Good day everyone and welcome to Ocean Power Technologies audio webcast for the first quarter of fiscal year 2010. Today’s conference is being recorded and webcast. At this time for opening remarks, I would like to turn the call over to the Chief Financial Officer of Ocean Power Technologies, Mr. Charles Dunleavy.

Thank you. Good morning and welcome to Ocean Power Technologies audio webcast for the first quarter ended July 31, 2009. Today we issued our first quarter earnings press release and we will be filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Our public filings can be viewed on the SEC website at www.sec.gov, or you may go to our website, www.oceanpowertechnologies.com. I’ll be joined on today’s webcast by Mark Draper, our Chief Executive Officer. Please advance to the next slide, number two. During the course of this conference call, management may make projections or other forward-looking statements regarding future events or financial performance of the company, within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. As indicated in the slide, these forward-looking statements are subject to numerous assumptions made by management, regarding future circumstances over which the company may have little or no control and involve risks and uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. We refer you to the company’s Form 10-Q and other recent filings with the Securities and Exchange Commission for a description of these and other risk factors. I’ll now turn the call over to Mark Draper, our Chief Executive Officer.

Moving to slide three; thank you Chuck and thanks to everyone who has joined us for today’s webcast. OPT started fiscal 2010 with strong operational and financial performance, achieving several successes this quarter. Firstly we achieved a gross profit of $0.3 million, compared to a gross loss for the same period last year and our contract order backlog remains strong at $6.4 million, up 70% compared with the prior year’s comparable quarter. Chuck will go through the financials in more detail shortly. I’d like to take a few minutes to update you on the operational progress made during the quarter. A key milestone was the signing of the commitment agreement for the Wave Hub project in Cornwall, U.K., while also making significant progress of the manufacturing of our next generation PowerBuoy, the 150 kilowatt rated PB 150. We also advanced the construction of our Underwater Substation Pod, which is an important part of the complete solution we are developing for the delivery of full operational waveforms to our customers. Finally, we strengthened our management team with the appointment of a new Chief Executive of our wholly-owned subsidiary, OPT Limited, based in Warwick, England. OPT also received industry recognition when our Executive Chairman and Founder, Dr. George Taylor was awarded the 2009 Renewable Energy Navigator Award by the foundation for Ocean Renewables. I would now like to discuss further some of these successes. Turning to slide four; as OPT steps up its commercial activity, it is vital to continually improve our technical capability through the hiring of qualified personnel in the manufacturing, development and engineering functions. As of July 31, 2009, OPT has 59 employees, an increase of 12 employees over the same date last year. As announced previously, we also strengthened our European leadership team with the appointment of Angus…

Thank you, Mark. Firstly, as mentioned our contract order backlog remains strong at $6.4 million, an increase of 70% over July 31, 2008, and compares with $7.5 million at the end of the previous quarter. The majority of the current backlog is expected to be recognized as revenue over the remainder of the fiscal year and as primarily attributable to our contracts with the US Navy, US Department of Energy, the Scottish Government, PNGC Power and Iberdrola. This quarter we also achieved a gross profit of $0.3 million, compared with a gross loss of $0.2 million for the first quarter of fiscal 2009. For the three months ended July 31, 2009, our revenues decreased to $1.3 million, compared to $1.8 million for the same period last year. The decrease in revenues primarily reflects the lower level of billable activity, in connection with work on our wave power project off the coast of Spain, as the current phase of the project nears completion. Also lower revenues related to OPT’s EMEC project in Scotland were offset by an increase in revenue related to our utility PowerBuoy project in Hawaii, and our autonomous PowerBuoy project, both for the US Navy. Cost of revenues decreased to $1 million for this quarter, compared to $1.9 million in three months ended July 31, 2008. This reduction reflects the lower level of activity on revenue bearing contracts, and the absence of any provision for contract loss as losses as was accrued in the comparable quarter of last year. Product development costs decreased to $1.4 million as compared to $1.7 million for the first quarter of the prior year; however, we expect our product development cost to increase during the remainder of the year, as we continue to focus on increasing the output and efficiency of our PowerBuoy…

Thanks Chuck. Looking forward to the future, we believe the fundamental drive, as the Wave Power and Clean Energy continue to strengthen due to the high cost of fossil fuels, climate change initiatives of both Grass Roots and government levels and the need for greater energy security. While wave power has not yet reached commercial scales complete with more developed forms of renewable energy with wind and solar, the forecasted economics remain highly promising. We believe that the energy cost per kilowatt hour from OPT’s PowerBuoy technology, will be competitive with that of solar and wind as we build volume production to 400 OPT PowerBuoys per year. The availability of additional incentives makes wave power a more attractive part of the renewable energy mix, while avoiding some of those major planning issues that surround other renewables. OPT is at the forefront of making wave power an economic reality, and much of our current effort is directed at developing large scale robust devices, that have been ocean tested, so that commercial side waveforms can become a real volume proposition for energy consumers. Concluding on slide 13, our growth strategy remains focused on creating long term sustainable shareholder value. We will continue to pursue several key elements of our execution strategy, which were intended to reduce cash needs and increase return on equity. These include a fundamental mission to sell turn key power stations and O&M contracts, while also increasing our revenue streams from the sale of autonomous PowerBuoy systems. In both the instances we will concentrate on building the smart part of the OPT’s technology, while outsourcing functions such as the fabrication of the steel structure, as we’re doing for the PB150. The current focus of OPT’s engineering development efforts is continuing to making improvements with the 150 kilowatt PowerBuoy system,…

Thank you everyone. That concludes today’s webcast. You may now disconnect.