Thank you, William, and welcome, everybody. I am Laurie Berman, Investor Relations for Energous. Before we begin, I need to remind everyone that during today’s call the company will make forward-looking statements. These statements whether in prepared remarks or during the Q&A session are subject to inherent risks and uncertainties, which are detailed in the company’s filings with the Securities and Exchange Commission. Except as otherwise required by federal securities laws, Energous disclaims any obligation or undertaking to publicly release updates or revisions to forward-looking statements contained herein or elsewhere to reflect changes and expectations with regards to those events, conditions, and circumstances. Also please note that during this call Energous will be discussing non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in today’s press release, which is posted on the company’s website. Now, I would like to turn the call over to Steve Rizzone, CEO of Energous. Please go ahead, Steve.

Thank you, Laurie. I would like to welcome everyone to the Energous third quarter conference call and update. Joining me today is Brian Sereda, our Chief Financial Officer. I will begin the call with several comments about the very significant announcement that was made this morning regarding our strategic partnership with Dialog Semiconductor, which include the $10 million investment through a common stock purchase. I will follow these comments with a review of our review of our Q3 milestone achievements and the progress the company has made since our last update. I will then turn the call over to Brian, who will review the financial results for the third quarter. Following Brian, I will close with an update on the company’s progress against the corporate goals we set for the year and then we will open the company – excuse me the session to questions. Moving straight to the Energous Dialog partnership announcement, as most of you are aware Dialog is a multi billion dollar semiconductor company headquartered in the United Kingdom. Their product portfolio and customer base is energetic to ours as Dialog develops integrated circuits or ICs that are highly innovative and industry leading in the areas of integrated power management, power conservation and connectivity serving the markets of portable consumer devices and IoT applications. Essentially, in these overlapping markets of consumer devices and IoT applications, Energous’ ICs and interact with Dialog ICs. Our partnership with Dialog is a long-term relationship that will combine all of the components associated with wireless power, power management and blue tooth low energy or BLE connectivity under a single industry-leading umbrella. By combining our sales, marketing, customer support and manufacturing efforts, the result will be a technically and commercially compelling integration that will yield cost advantages for our common customers, leading to…

Thanks Steve. Before I get started, as you saw at the close of the market today, we issued a press release announcing our operating and financial results for our fiscal 2016, third quarter ended September 30. I’m pleased to say that in addition to the Dialog partnership and independent $10 million investment, we announced this morning, we received – we recognized $1 million in engineering services revenue during the quarter. This compares to approximately $182,000 last quarter and $2.1 million in the same period last year. As in previous quarters and in the prior year, revenue in this year was derived for meeting certain milestones with our tier-one strategic customer. However, in the third quarter we also recognized a small amount of revenue tie to engineering services from another major commercial products customer focused on applications requiring our far-field technology. I remind you that comparing revenue progress year-over-year, at this stage is not necessarily a good indicator of progress with our Tier 1 customer. As you know the deliverables are complex, constantly changing and span quarters within and across fiscal years. Although we believe we are making good progress towards commercialization, the timing and predictability of future project completion is a challenge as the project definitions change. This complicates estimating the timing of revenue recognition due to the rules surrounding this area of accounting. As discussed during the last quarter’s call, we expect the revenue associated with engineering services from our Tier 1 partner to follow our forecast and plan – code develop with them. Our current outlook now has most of our Q4 engineering services pushed into Q1 2017. During the same timeframe we expect to add product based revenues allowing us to forecast top line growth in the coming quarters, leading us to a cash flow break even…

