Good afternoon. And welcome to the ClearSign Combustion Corporation's Full Year 2018 Conference Call. All participants will be in listen-only mode [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note this event is being recorded. At this time, I would now like to turn the conference over to Lou Basenese, Vice President of Corporate Communications. Please go ahead, sir.

Thank you, Operator. And welcome everyone to the ClearSign Combustion Corporation’s full year and fourth quarter 2018 Results Conference Call. During this conference call, the Company will make forward-looking statements. We caution you that any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about the Company’s projections, expectations, plans, beliefs and prospects. These statements are based on judgments and analysis as of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties associated with the forward-looking statements made in this conference call include, but are not limited to, whether field testing and sales of ClearSign's products will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks that are described in ClearSign's public periodic filings with the SEC, including the discussion in the Risk Factor section of the 2017 Annual Report on Form 10-K. Investors or potential investors should read these risks. ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. On the call with me today are Rob Hoffman, ClearSign's Interim CEO and Chairman of the Board; Jim Deller, ClearSign's President; and Brian Fike, ClearSign's Chief Financial Officer. With that, now I'd like to turn the call over to Brian Fike. Please go ahead, Brian.

Thank you, Lou, and thank you to everyone for joining us on the call today. Before I turn the call over to Rob, I'll review our preliminary results of operations for the full year that ended on December 31, 2018. For the full year, revenue was $530,000 compared to revenue of $540,000 for the full year of 2017. The net loss for the 12 months ended December 31, 2018 was $9.5 million compared to $9.7 million in the same period of 2017. Shares outstanding on December 31, 2018 were 26,697,261. Our cash resources were about $15.8 million at the end of the year. It is important to note that we have sufficient working capital available as of today to carry us well in 2020, even assuming no revenue or changes in expenditures. With that, I would like to turn the call over to our Interim CEO and Chairman of the Board, Rob Hoffman. Please go ahead, Rob.

Thank you, Brian for that financial update. I would also like to take this opportunity to thank Lou Basenese for his services. He joined the company in a transitional roughly a year ago to add an investor centric focus to our team. But with the newly constituted board in place with deep Wall Street experience, Lou will be finishing out his time with the company at the end of the quarter. I would like to thank and welcome everyone to the call. I thought that I would start today's call by reviewing the progress we've made in the past year here at ClearSign. Then I will take great pleasure introducing everyone to Jim Deller, our new President and incoming CEO, who will provide some details regarding his background and most importantly, share why he's excited about the future of our company. 2018 proved to be a year behind the scenes operational progress, while at the same time, it has been quite a transition year for the company in terms of leadership. We have covered a lot of ground but we still have a lot of work ahead of us. While ClearSign continues to make progress on the technological and innovations front, which I'll cover in greater detail later in the call, there is a universal frustration among both the board and our management team that our activities have yet to translate into sales. While there are explanations for some of our lack of financial progress, I don't want anyone to think that they are excuses. We have virtually an entirely new Board of Directors versus this one last year and welcome to new leader who started this past Monday. These changes have already translated into a renewed sense of energy and excitement throughout the company. Having said that, I urge…

Thank you, Rob. I appreciate the warm welcome. The purpose of this call I think it makes sense to first give a bit of my background and discuss why I came to ClearSign. Then I'd like to discuss what I foresee as my role here and how we can leverage my experience and skills to move ClearSign forward into next phase of growth. I have over 28 years of business experience and most recently led the Honeywell UOP Callidus burner business worldwide. I began my career at Hamworthy Combustion in the United Kingdom, while also completing my Ph.D. with a thesis titled "The control of NOx Emissions from Power Utility Burners". This fundamental knowledge of combustion and NOx formation is certainly one of my career, and I believe we'll continue to do so as we develop and commercialize ClearSign's technologies. In 1996, I relocated to the United States and joined Callidus, which at the time was still being established in the industry. I started out in project engineering and sales. And over the course of 10 years, including mainly providing the on customer sites around the world, I served as chief combustion engineer and manager of burner order execution. In 2010, I was promoted to oversee the global Callidus burner business, which covers refinery and petrochemical applications. During my tenure, we introduced new burner technology focusing on the full lifecycle needs of our customers. It was great that I expanded our international business and developed a dominant market position in a high-tech ladle refining and ethylene burner market in China. Most recently, I have the responsibility of serving as the interim Global Operations Director for the entire Callidus which includes flares and thermal oxidizers in addition to burners. Whenever competing with ClearSign, I've been aware and intrigued by the ClearSign…

