A brief history of WAVX
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The tiny pinprick of hope you cling to has no basis in logic or rational thought.
Look at the record. Not once in more than 20 years has Wave ever made a deadline they themselves set.
Not once in all that time have they ever met a goal they themselves set.
Not once has a single promise made by the CEO ever been kept.
Despite the many claims Wave and Wavoids make, of the company's high and indispensable status among the trusted computing group, not once has there ever been any outside verification by a reputable source.
Instead of verification, Wave has relied on the deceitful posturing of poseur insiders like Chris Cahalin (Papa Gino's) to make others think Wave is being adopted by the business community.
In addition, a collection of self-appointed and self-anointed "seers" have predicted tsunamis of riches will wash over the heads of investors. My guess is close to 99% of Wavoids have collectively lost hunreds of millions of dollars.
Not a single one of Wave's hundreds of "big" announcements that seemed to signal the start of real revenue, ever resulted in serious revenue at all.
The fact is, Wave has floated 20-some dilutive placements, reverse splat the shareholders and has never once delivered on any promise to become a real company.
Since the late 1990's the CEO repeatedly promised widespread deployment of Wave's technology--in the form of virtual Wavemeters, dongles, banking smart cards and now a way to secure computers.
He promised imminent deployment when there was no product. He was a liar then and now.
Since 2003, the same CEO has promised breakeven a number of times, at least annually, without once making headway on the expense to sales ratio. Instead, Wave has steadily lost ground.
Has there ever been a word of explanation of why they failed? Absolutely not.
Wave Express [no revenue in 2 years and precious little before] has "employed" the CEO's father and brother to the tune of $70M (capital and interest).
Together, the family collects more than a million dollars a year in salaries and bonuses.
The only people who actually heralded Wave's "chances" were paid to do so--a succession of them--RedChip, Dutton and the brothers Taglich--analysts paid by Wave to present hope and to repeat the lies of the CEO.
Nearly all of the stories carried by the legitimate media (NY Times, Smart Money) snidely mocked both Wave and Wavoids for their lofty pretensions.
And after more than 20 years in business, this mgt has blown through more than a third of a billion dollars to get the chance to perch on the precarious precipice of bankruptcy--with the share price down from its high, $150/share to today's price of less than 12 cents/share (split adjusted).
What, in all of that, is there anything to give one hope? It is an unbroken record of abysmal failure so jaw-droppingly stupendous, it invites scorn to hear you talk in a positive way about this 20-year train wreck.
These are the facts. Against such an ugly history, you present what? A foolish, pollyanna hope of success?
Best wishes to you and your dreams--just don't expect them to come true--Blue |
