November 5, 2007
Prospector
Profile
07.1525
 
Wavelit, Inc. NAICS 518210
#150 - 1152 Mainland Street Vancouver, British Columbia, Canada V6B 4X2 Description Video Streaming Services
(604) 484-4966 Employees 0
Revenue (mil) 0.7090
  Income (mil) -1.8930
  Assets (mil) 0.6670
  Liability (mil) 1.7520
  (for the year ended 2007-04-30)
 
Category: Audit Concerns
 
Event: Mendoza Berger & Company LLP raised doubts on the ability of Wavelit, Inc. to continue as a going concern after auditing its financial statements. The auditor points out that the Company continues to incur significant losses totalling $3,979,514 as of April 30, 2007. The Company’s viability is dependent upon its ability to obtain future financing and the success of its future operations.
 
Intellectual Property: Wavelit's products and services incorporate 3rd Generation streaming video technology and proprietary software. Using a mix of the latest leading vendor software and proprietary coding, the Galaxy Encoder allows for push streaming of real time broadcasts and does not require a stream be uploaded to a server and then pulled, or accessed, by viewers. The Galaxy Media Server incorporates a storage, management, and distribution system and proprietary software to control the hardware platform with Galaxy's encoder software. [SEC Filing 10-KSB 09-14-07]
 
Description: The Company provides video streaming capabilities that allow a TV quality signal to be sent over the Internet or stored locally.
 
Officers: Kent Vaesen (Sec., Treas. & Dir.)
 
Auditor: Mendoza Berger & Company LLP
 
Securities: Common Stock-Symbol WAVL.OB; OTC BB; 5,383,069 common shares outstanding as of August 31, 2007.
 
 
 
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