Thank you, Jim. Hopefully, those of you on the call will appreciate the exceptional breadth of Jim's experience, especially as it pertains to the industrial burner space. He really has done at all. From studying, to implementing, to selling, to managing, we are really truly excited to have Jim on board. In light of all the management transitions in 2018, I am happy to report it does not distract our team from making important progress. But as I said before, much of this progress does not translate into sales yet. But we believe that these achievements form an important foundation for future revenue. In the past year, we successfully completed follow-on installations in our OTSG, or once through stream generator, as well as in flare segments. We believe that both categories primarily located in Southern California remain fertile for future Duplex adoption, pending the anticipated clarification of environmental regulations. We developed successfully installed and are operating a larger scale Duplex plug and play burner at a Southern California refinery. Not only in this refinery very pleased with the performance of Duplex, but they are more than willing to allow perspective ClearSign customers the ability to see the units in action. In fact, Jim will be attending a demonstration for a group there on Friday. We reached a key R&D milestone in our work developing a pre-engineered firetube boiler burner, reaching a stretch goal and the industry first performance of NOx emissions of five parts per million at 3% oxygen concentrations. As we have mentioned in the past, the market for firetube boiler is perhaps the largest vertical that Duplex can address. I'm also happy to report that our first announced super major Exxon has chosen a site for our initial installation. I should also add that many investors, including myself,…

We will now begin the question-and-answer session [Operator Instructions]. And the first question will be from [Jeff Feinglas, Retail]. Please go ahead.

Thanks Rob and welcome Dr. Deller to the great northwest, although, I will warn you that the Mexican food and barbecue are not as good as from whence you came, but sure you'll make do. My question surrounds, in the past conference calls, we talked about 75 commercial opportunities in the pipeline. Is there -- can you give us an update or status on each of those or color on those?

Thanks Jeff. And I'll let Jim respond to your culinary comments. But I think what we try to do with the prepared commentary is to comment on a couple of the major ones. Obviously, we talked about China, we talked about World Oil. Those opportunities are in that number of 75. But I think we also mentioned is that we want to give Jim a fair amount of time to, and I'm going to actually let him go through it a little bit, given some time to get his arms around how we talk about our opportunities. Jim?

As to the list of interest that we have, at this stage we being so new it's extremely borne by really get to understand the needs and the nature of these inquiries, but also to get a direct feedback from our customers and the major players in the industry as some before giving any competitive feedback. And the next, a few weeks or few months, I will be traveling around talking to potential partners through the major customers and also to a lot of the people who have expressed interest in the past. So really getting good understanding of how ClearSign is perceived and to chart the most effective path for ClearSign to develop and certainly for the commercialization of the ClearSign products.

[Operator Instructions] And I'm showing no questions in the queue. We will conclude the question-and-answer session. I would like to…

I will just thank everybody. But if sometimes when I've been on these types of calls and the call gets cut off, we just about to ask the questions. So I'll just give it another couple of seconds.

Thank you, sir [Operator Instructions].

Well, thank you Jeff for your question, but I'd like to ask and thank all investors for participating on the call and for their continued interest in ClearSign. And we will be chatting again in a couple of months. Thanks again.

Thank you, sir. Ladies and gentlemen, the conference has concluded. Thank you for attending today's presentation. At this time, you may disconnect your lines.