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

To: SlateColt who wrote (6086)	3/24/1999 11:53:00 AM
From: Kevin	Respond to of 11417

Nice RB summary of today's financing news: ragingbull.com

To: SlateColt who wrote (6086)	3/24/1999 12:06:00 PM
From: SDR-SI	Respond to of 11417

To All: I believe that this much-anticipated announcement deserves posting, rather than just referencing, so here it is: > > >WAVE SYSTEMS COMPLETES $23 MILLION PRIVATE PLACEMENT Lee, MA, March 24, 1999 -- Wave Systems Corp. (OTC BB: WAVX; wave.com) today announced it has raised approximately $23 million through the private placement to institutional, strategic and accredited individual investors of approximately 2.1 million shares of Class A Common Stock at $11.00 per share. Pacific Growth Equities, Inc. acted as sole placement agent for the private placement. Wave Systems intends to file an S-1 registration statement with the Securities and exchange Commission to register the shares issued pursuant to the private placement. "This private placement reflects an important milestone for Wave," said Gerard T. Feeney, Chief Financial Officer of Wave Systems Corp. "We are pleased to add a new group of institutional investors to our shareholder base while substantially strengthening our balance sheet and working capital position. This will allow Wave to pursue a range of interesting opportunities and to invest in our service infrastructure in preparation for the deployment of our technology." This announcement does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. (The usual Wave info. and "forward looking, etc" follows... < < < ******** It should be noted that this announcement indicates that the placement has apparently be done with institutional sources and NOT** with one of Wave's partnering companies'. IMHO that the credibility of those who previously claimed knowledge that this financing would be with HP, IBM or others should be judged on this basis. IMHO that placement with non-partnering sources is of greater long term value to WAVX and is another of the many indications of how carefully and skillfully the Spragues are managing this process. Also IMHO that impatience is inappropriate when the management has shown so many times that they are at the very peak of skill in bringing this process to fruition. (But it sure is hard to be patient when there are such exciting developments, many of more of which will, no doubt, be following). Best to all. Steve