Welcome to the Fourth Quarter 2016 Financial Results and Business Update Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded, March 15, 2017. I would now like to turn the conference over to Kim Golodetz. Please go ahead, ma'am.

Thank you. This is Kim Golodetz with LHA. Thank you all for participating in today's call. Joining me from Skyline Medical are Dr. Carl Schwartz, Chief Executive Officer Chairman and Peter Alex, Vice President of Sales. Joining us for the Q&A portion of today's call we also will have Bob Myers, Chief Financial Officer. Earlier today Skyline Medical issued a news release announcing 2016 fourth quarter and full year financial results along with a business update. If you've not received this news release or if you would like to be added to the Company's email distribution list, please call LHA in New York at 212-838-3777 and speak with Caroline Curren [ph]. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements regarding the operations and future results of Skyline Medical. I encourage you to review the company's filings with the Securities and Exchange Commission, including without limitation the company's Forms 10-K and 10-Q which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Factors that may affect the company's results include, but are not limited to product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks. All forward-looking statements speak only as of today's date, November 15, 2017 and except as required by law, the company assumes no obligation to update these forward-looking statements whether as a result of any information, future events, changed circumstances or otherwise. With that said, I would like to turn the call over to Dr. Carl Schwartz. Carl?

Thank you, Kim and my thanks to each of you for joining us this afternoon. Today I would like to highlight some recent activities at Skyline Medical. Skyline Medical and staff work tirelessly through 2016 to set a viable business strategy and build a strong foundation for growth in 2017 and beyond. We are starting to see the positive results of our efforts including the purchase by a top ranked U.S. Hospital of its fourth and fifth STREAMWAY systems for its headquarters location during the fourth quarter. Overall we sold four units during this quarter bringing our installed base to 100 STREAMWAY systems. I want to express my gratitude to all our shareholders for voting firmly for some very difficult initiatives over the past few months including our reverse stock split and two increases in the authorized shares. These initiatives permitted us to raise a total of 6 million in growth capital during the fourth quarter in recent weeks while maintaining our NASDAQ listing. We assure these were vital actions to ensure Skyline's viability and allow us to continue bringing the innovative and exceptional STREAMWAY system to patients and clinicians. The funds we raise will allow us to invest in sales and marketing activities, research and development and possibly acquire or in-license additional products. Let me briefly review our achievements during the fourth quarter and 2017 to-date. During our last conference call I told you that we exhibited in September at Vizient Clinical Connection Summit, an innovative technology exchange and that we hope to be awarded a contract with them. Vizient is a general purchasing organization or GPO and is the largest member driven healthcare performance improvement company in the country. They have annual purchasing volume of almost $100 billion. Their annual summit provides medical technologist suppliers with the opportunity…

Thank you, Carl. As Carl mentioned Skyline management and staff have been sharply focused on business strategy to enhance our brand and position us for strong growth in 2017 and beyond. The business strategy continues to prioritize our market differentiator, the direct brand experience while seeking ways to standardize the purchasing of the STREAMWAY and to position Skyline Medical into broader market channels. We are extremely optimistic towards our growth potential as severe as several critical milestones were met in recent weeks. First as we discussed on our last conference call in January we set goals on hiring and training regional sales managers which we completed this month. This milestone achievement put Skyline medical on a stronger position to support our install base, grow STREAMWAY sales across the health system, manage the Vizient contract rollout and heighten the need to standardize the STREAMWAY as an environmentally friendly approach to patient safety and staff safety. Another important facet of the new sales organization is the ability to focus on a longer range new construction, have representation to manage remodelling projects and improve our procedure room retrofit strategy. We can now focus field based activity from product demonstration through project design installation and most importantly beyond the sale. This is the first phase in building a consultative highly technical and clinical sales team to support decision makers in our multiple call points. We are now set to embark on our second phase to add 25 to 30 independent reps by the end of 2017. Our geographic coverage is now managed regionally in the Midwest, Northeast, mid-Atlantic, Southeast, South and West each region carries unique healthcare market factors allowing us to diversify our strategy with more purchase options which include straight purchase, leasing, 0% financing options, paper [ph] procedure agreements while a variety…

[Operator Instructions]. Our first question is from [indiscernible]. Please go ahead with your question.