Thank you, Brian. Before we turn the call over to the operator for questions, as it’s been our practice in past conference calls. I would like to update our investors on the progress of the company as it relate to our primary goals we have set for 2016. Goal number one is to have WattUp enabled consumer products shipping late 2016 early 2017 even with the transition of operations to Dialog and the corresponding coordination of our efforts. We are still anticipating that a number of our partners who will be demonstrating at CES will begin to ship their products to the consumers in Q1 of 2017. Goal number two is to have multiple licensees displaying WattUp enabled consumer products in their respective booth at the CES show in 2017. As noted earlier, we will be demonstrated in for fully integrated WattUp consumer products at CES in January. So this goal will be met. Goal number three is to obtain the required regulatory approval for our WattUp implementation. We have obtained the necessary approvals for the release of our first implementations of the WattUp technology, the many WattUp transmitter our early adopters will be going through their respective certification processes which are by reference in early Q1 in order to ship WattUp enabled products to the consumer. As noted earlier, we believe we are on track to receive FCC approval for our first power at a distance transmitter and have the system built and are ready to begin the process at the appropriate time. We remain optimistic that we will have the necessary approvals in time for the currently reschedule first release of the mid-size WattUp transmitter late Q3 to Q4 2017. Goal number four is to successfully transition from a development company to a fabless semiconductor company this goal…

Thank you. We will now begin the question-and-answer session. [Operator Instructions] And our first question of today is William Gibson from Roth Capital Partners. Please go ahead.

I'd like a little bit of detail if I could or as much as you can share on the business relationship with your new partner. Is this are we going to be seen chip revenue coming through the company or is it licensing royalty revenue or exactly how does that work and how do we model it.

Bill, you're going to see some details come out later this week as we file the 8-K but it could go both ways and I want to be – I don't want to sound wishy-washy or cagey but primarily this will be the revenues will flow through Dialog and will recognize a portion of those whether they’d be recognized as royalty or royalties license and/or chip components sales as DVD.

Okay, and then given that dominance with one of its customers I assume the strategic relationship you talked about how to accelerate your path to market, is that the confidence on the part of the Tier-1 partners that speeds that up?

Not sure we understand the question.

I think I was maybe just regurgitating what you said, I was trying to understand the acceleration that – it gives people confidence that you can deliver large quantities of chips.

Well, I mean I think that’s the basis of it, maybe we didn’t articulate it that well. But as a small company when you’re engaged, especially when you’re engaged with a top-tier consumer electronics company, there’s always a level of nervousness in our ability to meet their requirements from a supply chain perspective. Our relationship with Dialog now eliminates that concern because Dialog will be essentially providing the supply chain. And so all of those issues – they basically disappear. The other – I think element to this that becomes clear and I was hoping to articulate is that we are engaged with a number of common customers. For the most part, we have an identical customer base. And whereby customers have been looking at Energous for inclusion in perhaps one of their products, now that there is this partnership with a very credible and a top-tier company like Dialog, we believe that the same customers will now look to actually accelerate their consideration of the integration of the WattUp technology into multiple products because the risk factor has been significantly reduced. A company like Dialog is not going to enter into a partnership with Energous if the technology is not real, if there is not clear path to next generation’s technology, if the path of FCC approvals not there, if the supply chain can’t be maintained, so on and so forth. So a number of the risks that have been associated with the company I think have been – are no longer called into question based on the relationship that is now brought out with Dialog.

Thanks, Steve.

Our next questioner today is Andrew Uerkwitz from Oppenheimer & Co. Please go ahead.

Gentlemen, congratulations on the Dialog announcement, that’s a big news I think. I just want to make sure I understood this correctly, you’re kind of going through your OpEx trajectory and it sounded like there’s a bit of work on your part to try to contain OpEx growth. I want to push back on that if that’s true. It seems to me you have enough positive things going on. You guys were kind of just open up the wall here and then try to move as fast as possible to get these customers lined up and not to worry too much about OpEx in the next couple of quarters. Can you help me out there?

Well, Andrew, this is Brian. I think as Steve pointed out that bulk of our spending is all engineering. And as you could see the other areas are relatively flat quarter-over-quarter, year-over-year, we’ll continue to spend as necessary. I mean this is brand new technology. As we get deeper into the relationship with Dialog and additional customers, other discoveries may come out of this and require us to develop entirely new chipsets to meet the demand. So we’re going to be careful, we’re going to be measured about where we spend the money, we are squeezing every nickel into our engineering spend, and that will be the bulk of the expenses. I don’t think there’s a need to build out a worldwide sales force now, especially after this deal has been signed. We will leverage a lot of the operational and business capabilities of Dialog.

