Good day, ladies and gentlemen, and welcome to the Altair Nanotechnologies Second Quarter 2013 Financial Results. At this time, all participants are in a listen-only mode. Later we’ll conduct a question-and-answer session. Instructions following at that time. (Operator Instructions) As a reminder, this conference is being recorded. Now I’ll turn the conference over to your host, Mr. Tom Laughran. Please begin.

Thank you, Terrain. Good morning everyone and welcome to today’s call. I have been asked to make the following statement. The statements in this conference call that relate to future results, markets, growth plans or performance are forward-looking and involve certain risks and uncertainties, including those associated with uncertain demand for our products and services, the early stage development of many of our products and services and related markets and other risks identified in the company’s SEC filings, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Actual results, events and performance may differ materially. Conference call participants are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this conference call. Altair Nano undertakes no obligation to update these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. Joining us on today’s call is the company’s Chief Officer, Mr. Alex Lee; and the company’s Chief Financial Officer, Mr. Stephen Huang. I’d now like to turn the call over to Alex Lee. Sir?

Thanks, Tom. Good morning everyone and welcome to Altair Nano’s second quarter conference call. Roughly 16 months ago, we put together a new business plan that will position the company for growth, reduce our costs and drive our revenue opportunities. As you know, we are focused heavily on the execution of our deliverables to achieve these goals. Today our teams in the U.S. and China act as one and we now have an economic development agreement with the Cites of Wu’an and Handan in China. We now have the land use rights for roughly 106 acres of land and we are now nearing the completion of our new nano lithium titanate and energy storage system plants. These plants will help us aggregate our suppliers many of whom are already based in Asia. Turning to the cost issue, we have now reduced our operating expenses by nearly 40% as compared to the quarter immediately preceding my first day at the company and we hit this target while we ramping up our China team from just a handful of employees 16 months ago to nearly 80 employees today. With respect to revenue, we have successfully delivered systems to customers that include the Hawaii Natural Energy Institute (inaudible) and ESH. In the process the performance has improved significantly. We recognized $3.2 million in revenue this quarter, which brings our mid-year revenue total to about $5 million. Given that we currently have $5.5 million in deferred revenue I think one can quickly see that we are in track to have one of the best years in the record. 2013 should truly be a milestone year for Altair. Here are some additional highlights from the past quarter. As you may recall, our subsidiary in China, Northern Altair acquired land use rights to roughly 66 acres…

Thanks, Alex and good morning. Thanks to everyone. For the second quarter ended June 30, 2013, revenues were $3.2 million compared to the second quarter of 2012 revenues of $454,000. Gross loss was $61,000 in the second quarter of 2013 compared to $620,000 in the second quarter of 2012. Operating expenses were $3 million in the second quarter of 2013 compared to $4 million for the same period in 2012. The net loss for the second quarter of 2013 was $3 million or $0.26 per share compared to a net loss of $4.9 million or $0.42 per share for the same period in 2012. The basic and diluted weighted average share outstanding for the second quarter of 2013 remained constant at 11.6 million compared to the same period in 2012. Revenues were increased by $2.7 million in the second quarter of 2013, primarily due to the revenue recognized for the sale of one ALTI-ESS system sold to Hawaiian Electric Light Company and Hawaii Natural Energy Institute for their Hawi Wind Farm on the Big Island of Hawaii. Gross loss was decreased by $559,000 in the second quarter of 2013, primarily due to inventory cost adjustment and the launching of new electric grid products. Operating expenses were decreased by $1.4 million during the three months ending June 30, 2013, compared to the three months ending June 30, 2012. This decrease was primarily due to the planned reductions achieved and accounted for in research and development and sales and marketing departments, which offset with increases in general and administrative departments primarily due to the ramp up of our China operations in the second quarter of 2013. Net loss was decreased by $1.9 million in the second quarter of 2013, primarily due to overall decreases in operating expenses. Altair’s cash and cash equivalents decreased by $3.7 million from $12.4 million as of December 31, 2012, to $8.7 million as of June 30, 2013. The net decrease of $3.7 million resulted from the net decrease in operating activities of $4.2 million. The net decrease is investing activities of $1.6 million and the net increase in financing activities of $24 million. The investing activities included the acquisition of the second land use right from the Government of Wu’an, China, which was paid for by using restricted cash, and the purchase of fixed assets by Northern Altair. The financing activity included the increase of deferred income due to receiving $1.9 million in cash incentives from the purchase of the first land use right. Our overall cash position, including restricted and long-term restricted classifications was $17.8 million as of June 30, 2013. We had submitted an application for cash incentives from the Government of Wu’an amount approximately equal to the amount of the second land use and related taxes. And we expect to receive $8.6 million in cash incentives from the Government of Wu’an in the second half of 2013. With that, I would like to turn this back over to Alex Lee.