Two questions, in press release and in the 10-K that was filed, you indicated you sold four STREAMWAY systems in the fourth quarter is that correct?

Yes.

Okay. It also indicated that that was the entirety of the sales for 2016 but you had reported that you had sold two systems earlier in the third quarter. So I don't know how four plus two equals four. How many systems actually were sold?

We actually sort four systems, it may be an error in that comment but we actually sold four systems in the final two quarters of 2016.

So the four in the fourth quarter may have included those two that were referenced?

Yes it's possible.

Second question, with everything that's going on obviously these agreement have been signed they're out of the way. It seems to be good things on the horizon but the insider ownership is almost non-existent I mean you have a - Carl has a position but most of the other officers, directors have almost no ownership why is there no confidence from management?

If I may answer as one of the officers I can tell you that I have a ton of confidence but I'm in a blackout period and I've been in a blackout period for many, many weeks and actually months because we were in a blackout period when we were doing the S3 and the S1 registrations. I was in blackout period for the 10-K and now we're in a blackout period for 10-Q. So unfortunately it doesn't allow us to buy very many times during the course of the year but I can assure you from my personal standpoint that I will be once we're out of blackout.

And what's - in the current blackout period around 10-K ends when for company?

The 10-K ends technically two days after filing which is two days from now however effective today we're going to a 10-Q for the first quarter blackout and that will last till two days after we filed the 10-Q. So we're probably looking into May.

Our next question is from Ben Reed [ph] with Maxim Group. Please go ahead with your question.

Could you go over the timeline for European approval again I missed that.

About four to six weeks I think with a couple weeks for the UV and about four weeks after that we expect to see something, fairly accurate.

That is accurate Carl. We've submitted our last item to our notified body TUV and now we're moving on to BSI for our documentation. We should hear from TUV with a final report within one to two weeks and then it usually takes somewhere between two to three weeks for BSI to complete it, so our hope is that somewhere in the next three or four weeks we will actually have our CE Mark finally.

So about three, four weeks hope to get the approval. Okay, all right. Thank you. very much.

Our next question is from [indiscernible]. Please go ahead with your question.

I've more questions in regards to the GPOs. Obviously you guys snagged the Vizient GPO which actually I want to congratulate you guys on. And the other GPO's mentioned that we can look forward to I know we did have a deadline or we did have a time period in the past where you got as of January 1 we should have solidified three GPOs, March 1st was solidified one, is there a timeline for any more GPOs down the pipeline. We are currently in the process of working with two other GPOs one of which would begin in September if we're successful. We have submitted all the paperwork for both these GPOs and we're in their hands now waiting for them to get back to us on contracts and questions.

Another question I have is in regards to institutional buys and even insider buys by officers, I know that you guys are way up there in the share price and obviously there's a lot of milestones up ahead, what exactly realistically will you guys be implementing for once - when it comes to share price and boasting that as high possible and for once to satisfying your institutional buyers than even for yourselves have bought in the [indiscernible] before reverse split.

Well obviously the meaning there is [indiscernible] and we can do that, the share price will take care of itself. We're very optimistic going forward. We think we put together a good team and we will begin to see results that have alluded to Skyline in years past. So I expect that if you notice whenever the good news with this company the stock takes off though probably more than that--

It takes off and eventually gets chopped down but I mean hopefully you guys have a game plan in regards to being consistent with announcing these milestones and keep this thing on a constant rally, but I do want to do want to congratulate you guys on a great conference call this time and you guys actually really making moves and doing the steps needed. Well congrats on compliance as well. I'll definitely be here wait alongside with you guys and hopefully make some money with you guys. Have a great day.

Thank you. We appreciate that.

[Operator Instructions]. We have no other questions in queue at this time. You may proceed with your presentation or any closing remarks.

Okay. Well so in closing I want to thank you all for your time today and for your interest in our company. We are in this position we have been in in a very long time. We're looking forward to executing on our milestones in 2017 and are optimistic about our future. Have a good day. Thank you.

Ladies and gentleman that concludes your conference call for today. We thank you for your participation and ask that you please disconnect your lines.