Good afternoon and welcome to the ClearSign Combustion Corporation 2013 Results Conference Call. All participants will be in listen-only mode. (Operator Instructions) Before we get started, during the course of this conference call, the Company will be making forward-looking statements. We caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes any projections of earnings, revenues, cash or other financial statements, any statements about plans, strategies or objective of management for future operations, any statements concerning proposed new product, any statements regarding expectations for the success of our products in the U.S. and international markets; the outcome of product research and development; any statements regarding future economic conditions or performance, statements or belief and any statements of assumptions, underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this conference call and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks are described in the section of today’s press release titled cautionary note on forward-looking statements and in the reports we file with the Securities and Exchange Commission. Investors or potential investors should read these risks. ClearSign Combustion Corporation assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. Please note, this event is being recorded. I’d now like to turn the conference over to Rick Rutkowski, CEO. Please go ahead.

Thank you, David. Welcome everyone to this afternoon’s call. We do appreciate you joining us and the 2013 is a productive year to look back on. One of the things we’re going to move to pretty quickly, I think the press release pretty fairly does describe some of the milestones we got, so we will review those quickly, but more I want to put us in sort of a thematic framework as we go forward. So I will begin in just a moment, I would ask Jim Harmon to take us through the financial results for 2013 and I guess I’d report to you that the operating loss that we incurred just under $5.3 million was very much in line with our planned operating expense. So we are -- we do continue to be very much on budget and on plan and have -- are projecting a modest increase in operating expense for 2014, but Jim why don’t you take us through the numbers and then I will take it from there.

Very good. Thank you, Rick and I will be brief as Rick has a lot of the prospective commentary that will be helpful to the listeners. As you described, our loss for 2013 was $5.3 million, which was about $1.1 million greater than the 2012 loss. The principle differences -- the principle reasons for the increase related to research and development expenses to the tune of $667,000 increase and which is about 56% increase, and general and administrative expenses increased by $424,000 which was a 14% increase in G&A. With regard to R&D, that was made up principally by two components that were relatively equal. The first was an increase in compensation expense, because we had added quite a few more employees into the R&D group. We added five employees in 2012 and three employees in 2013; the cumulative effect, difference between the two years was $334,000. That reflects the increased efforts by our research and development group that were substantial of course. Additionally our laboratory consumable expenses increased not only just the typical small items increasing to about $84,000 -- excuse me, $213,000 versus about $30,000 last year. But in addition, approximately $190,000 of other expenses for completion of gas furnaces of 5 million Btu, test furnace of boiler simulator, a biomass furnace things of that sort. Those things would obviously -- typically would be capitalized, but these are research furnaces with no alternative use. So they’re expensed for under GAAP accounting. G&A expenses increased by $424,000 and that was made up principally of two equal parts. One is our business development and marketing consulting increased to by about $250,000 to $386,000, so pretty substantial increase there. And then the last part was our expenses of being a public company increased by about $250,000 to approximately $1 million and…

Thanks very much Jim. I guess quick note that is reflected in the press release is that with the addition of that 812,500 shares, we now have little over 9.6 million shares outstanding rounded to 9,650,000 shares. And we’re very pleased, I think one of the things that we had hoped to accomplish with that financing and indeed did was to bring in some new investors to the Company; new institutional investors to the Company who we think can be great supporters going forward as well. So we welcome them especially to today's call. Certain expansion we accomplished quite a bit in 2013, we did increase our R&D expenditure and I think thematically either R&D productivity is really a very big story at ClearSign. I mean we’ve always envisioned that we could have a very capital efficient model. Given the scope of the technology that we’re developing here and its potential application, the capital efficiency is really noteworthy. So in particular there are two areas of achievement that we keenly focused on. The first of course is with Electrodynamic Combustion Control. Jim mentioned some of the work that we did with Covanta. That was really aimed at a scale up and it occurred in the latter part of the year. We have -- we've done a lot of work through the early quarters on NOx remediation in natural gas-fired systems and scaling those up and indeed our first results that we will put it in the late 2012 at a million Btu per hour with gas-fired systems. So we wanted to bring the solid fuel effort up to par with that effort and fortunate enough in this case to find some sponsorship to do that from Covanta. That was a very successful effort. Its just to sort of tick through…

Thank you. (Operator Instructions) The first question comes from Philip Lee of Mangrove. Please go ahead.

Hi, Philip.

Mr. Lee is your line muted by chance? (Operator Instructions).

Okay, Philip I apologize we appear to be having some technical difficulty getting you on. But certainly don’t hesitate to call directly with whatever question you might have, we’re more than happy to answer obviously.

All right. (Operator Instructions).

Okay. Well, we’re here in California at the Roth Conference. I suspect that some of the folks who often ask questions on this call maybe here at the conference. So sure we will get at the bunch tomorrow when we present at noon and deliver a lot of this information to that group of folks here. We do appreciate everyone’s time today and more than that your ongoing inevasible support and enthusiasm. And as I’ve said as we peel the onion here more and more where this picture looks better and better with respect to the legs that the technology will have, the market opportunities that exists and one of the things that has really happened in the context of that transition from development and demonstration to the early phase of the commercialization, we really have an opportunity to sharpen our pencil in terms of pricing models, market penetration rates and things of that nature. And it's obviously a key aspect of the discussions with prospective partners and the licensees is to have a shared vision of how we would price this technology and it's our job on behalf of all of our shareholders, ourselves included in that to full value this technology in the context of those relationships and to ensure that its market potential is maximized and achieved. So I feel that we’re on task with that, but we understand the mechanisms that we put in place typically we’ll have a minimum healthy requirements and that correlate to rates of market penetration that we think are appropriate for the technology. And as I said what’s encouraging to us is I think that really is very much a shared vision about the power of this technology, about the kind of market share that we can look towards and about the potential for things like best available control technology or best available retrofit control technology. So we’ve been grateful and our business development team has done a wonderful job of bringing all of these constituencies together, end users, field suppliers, commercial partners, engineering and construction companies, and we got great mix we think to address here as we progress through the year. We think the first half has been especially exciting time and I expect we’re only weeks away from -- we think are potentially some pretty important developments to report as we embark on this collaborative commercialization of our technology. Thanks again for your time. Philip, please don’t hesitate to contact us and we will be sure to get your question answered. Sorry, I didn’t get a chance to share it with the group here today. Thank you all and we’ll look forward to seeing you soon and I’m saying this for everyone if you had other questions that occur to you later, please don’t hesitate to contact the Company directly. We look forward to hearing from and to seeing all of you in the near future.

Thank you. The conference has now concluded. Thank you for attending today’s presentation and you may now disconnect your line.