Thanks, Stephen. At this point and time, as you can see revenues are up, operating expenses are down. We continue to make these improvements in the company and certainly building this platform out in China to help expand our market opportunities that’s something that we made significant progress on over the especially over the past six months. And these plants have been under construction our U.S. and China teams have been very busy working on the various projects associated with those plants. The buildings are actually now completed and we just installed one equipment so a lot of good news to report there. Now with respect to the company, as a whole, we are continuing to chase a number of different opportunities. We do see some increased pickup with respect to inquiries on our fees and so forth which we take as a very promising sign. So, with that said at a very high level, we would certainly like to turn it over for questions at this point and time.

Thank you. (Operator Instructions) First question is from (Remy Gravy) of Private Investor. Your line is open.

Yes, good day. I have a few questions.

Yes, please.

So, the first question was the – what is the status of the Puerto Rico bus commissioning?

We – that’s the TSK’s Solar project. We basically had shipped that system, it was our first ALTI-ESS Advantage system that’s the 2 megawatt product. We shipped that system now at the end of last year and commenced installation and so forth but we are waiting for the actual solar facility which is a – we have a 24 megawatt facility to be completed by TSK Solar. So that there is some final commissioning fees that we have to do at that point but the installation for the most part is completed it’s just not running until the solar installation is done.

Okay. Thank you. Second question, what is the status of the buses that were procured by the Wu’an city?

Great question. Under our economic development here we were supposed to sell and deliver buses to the city of Wu’an. And as you know we are not bus manufacturers so we entered into a deal with one of our affiliates to sell their buses their electric buses and this is a Yintong Energy which is related to our investor. Under the contracts our deal allows Altair Nano to supply any bus that needs a certain specification. And we were originally scheduled to deliver 50 buses by the end of last year. The original buses that we had sold however were – they don’t really sell in the U.S. but they’re smaller than a normal transit bus. So, that was the original order but then the city had asked for a slightly larger bus something more tend to a U.S. transit bus. And then we entered into some discussions at the end of last year and through the early part of this year. So, the order was changed, so now we are delivering 50 larger buses and those buses are in production and it will be delivered sometime this year. We hope in the third quarter but in May that pushed out into the fourth quarter just to be safe. But in any event upon delivery, we will be paid roughly $4.2 million $4.3 million. We’ve already been paid $1.9 million deposit on these buses. And so upon delivery we would be able to recognize in total roughly $6.2 million to $6.3 million. So, that would contribute to a good amount of top-line revenue to the company for this year.

Okay, great. Now, for these buses, will that be with the nLTO sales or will that be – the YTE sales the…

Initially, that will be with YTE short sales, then over time what we are doing is working with YTE and potentially other companies to incorporate Altair’s batteries into those buses that we would deliver to Wu’an, yes. So, over time it would be – the revenue mix would shift and more revenue will come to Altair because of the battery supply as well.

Okay, great. Maybe, two more. Can you talk about any follow-ups with the delivery of the – for Vestas in Europe?

Okay. That system is up and running, basically it was completed in the early part of this year, I believe in January so that system has now entered into commercial operation. Vestas is using it to do help integrates wind power at wind farm in Denmark, they’re also using it to provide frequency regulation services and I’m very happy to report that Vestas is pleased with the system and everything is going very well there. So, it’s definitely a nice success for our team because as you can imagine we’re a U.S. based company and delivering systems to power plant locations in places like Denmark, Hawaii, Puerto Rico and so forth that one creates logistics challenges. And despite and a smaller footprint of our team we were able to successfully deliver that system and keep our customers happy.

Okay. But do you expect any follow-up purchase or work with the Vestas this year or next year?

Well, we like all of our customers we would love to see follow-up projects. And so that’s certainly something we’d like to see happens but as you may know the wind power industry or at least I would say some of the western companies that are in the wind power industry do face some headwinds in new market and I guess in that case the fund was intended. So, it does make a selling into some of these customers little bit more challenging. That being said, we’ve already sold three systems to HNEI. So, clearly we do have opportunities for weepy customers and so forth. We continue to engage with Vestas and as any opportunities pop up we’d surely like to get on that work.

Okay. Thank you. Last question.

Sure.

So, with the nLTO plant getting ready in China, do you expect your license from YTE to come back into play like do you expect YTE now to come back with some purchase of nLTO for them?

