Good afternoon, ladies and gentlemen. Welcome to Research Frontiers’ Investor Conference Call to discuss results during the 2013 Third Quarter. During today’s presentation, all parties will be in listen-only mode. (Operator Instructions) This conference is being recorded today. A replay of this conference call will be available starting at 12:00 PM on November 8, 2013, in the Investors Section of Research Frontiers’ website at www.smartglass.com and will be available for replay for the next 90 days. Please note that some of the comments made today may contain forward-looking information. The words “expect,” “anticipate,” “plans,” “forecasts” and similar expressions are intended to identify forward-looking statements. Statements that are not historical facts are forward-looking statements that are made pursuant to the Safe Harbor Provisions that are part of the Securities Litigation Reform Act of 1995. These statements reflect the Company’s current beliefs and a number of important factors could cause actual results for future periods to differ materially from those expressed. Significant factors that could cause results to differ from those anticipated are described in our filings with the SEC. Research Frontiers undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The Company will be answering many of the questions that were emailed to it prior to this conference call, either in their presentation or as part of the Q&A session at the end. (Operator Instructions) I’d now like to turn the conference over to Mr. Joseph Harary, President and Chief Executive Officer of Research Frontiers. Please go ahead, sir.

Thank you, Amy and welcome to Research Frontiers’ conference call to discuss our third quarter 2013 results and some very exciting developments at your Company. Joining me today is our CFO and Vice President of Business Development, Seth Van Voorhees. Thanks for taking the time to be with us today and thank you for your continuing support of Research Frontiers. I also want to thank all of the investors who emailed in their questions. This allows us to cover more ground and answer more of your questions. In some cases, Seth and I have tried to answer these questions in the body of our presentation and to the extent that we haven’t or there are additional questions, there will also be an opportunity later on in the conference call for participants to ask additional questions. There have been some very exciting developments since our last conference call and today we will discuss them in their significance a little later on in today’s conference call. But first I’d like to ask our CFO, Seth Van Voorhees, to delve a bit deeper into the numbers. Seth?

Thank you, Joe. Good afternoon, everyone and thank you for joining us today. As always I’ll discuss the financial results in approximate terms and cover some highlights from our third quarter of 2013. For more details please see the financial statements that we filed on our Form 10-Q with the SEC. First, let me comment on our income statement. Fee income increased by $330,000 or 24% for the first nine months of fiscal year 2013 versus the same period in fiscal year 2012. This overall increase is lumpy. As evidenced by the $35,000 increase or 7% for the three month period ending December -- September 30, 2013 versus the same period in 2012. Most of the increases in fee income during the nine months were from higher levels of royalties from sales activities of license fees in the automotive sector. Total expenses increased by 11% or $490,000 for the first nine months of fiscal year of 2013 versus the same period in 2012. 45% of this increase or $222,000 was from non-cash costs relating to the issuance of common stock in options. Now let’s discuss our cash flow and balance sheet. At the end of the third quarter of fiscal year 2013, we had current assets of approximately $12.2 million with current liabilities of $225,000, resulting in a $11.9 million of net current assets. For the nine months period ending September 30th, we consumed $2.2 million of cash from operating activities. This level of cash consumption annualizes to $2.9 million, which is comparable to the actual $2.7 million of cash consumption from operating activities in fiscal year 2012. Net current assets will last over four years at this current cash burn rate, which should actually last longer because the amount of cash used in operating activities is expected to decline…

Thank you, Seth and thank you all once again for participating in today’s conference call. As Seth has indicated, fee income for the first nine months of 2013 was up 24% from the same period last year and fee income for the second quarter of 2013 was up 7% from the third quarter of last year. We also substantially strengthen our balance sheet and increase institutional ownership in our Company. To summarize, the Company is in excellent shape from an operation standpoint, in terms of revenues, expenses, and capital resources. Today given the amount of recent positive developments that have been announced, I thought it would be helpful both for new investors and long standing investors for me to give you an overview of what has transformed at your company, particularly in the past three months since our last quarterly investor conference call. There have been several major categories of changes at Research Frontiers. Number one, new vehicle platforms were introduced. Number two, expansion into new markets, number three an expansion of resources devoted to the SPD industry. Number four, product enhancements and five a general increase in visibility. First let’s talk about new vehicle platform. The best way to describe our business is that we’re in a step function business. We get on a vehicle platform then the next one, then the next one. Each platform tends to be long-term production programs. In addition to being relatively long-term revenue stream, these revenue streams build on each other. They usually start when a new car is redesigned, which typically happens within the core model every seven to eight years. Because each revenue stream builds on each other, while the new model introduction events and this is the thing that is typically announced by the OEMs and then by us and…

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Our first question is from Steve Dyer with Craig-Hallum Capital. Please go ahead.

