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Technology Stocks : WavePhore (WAVO)- VBI fed WaveTop for WebTV -- Ignore unavailable to you. Want to Upgrade?

To: doormouse who wrote (2734)	5/26/1999 10:54:00 PM
From: Ken Turetzky	Respond to of 2843

/k1b0, I am so sorry to see you here. WAVO looks like its headed for CAWS territory with a CEO just about as reputable as JA. The news here seems to be insiders rewarding themselves for lousy performance. azcentral.com WavePhore shareholders agree to change of name By Max Jarman The Arizona Republic May 26, 1999 WavePhore Inc. shareholders agreed to change the company's name to Wavo Corp. and to substantially increase the amount of cash and stock the company can award its officers and employees under its various incentive plans. The increase in potential bonuses was approved at the company's annual meeting Tuesday, despite the lackluster performance of the company's stock. Wavo shares closed at $7.12, off 62 cents for the day. The company's proxy noted a $100 investment in the company made in October 1994, would now be worth $73. That compares with $156 for a similar investment in its peer group, and $444 in Standard & Poor's high tech composite index, according to the proxy. Changes to the company's incentive plan, increases the number of shares available for that purpose from 4 million to 10 million. The changes also raise the maximum shares that can be awarded to any one individual in a calendar year from 500,000 to 5 million and the cash award from $500,000 to $5 million. In other business, shareholders agreed to increase the number of common shares that can be issued by the company to 100,000 from 50,000 and the preferred shares from 10 million to 25 million. David Deeds, the company's president and chief executive officer, explained the additional shares will give the company future flexibility in raising capital and making acquisitions. As for the name change, Deeds said it reflects the expanded businesses the company is getting into. "The name WavePhore comes from a Greek word that means to distribute information and refers to a broadcasting business,' he said. "Wavo more adequately reflects the diverse businesses we are getting into." Wavo is the symbol under which the company's stock trades on Nsadaq. Deed added the name change also reflects a change in corporate philosophy from one being driven by engineering and technology to one that is more focused on product and marketing. Wavo's flagship product, NewsCast, delivers custom news reports, gleaned from thousands of worldwide sources, to PC desktops on a subscription basis. At the Tuesday meeting the company announced a move into more Internet-focused products. One such product, NewsPak, distributes custom news and data reports to Web sites. Another, JamCast, allows subscribers to download samples of music, software and video games. A third product is a digital broadcast suite that allows cable and broadcast networks to insert specialized localized programming into the mix. $$$ Max Jarman can be reached at (602) 444-7351 or at max.jarman@pni.com via e-mail.