I think it’s also important to – so that we’re clear, since we have the opportunity to comment on this. As we went into the quarter I think we had pretty clear visibility that as Brian said that we were going to be able to lower our expenses because we had – we thought that the bulk of our silicon development was behind us and that it was going to level off. As we got into the details of this absolutely critical development for our key strategic partner, it became very, very clear that the only way we were going to be able to meet this requirement was for us to bring in four tape outs. And I think it’s important to point out that for a company our size to be able to tape out and bring up four silicon chips in a quarter is a tremendous testament to the capabilities of the company in and of itself, but that obviously did impact our expense line. And it was unforeseen going into the quarter but we had to do that. Those were brought in from the fourth quarter and the first quarter and we don’t anticipate obviously that we’ll have to repeat that. But we do have some additional expenses based on the change in the PRD for the four quarter milestone that are brought in from PRDs that were scheduled for the first and second quarter of 2017. So while we are accelerating the expenses, they are coming out of – what the net effect is – the good news is that the PRD is accelerating for our key strategic partner. And so again I think that overall the news is positive and we are meeting these objectives. But going into the quarter, we were not aware of the need for us to do those. And as Brian said, we think that after the fourth quarter we will then start to see the release come into play because we’d have brought in a great deal of the roadmap from what was anticipated, Q4 and Q1 will be brought in at least one to two quarters early.

I appreciate that, I really appreciate that color. Moving to my follow-up just quickly, when we think about Tier-1, it seems like milestone payments – it’s like a moving goal post here. Could you just color on why that is – is it just – they’re still learning about technology and see what they can do with it and kind of flexing the contract as they see fit or what’s kind of the underlying motivation to some of these changes? Thank you.

Well, I think that – I mean, I’m not sure I’d characterize it that way; I think there is still a process. We are testing the balance and the limits of the technology and we are exploring how it can be applied. And as we understand they’re really learning how it can be applied internally to their product lines and so things change. And we think it is in our best interest to be as responsive to their needs as possible. So we still maintain that this represents a tremendous opportunity long-term for the company and so we intend to be as flexible as we can. And I think overall also that we also have to recognize that in working with this customer, although it has – it’s been difficult at times and although they’ve stretched, the bulk of our acceleration is because of the developments that they’ve pushed us towards. I mean, the efforts or the success that we’ve had in our miniaturization, in our efficiencies, in our cost to use reduction all of these can be directly put back to our efforts here. And so while it’s focused, all these efforts are focused on our key strategic partner. They do play out across all of the company and impact our overall development. So the point is that, yes, we continue to invest to great deal and some of these change, some of the requirements change and there is a level of unpredictableness as it’s relate to the requirements and payments, but we maintain that we will be as responsive as we can and we'll continue to do that.

Thank you, gentlemen for answering my questions for candidly. I appreciate it. Thank you.

Our next question today is Ilya Grozovsky from National Securities. Please go ahead.

Thanks, guys. Can you just walk me through the actual mechanics of the investment of the $10 million of the dialog is making, I think you would said in your prepared remarks that they are buying shares in the open market. Just – can you just clarify that?

No. It’s a typical private placement type investment and details will be up this week on the 8-K, but it’s a straight comment at market.

Okay, got it. And then just looking at dialogues I mean is it correct that 70% to 80% than I think different numbers on this, but say – roughly 70% of their business is apple.

Perhaps not sure, yes.

Okay. And as far as the relationship with dialog are you looking at any other potential companies that to that dialog came up ahead of them, was you – were you – have you guys been in conversation with them for sometime kind of like can you just walk me through how long this has been going on the process.

We've been engaged with dialog for some period of time and we believe that dialog represents an ideal fit for us. They are a market leader and virtually every market that we look to participate in they have their chipsets interact with our chipsets. And so it was while there are other silicon companies out there, we believe that they are ideal fit for us. I think we also complement and very well. They now have all of the pieces of the puzzle so to speak, as it relates wireless and wire free power. And so we think it’s a very natural agreement and it’s a quality company and it’s a very well managed company. And we're very, very pleased to be associated with them.

Okay, thank you.

And our next question on today is Jon Hickman from Ladenburg. Please go ahead.

Hi, could you comment maybe a little more detail the expense acceleration due to the reference designs associated with dialog?