Hi, guys it's actually Greg on for Steve today. How are you guys doing?

Hi, Greg. How are you?

Doing well. I wanted to dig into the S-Class a little bit more. It looks like there will be a handful of different term levels for that vehicle. Do you expect that expositional class will be an option on most or all of these?

Yes, I think the only one that is and it's the canvas convertible top that we won't be on.

And how should we think about take rates as it compares to those on the SL and SLK?

Okay. I think what's more important is how Mercedes view the take rates, and they view that the take rates on the S-Class will be even higher than on the SL and the SLK and those exceeded their initial expectations by an nice factor. So, we think the take rates will be pretty high. In the United States the S-Class is scheduled to have a panoramic roof as standard. So the percentage of those panoramic roofs that are SPD is going to determine our revenues from the U.S. market, and the whole world I think the vast majority of vehicles are expected to have a panoramic roof, so a high take rate of SPD on the panoramic roof should result in fairly large numbers. And then of course the number of vehicles themselves is expected to be quite high and in some cases as I mentioned earlier Mercedes, some people in Mercedes is in a position to know, believe that the number of S-Class’s produced will be unprecedented because of this car.

And how should we think about that ramp, is it expected that you guys will start beginning to recognize revenue in Q3 of next year or how should we think about that?

I think Q3 is a safe bet. The car, what we said publicly is the car is coming out in the second half of the year. I know with a lot more precision when it's coming out, but unfortunately it's not something we could share publicly. And of course the car comes out when it comes out, but prior to that is when the sales from our licensee to Mercedes happens so get our royalties based on those sales. There’s usually a 30 to 60 day kind of lag between at the B-to-B level when our licensee is selling the product to Daimler as opposed to when Daimler is actually selling the car to a consumer.

Okay. Kind of moving on this question is probably more for you Seth. How is the VariGuard business progressing? What has the feedback been from customers and kind of how should we think about the grill through that going forward?

I think we’re in the development stage, the education stage. The people that we’ve talked to about the product had been very enthusiastic and we’ve had some successes. However I’d say that our biggest challenge is simply lack of knowledge in the industry of about the advantages that we offer. And we’re working on trying to get the word out. So, I think the market has significant potential, but I think we’re in the earliest development stages in terms of educating the market to the product.

If I could give maybe also just an anecdotal layer on top of that, what's interesting is we’re noticing that there are some fairly high visibility projects that are approaching us and to protect very, very significant and valuable or priceless artwork and documents. So the word is getting out I think very effectively, and of course in addition to the revenues generated by the VariGuard business, just the use of SmartGlass with these very high visibility projects like the Treaty of Paris, and that couldn’t have been shown in this country without SPD-SmartGlass. Those types of things and more things coming I think will benefit the Research Frontiers and our licensees business because of the visibility. And then the other thing I think to note about some recent initiatives we’ve been doing in social media is, we’ve been targeting fairly specifically the right demographics and customers for the VariGuard business and the response rate that we’re seeing is much higher and faster than we expected. So, there is an interest out there and word is spreading and accelerating which is nice to see.

That’s good to hear. That’s all for us for now. Thanks a lot guys.

Thank you.

Thanks Greg.

(Operator Instructions) Our next question is from Michael Kaye, at Kaye Associates.

Hi, Michael.

Yes. Hello, Joe. Do you envision a time where SPD will be standard rather than options on the various vehicles?

I think that a typical path is for options to become standard. We’re already seeing it in the aircraft market where it is moving to be standard. It's a little bit difficult to speak about standard versus options because if we just take the S-Class technically a panoramic roof is an option although it's a very high percentage option that’s almost on every car that’s produced, and in the United States if you take a big step, submarket of the S-Class it is standard. The panoramic roof is standard as opposed to being an option worldwide. So, I think you’ll see flavors of standard, maybe is a better way of putting it in the automotive market, but we’ve already begun to see SPD and the confidence in SPD cause it become standard equipment on other things like aircraft and Navios. The only thing I would add is that there is a strong economic expense’s to ultimately get to standard equipment because as it -- once you put an SPD window at standard equipment on a car it allows the card to remain cooler and that’s when you have the opportunity to reduce the size of the compressor for air conditioning. While it's still an option you have to maintain the compressor at the maximum level. But once the SPD window is incorporated into a car as standard equipment that’s when you can design the compressor to that optimized level. So there is that, a strong economic incentive to become standard equipment and we look forward to that happening one day.