Yes, certainly that’s something that I would very much like to see happen. I think – I will say that there is no doubt that there is a lot of interactions between the companies but as CEO of Altair I have only limited insight into YTE’s overall business plan because they are a separate company, they probably know more about us just because of the investment situation but I do know that LTO does play a picture or a big picture in YTE’s plants with respect to especially to – I think their electric bus strategy. So, certainly sale of either batteries or materials I think figure commonly in the future as between the two companies.

Okay. Thanks very much. And have a good day.

Thank you, very much.

Okay.

And your next question is from (James Berry) of Portfolio Management. Your line is open.

I was wondering if you are willing to provide any financial guidance for the third quarter or for the year.

Well, I think what I can safely say is that as we just reported that we’re at about the $5 million market here the mid-year point for the first three quarters. We do have $5.5 million in deferred revenue and as I mentioned there is this Chinese bus order Wu’an bus order which represents roughly $6.3 million. So, if you were to assume that we can recognize some portion of deferred revenue on our books, if we were to deliver those buses within this calendar year, you would see that the revenue growth could be quite healthy. I will hint at the fact that based on our projections that we will have a very good year if not a record year in 2013. And then there are some things I’d say in our pipeline there are still looming that could help us out to this year or it might fall into 2014, the net event I would say 2013’s revenue has shifted dramatically and that along the cost reductions that we put into place of the series going to quite controlled company.

Okay. Thank you. And good luck.

Thank you, very much.

(Operator Instructions) Next question is from Patrick Utter at Private Investor. Your line is open. Patrick Utter – Private Investor: Thank you. Good morning.

Good morning. Patrick Utter – Private Investor: I was wondering what are your plans to get larger investors interested in a company and to make aware of the stock to into your daily trade volume because the trade volume we’ve been having has been very, very minimal. And also on the deferred revenue that you’re expecting to get this year in the second half, do you think that will become profitable then?

Well, okay. In terms of the profitability that’s I think there are couple of things happening, we are bumping revenue up which is good, operating expenses are coming down certainly in the U.S. that come down significantly. But I do think that we are at a bit of an inflection point where operating expenses rolled out start to increase in China because we do have now roughly 80 employees in China. Of course the cost structure is extremely different than it is in the U.S. but in many events what you will see is some operating expense increases over the remainder of the year coming out of China. Meanwhile, there are some operating expense reductions that we could achieve here in the U.S. But that being said I think for this calendar year profitability we’re not going to hit that point unfortunately that’s going to take additional time. I do think we will continue the overall trend of getting more revenue and I think the key challenge for the company at this point on the revenue front in addition to just getting the sellers to increase their margins, certainly that’s going to help to deal with the profitability issue. Now, we are putting plans in place to do various types of Road Shows to address the financial issue or financing issue. Certainly, one of the great things about this China land deal is that it does provide a quite a bit of economic stability for the company and that’s really what the original intention was. There are many economic incentives that are provided in China. And in our case, land was a big part of it and that land could be used as collateral in China to get loans. We are in discussions not only with banks in China to…

Sorry for the long wended answer. Patrick Utter – Private Investor: That’s it. Thank you, very much.

Thank you.

Thank you. (Operator Instructions) I’m showing no further question. I’d like to turn the call over to management for any closing remarks.

Thank you, very much for joining our call today. And as you can see we’ve been making steady progress certainly over this past 16 months and reducing our cost that is definitely been a big challenge for us as a company historically. Certainly, the battery business is not a cheap to be in. And so, the development costs that went into our various products no doubt increased our operating expenses over time. But the good news is that we’ve turned the time there, that definitely brought operating expenses down significantly. From the sales perspective, we are very focused on leveraging existing products and creating new applications for these products. We’re seeing interesting opportunities in taking our PowerRack system which is our smaller ESS system and putting it into some different industrial applications and our hope is that we can take one of those opportunities and really turn it into volume product that we’ve been looking for, for quite sometime. In the grid sector, as you know HNEI has been a weepy customer of ours so I think that’s – that shows the steady progress that we’ve been making with respect to providing professional engineering services, deliveries, commissioning, integration work. I think it’s a very good sign of the technology as well. HNEI is that well known in the battery industry and certainly there is a lot of attention being focused on renewable energy in State of Hawaii by the utilities by the Department of Energy and state. So, we see a continued growth in Hawaii not only with HNEI but with other potential customers out there. And as we shift from frequency regulation, markets which was our core application in the grid sector we see increasing opportunities in the area of renewables integration so projects like the Vestas project and…

Ladies and gentlemen, thank you for your participation in today’s conference. This concludes the program. You may disconnect. Have a wonderful day.