Annual Meeting SummaryHi guys,
The meeting, overall, was very good,Except for some really stupid questions and comments from a few shareholders (I mean I was so embarassed that I wanted to crawl under my chair).
Here are the facts:
FINANCING: They are working on several alternatives to raise approx $150 Million to build our at least five more data centres. The data centre model is fully modular, therefore they can build as fast as they can finance. If they have to slow down expansion who cares, they will still have profitable data centres in time. Bob almost slipped several times when referring to possible joint venture partners and other sources of financing. Expect an announcement about financing soon. Bob appeared very confident about being able to raise any needed cash.
BUSINESS MODEL: Bob explained Wavve's vision in detail. I was very impressed and can understand how he easily raised money for this company. THEY ARE IN THE RIGHT PLACE AT THE RIGHT TIME. THIS MANAGEMENT TEAM IS EVEN BETTER THAN I THOUGHT.
NASDAQ LISTING: Still adimant about the fall. Bob clearly wants it as soon as possible.
STOCK PRICE: Desiree explained the price spike to $17.00. She was called by several institutions that weren't able to participate in the last financing telling her that they were purchasing large blocks. This took it up to $17, not manipulation as others have eluded to.
BOARD OF DIRECTORS: Bob intends to have a completely new board by the fall. It will encompass industry professionals. The current board has voluntarily offered to step down when the individuals are finalized.
BOLIVAR: Peter Volk, company counsel, ensured the audience that Bolivar is holding WV shares for the long-term. He also reiterated that when BVG buys Champion, there will be several synergies with Wavve.
In talking with Bob afterwards, he sees this company as being a major player. He believes the market that he is going after is both larger and more profitable than that of an Exodus. I highly urge any shareholders who didn't attned the meeting to ask the company for a media package. It clearly explains their target market and range of services. I still feel that the market misunderstands this company. It is being lumped with Exodus and Verio. When in reality, Wavve is all of these companies and more. This is a stock that you accumulate at these levels and hold for a while. It is a retirement stock, if you can afford to wait three years. I foresee large and steady growth for the company and it's stock. Please post any other questions and I will try to answer them.