Yes, it will definitely flash around the way cars are designed.

Will Hitachi be the licensee that will be manufacturing most of the emulsion and film, and do they have enough capacity to meet the increased demand that you’re forecasting?

Let me answer that question in two ways. The current factory line at Hitachi has the ability to make 400,000 square meters of film which is 800,000 SLK or SL sunroofs so it's vastly more than the number of SLK’s and SL’s produced. We’re told by them that to make a new factory, let’s say a new OEM comes in and they’ve exhausted their capacity. It's not a long period because they know what to build and also having additional film makers is something that’s always been a goal of ours. So, that should answer the film manufacturing question.

To tell you honestly, I’m a very, very, very long-term shareholder and things really are going at a fast pace, and as I want to say, is there really anything that worries you, in other words the technology has been on the market, there’s been no complaints about it, it's being adopted by more and more OEMs and it's durable, it does the work, it's environmental friendly. What could possibly go wrong? Why shouldn’t I back up the firm and …?

Well there’s only one thing that really worries me Michael, well two things. Number one is, are we doing everything humanly possible to maximize the potential of SPD technology. And I think we’ve definitely developed critical mass both as you can see from today's conference call internally and other licensees and their customers. And then the other thing is, would there be a takeover of the company before our stock price reflects our true value and that’s really the thing that bothers me the most is that we want to do everything possible to build shareholder value as quickly as possible for that if there is a acquisition our shareholders are getting paid based on a premium from today's price and a substantial premium is my personal opinion.

But isn’t there impairment, isn’t there a so called poison pill, it's structured in such a way that this should not be a problem that …

We have a good set of shock repellents, but that doesn’t prevent a determined acquirer from taking over a company because you see companies being taken over every day. I’d like to maybe move to the next question, because I want to make room for covering more ground.

Thank you.

Our next question is from Fred Schoner, Private Investor.

Hi, Joe; I haven't spoken to you in a while.

Fred, I miss talking to you.

Yes. Well, I’m a shareholder and not as active as I used to be, but the company is certainly impressing me. The question I had, I didn’t hear and forgive my ignorance, but I haven't heard anything about architectural, are you doing everything on that side?

We certainly are, but we can only talk about what's been announced and what's out there. I mean there are some potentially major projects that could be iconic that would certainly benefit from SmartGlass and we’re in the process of developing those further. Now we have probably the best companies in the world for architectural glass licensed. When you talk about high-end architecture glass, some of our licensees in Europe are natural magnets for the top glass projects in the world.

Another question, did you -- have you seen the, and I haven't; have you seen the sun visor?

I have seen prototypes of it. I had to be at the Aircraft Show when it was appearing at Busworld, so I didn’t have a chance to actually be in Belgium when they unveiled it there. But the reaction has been good at the show and also from the press. So, I’m very optimistic about that and I love the fact that it's a retrofittable aftermarket sun visor because I think the market for that is enormous.

Yes, (indiscernible), but it's been great talking with you again Joe.

Great. I hope you come visit also Fred.

Sure, I will. Thanks.

Thanks.

(Operator Instructions) The next question is from [ph] Steve O'Maker, Retired.

Hello.

Hi, Steve.

Hi.

Hi, Joe.

Hi.

Thanks for having the call today, I appreciate it with all the rumors going around it, it's nice to be able to clear the air occasionally.

Right. I appreciate everybody taking time out from the Twitter IPO to be with us also.

Yes, that ate up all the TV time for sure. I was going over the last quarterly report, and I see that all the fee incomes are up and revenues are up, but also costs are up. I guess and I’m not trying to insult anybody, but had those costs not went up and this is maybe a little more for Seth but, would we have declared a zero profit or a one penny profit per hand.

No.

No.