I mean we can – it's not substantive. It was part of the expense. We had a number of reference designs of course are what we provide our customers and what they use to integrate our technology into their products. And initially our reference design contained components from another silicon company. And we changed all of our reference designs to contain only those components from dialog.

Yes, okay. That makes sense. Is that – I thought you said that there was still ongoing?

No, no.

Is that would affect you in Q4 too?

No. I mean the reference designs are complete what is happening now is that there is a combined our reference design. So I'm very specific. Our reference design that we're presenting to our customers is complete, it has only dialog components on it. What we're doing now is there is a combined reference design with dialog components, their dialog power management chip and their dialog BLE chip and they wide up chips from Energous are being combined into a single design that will be made available to the combined dialog Energous customer base.

Okay. So – I understand. If you are telling us that customers are going to have your chipsets in product to shift consumers early in Q1, does that mean that you are going to shift chipsets maybe in late Q4 to those customers?

I'm sorry. I'm not sure…

Okay. That’s okay. So if you are going to – if consumers are – if there is going to be product on the show for consumers in Q1 of next year, does that mean you are going to be shipping chipsets or dialogs going to shipping chipsets in the fourth quarter of this year?

No, we're going to be shipping – chipsets will ship in the first quarter of next year.

Okay, okay. Thank you. And then one last question, can you with this new relationship with dialog how does that interface with or relate to your Tier-1 strategic partner? Is there any change in that and I mean goes to things cohabitat nicely together.

Our relationship with our key strategic partners, our relationship with a key strategic partner.

And the dialog seem doesn’t affect that in anyway shaper form.

Our relationship as I said is with our key strategic partner. We wouldn’t comment beyond that.

Okay, thanks. That’s it for me.

Our next question of today is Lou Basenese from Disruptive Tech Research. Please go ahead.

Congrats on the quarter guys and thanks for taking my questions. Just with the choppy trading in the stock there has been some questions about the CTS remaining ownership. Can you just shed any wide on the situation for shareholders?

Hello, Lou. Yes, and excuse me, if I get on my soap box here for a minute. Yes, I can. This is – first of all let me make it clear that Michael Leabman did not sell 90% of his holdings. That’s yet another example of the statement that was taken completely out of context that Michael Leabman what he did was transfer ownership of a portion of his holdings to his children. And it was filed an in conjunction with that it was completely misinterpreted. Michael is still a major holder in the company. And this is all part of a continuing process by a number of persons that are very, very focused for their own I think self interest in attacking the company. And I think that it's probably going to accelerate. There is a very, very large short position in the company, right now. And so I would assume that this is a part of what we'll see is another effort and quite frankly, our investors are going to have to make some decisions. I would assume that there will be more attacks like this, because the shots are going to have to get desperate at some particular point in time. But I would ask our investors – I would make some very clear point. All of these people that are so called experts have absolutely no visibility whatsoever just what’s going on within this company. None of them have come forth with any kind of special information from inside Energous or any ex-employee or anything like that that can give them any details has to what’s happening or what we’re doing or what approach is we’re taking. Anyone that publishes these kinds of pieces is just guessing. And they’re guessing for their own benefit. And what…

I appreciate the clarity, that’s not evident in the filings that. One more question I hope it won’t prompt a [indiscernible] response. So just – I do agree which is the dialogue validates technology. Can you just give us any color in terms of what type of diligence they’ve done before they entered into this strategic investment another? They’ve been partners with you since at least August of 2014.

Well, I mean, we’ve been working with them together for quite some time. They’ve had their engineers in here, we’ve work together on a number of joint – actually, I guess, it’s inappropriate for me to get into too much detail. I will tell you that we’ve been together for over a year, we know each other well, we know our customers well, and we wouldn’t have engaged with each other, if weren’t comfortable with each other.

Fair enough. Thanks guys. Appreciate it.

Ladies and gentlemen, due to time constrains, this will conclude our question-and-answer session. I would now like to turn the conference back to Stephen Rizzone, for any closing remarks.

I like to thank everybody for participating in this call. Again, company continues to progress forward, I think we have a number of additional positive things to say at our next conference call. And we look forward to talking to you then. Thank you very much.

The conference is now concluded. Thank you all for attending today’s presentation. You may now disconnect your lines.