: I can't find my source for that now, but SKS said it publicly and I don't think anyone here would deny he said it.

Best I can figure out, he said it during a Q/A session at the end of the Q2 2006 CC.

Here is one reference to it:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=17984441

Here's the relevant part of the post:

(from tampa123) "We were told by Steven prior (CC), that we would be cash-flow break-even by Q1, and perhaps even Q406 if conditions accelerated a bit. But dismissing that possibility for a second, next Steven told us that he had orders in hand to make cash flow break-even by 2nd quarter. I believe recent transcripts will prove that to be what he said."
_____

Somewhere on my computer and my varied RAID drives, I have SKS's complete record of everything he has said about achieving break-even, including the infamous break-even based on business (maybe it was 'orders') in hand remark.

Don't have time now to search it, but I am sure some of these followers have it.

You might also be interested in the odious Founders Shares created by Steven and Peter which sickened even the most die-hard supporters.

And for further research, I highly recommend reading the allegations against Steven and Feeney in the shareholders lawsuit, which I do have in its entirety and will send to you if you want it.

The suit charges SKS and the CFO profited from a Wave mistake in a press release by selling hundreds of thousands of shares in the wake of the infamous IBM/Intel Wave PR's which incorrectly stated Wave had signed big contracts with both tech giants.

Those eye-opening allegations went undefended and undenied. The suit was settled for $1.75M, because Wave was at the time, doing the reverse split and the lawyers thought the company would go out of biz, so they took what they could get from the insurance company.

The allegations contain note by note accounts of what Feeney and SKS did to profit from Wave's own mistake. You will see there is not an iota of concern about shareholders, only for filling their own wallets.

That news release and an incorrect interpretation by a journalist of it, caused the share price to jump to over $5 (pre-split). Sprague and Feeney sold at nearly the height.

After it was corrected, the share price fell dramatically, but not before the CEO and CFO made a bunch of money.

Best wishes--Blue