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Technology Stocks : WAVX Anyone? -- Ignore unavailable to you. Want to Upgrade?

To: Marty Lee who wrote (4119)	10/3/1998 10:45:00 AM
From: SDR-SI	Read Replies (2) \| Respond to of 11417

Hi all: As usual, Marty has been able to succinctly summarize our feelings and to wish Chubbs good luck as he optimizes your opportunities from this development. (It took me more words to say Marty did it, than he took to do it). Re comments of REM55: My reading of the preliminary proxy statement is that it is a very "bread and butter", non-controversial proxy statement, quite typical of a company in WAVE's position. I would not expect that the printed proxy statement will vary substantially from what you can now read on the preliminary Edgar filing. I would not expect that there will be any other comment of great substance in it or in the accompanying materials distributed to stockholders regarding the intended use of the shares. I would not, however, be surprised if one could not get a better idea of what the company has in mind by the end of the stockholders meeting. Re comments of Slate Colt: I agree that of the typical uses of additional shares it is very unlikely that at this price they are thinking of a split in the immediate future. I also agree that a reasonable hypothesis for the establishment of a bank of additional shares may be to be ready to proceed in the event it is desired to do a secondary. An additional hypothetical possibility for which a company would want additional share authorization "in the bank" and ready to use would be for possible acquisitions at a later date. The fact that the company has chosen this time to seek the additional authorization should not indicate that there is something actually "in the wind", "in the pipeline", "up their sleeves" or any other semi-appropriate complimentary, hopeful or sinister euphemism. It really only means that management, looking into the future and doing the simple math of the current share allocation, has decided that future flexibility requires availability of more shares. With current authorization of 50MM, of which 40MM are issued or allocated for options, conversions, etc., and with 5MM more going into the stock option plan, the 25MM additional shares will bring the company's availability for any of the above purposes to about 30MM. IMHO that prudent management would seek authorization at this time for more shares no matter what they expected in the future and, even if they did have a specific thing in mind, that seeking authorization now could be prudent preparation for something years away. As much as we are all anxiously awaiting developments, and as much as I have great confidence in the management of the company, IMHO that the preliminary proxy statement and, no doubt, its printed counterpart that is mailed to us, is really not much more than an indication of competent management doing the normally required things for a growing company. I don't think we should try to read too much more into it than that. Just my opinion. (Apologies for the length of post). Steve