But the big revenue is also, and what we’re really all working towards don’t start until next year. But in order to really expand and leverage the marketing and build the awareness that should increase the take rates of the various vehicles that have our technology. It makes sense to spend marketing money now, but we’re not breaking the bank and if you saw our social media budget it's laughably small but very, very effective as you can tell from some of the numbers. A lot of the increases in costs were also non-cash accounting charges. Some of that’s related to our stock price being up 27% year-to-date. So, these things also kind of filter through if you will into the expense side. But we’re certainly very frugal and we’re fortunate that we’re leveraged with growing teams of people that are licensees that are picking up a bigger part of the share of activity.

Well, I’m kind of familiar with the Webasto. As far as I know, if they’re not the largest in the world, they maybe in this aftermarket group.

They certainly are a very formidable company and one that we’re very pleased as they’re involved with SPD. For years they’d looked at other things as well and you’d see wisps of this or wisps of that but when it came time to debut the panoramic roof of the future it was SPD and we’re happy about that.

I got some of that off of their website that they’re actually supplying the entire rough structure to some of the automakers. Is that correct?

They do a large component of the roof systems.

Now in all reality they could be the biggest payer of all of them when they’re done.

Let’s see how the market works out, but obviously we’re very encouraged by the growing interests of people.

Okay. Well, it was nice talking to you and I appreciate you taking the time.

Good talking to you too. Thank you very much.

Take care.

The next question is from Thomas Mccarthy with Raymond James. Go ahead please.

Hi there, Joe.

Hi, Tom.

What cost do you expect it to be for somebody who takes the SPD’s roof option in the S-Class; how much extra are they going to have to pay?

Well the cost to Mercedes has comes down between the SLK and the SL and they’ve come down between the SL and the S-Class. I’m not of liberty to reveal the price because Mercedes hasn’t announced that yet. But we expect that, I mean maybe to bottom line if for everybody on the conference call we expect our royalties per car which we’ve given a range for the SL and the SLK of between $100 and $150 per car. We expect our royalties on the S-Class to be higher than that.

Twice as much perhaps?

Well there’s three times as much glass and it's going to depend on the take rates and, but there is a nice cost reduction that is expected and filtering through the SmartGlass industry which should result in broader adoption.

Okay. Thank you.

Thanks.

Our next question is from Steve Shaw with Sidoti & Company. Go ahead please. Hi, Steve. Steve Shaw - Sidoti & Company, LLC: Hi, guys. With the addition of the S-Class, what total percentage of Mercedes vehicles will those three vehicles make up?

It's roughly about a quarter of the vehicles, and if we add to that the E-Class for 2015, 2016 you’re talking about the vast majority of their vehicles.

Just a point of clarification, what Joe is referring to as the luxury vehicles, as our price comes down we would also hope to break into non-luxury vehicles. But just within the luxury vehicle segment, E-Class is the major opportunity for us representing literally hundreds of millions of dollars. Steve Shaw - Sidoti & Company, LLC: All right. Thank you.

The next question is from Seth Nickerson, a Private Investor. Go ahead please.

Good afternoon, Joe.

Hi, Seth. How are you?

Okay. I was just wondering, MB has been dealing with SPD for a while. It started with a Setra TopClass as I recall about 10 years ago?

Yes, that’s quite right, yes. Yes, they’ve had very positive experiences with SPD which is why they keep adopting it.

Well, the question is, since they have it out in the SL and the SLK, why is there a six month delay before it comes out in the S-Class?

Because typically when you have a new supplier and this is a new licensee for them, remember Pilkington is doing the SLK and the SL. We have a different supplier for the S-Class. You typically give that licensee some time to gear up their production processes and things to achieve the efficiencies that they need. So that’s basically the idea.

But if Pilkington had its own path, why did they switch to Isoclima?

I didn’t say did they switch to, but typically the car makers like to have multiple suppliers and you’re talking about very, very large volumes needed for the S-Class, so you need a very good high volume reliable supplier for the S-Class and remember this is their baby, this is their flagship. They don’t leave anything to chance with this. So bringing up a second supplier is certainly what they want to do and that’s what they did and they chose well.

And that’s the basis of our strategy is that, we hope to license most of the automotive glass suppliers, so within Daimler or BMW or BW or any other OEMs, who wants to put glass on their car they can go to their existing suppliers. And as Joe indicated most OEMs have multiple glass suppliers that they split up the business, and so the S-Class just happens to be a different glass supplier than the SLK and the SL.

