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Distributing Windows Virtual Machines - MS licensing

I have a product that we'd like to sell to our customers and distribute the software pre-installed in our customers virtual environment. In this scenario, we would setup a VM with our product and it would be running Windows 2008 R2 Standard edition. We would sysprep the VM and export it as a VMWare OVA file. The customer would download and import it into their environment.

The customer does not "purchase" this copy of windows or the VM. We are "renting" via our licensing agreement to the customer. We manage the VM and the software in the agreement. if the customer shuts off our service, we would require the customer to delete the VM.  If we buy a volume license through microsoft, are we compliant or are we violating microsoft's policies? is there a licensing model that would work without distributing hardware or OEM if this proposed model is not compliant?
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dan_blagut
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What if we were to deploy it on the basis and require that the customer activate the Windows Instance? Since we're not using our volume license, could the customer use theirs?
Better way: read the web page, the call your local Microsoft support.
I have seen such a VM. This came from Altiris (Not sure if it was part of Symantec then).
Thank you for this information