For fun next time you walk in a parking lot, if you look at the Japanese cars they take this literally where if the front rear glass is Pilkington the side glass is (indiscernible) and vice versa. So they actually literally split the car into half when they award glass business. If you look within the European auto makers it's not, usually it will be one supplier for a particular model. But when you add up the models they tend to give the business out to multiple suppliers to keep everybody in business but also on their toes and competing because believe me, Pilkington knows that there are other SPD suppliers and for Daimler that’s a good factor.

All right. Thank you.

Thanks.

Thanks.

The next question is from John Maddy, a Private Investor. Go ahead please.

Yes. Hello, Joe.

Hi, John.

Hi, long time I even talked to you. I was enquiring about there’s a solo window out there, I was wondering if there’s any possibility of maybe incorporating something like that technology?

Well actually Vision Systems had a self powered aircraft window at this last Aircraft Show, and obviously that same technology can propagate itself into the other markets as well. So, I envision a lot of self powered SPD smart windows. The thing that makes us also very feasible is the power required to operate the SPD window is miniscule. So photovoltaic including transparent photovoltaics like they’re using here is very feasible. So, it's something we’ve always wanted and they did.

All right, well thank you very much, Joe.

Thank you, John. I appreciate the question.

Okay, bye.

Bye, bye.

The next question is from Jeff Harvey, a Private Investor. Go ahead please.

Hi, Joe.

Hi, Jeff. How are you doing?

Good. I certainly think the company is in the best position it's ever been. So congratulations on that. Just a minor point, I believe you filed your 10-Q on the 5th and today’s the 7th. I think going forward like most companies I would suggest you release your earnings at 4:00 and then have your conference at 4:30 to not give people a day to stew about something one way or another.

We’ve given a lot of thoughts and I appreciate the suggestion. One other things that we wanted to do though is give people an opportunity to email in questions because as you could tell there’s been quite a number of developments in the last three months and we wanted to be able to cover that …

I understand that. I just think going forward you’re going to have hopefully increased revenue or we’re going to have more and more positive results, and I just think that market place being as volatile it is, it's just better -- I’m just suggesting it's better to have it the same day.

Right. Well we’ll certainly consider the timing of this and making sure that we kind of balance the various considerations including the right ones.

Certainly things are very exciting and I certainly look forward to the great future.

Yeah, and Jeff you probably remember a time in our history when we couldn’t say a lot about anything. We didn’t have the same level of transparency, and we used to had to kind of fight with our licensees and fight with the customers I mean not literally fight, but really impose upon them to be able to say things. And I think if you look at the level of transparency that exists now, just by virtue of how quickly announcements are coming out, how often they’re coming out and also if you follow us on social media, the ability to really get the news out quicker. We’re trying to change into a company that is really releasing information that’s close to real time if possible and it's nice to be in that position. It's nice to have too much to talk about on a conference call than before when we had to wait.

Absolutely -- absolutely. I totally agree. Great job. Thank you.

Thank you.

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Joseph Harary for any closing remarks.

Well, thank you Amy. Every day more and more people are now experiencing SPD-SmartGlass. As you could see from today's call awareness in visibility is growing because, one; we’re on more new vehicle platforms, and with the biggest and highest volumes ones coming next year. We have expanded the geographic markets that we’re targeting, and through partnerships and building new factories, we and our licensees have expanded the resources that are going into the SPD industry. Products have been enhanced to make them better and easier to use, and easier to install for that matter. And our expanded marketing programs particularly those in the area of online and social media have been highly effective both in terms of results and cost effectiveness to help recreate the wonderful experience of being in control of your glass. Millions of times per year people are pressing a button in their home, on their cars or boats and aircrafts now or on their smartphones and other devices and taking control of their environment, thanks to SPD-SmartGlass. They’re making their homes, offices, boats, planes and other vehicles that they ride in, safer and more comfortable and more energy efficient. 1000s of cars are on the road and more being produced everyday that use our SPD-SmartGlass Technology and next year the largest switchable glass sunroof in the world makes its debut using SPD-SmartGlass Technology. And when you combine the higher anticipated unit volumes and the greater surface area of the car using our technology the new S-Class could have more than nine times the volume of SPD-SmartGlass than the current SLK and SL vehicles combined. Excited to say our Company is in the strongest position ever, awareness is at a high and growing level and next year it looks like a great year for your company. I thank you all for participating on today's conference call, and most importantly through your support and trust and we really look forward to sharing continued good news with our investors. Thank you very much everyone.

The conference has now concluded. Thank you for attending today's presentation and please disconnect your lines.