Thank you. Good morning and welcome to Ocean Power Technologies audio webcast for the first quarter ended June 30, 2008. Earlier today we issued our first quarter results press release and we will be filing our Form 10-Q with the Securities and Exchange Commission today. For access to our public filings, you can view them on the SEC website at www.sec.gov or you may go to our website, oceanpowertechnologies.com. I will be joined on today’s webcast by Dr. George Taylor, Chief Executive Officer, and Mark Draper, Chief Operating Officer. 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 that 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 filings with the Securities and Exchange Commission for a description of these and other risk factors. I will now turn the call over to George Taylor, our Chief Executive Officer.

Thank you, Chuck, and thanks to everyone who has joined us for today’s webcast. Our last webcast was in July when we reported our results for fiscal year ended April 30, 2008. In the short time (inaudible) since then, I’m pleased to tell you that we’ve made enhancements with both our technology and projects for our customers such as the US Navy, PNGC Power in Oregon, Iberdrola in Spain, and the Scottish government. This work along with the June agreement with Griffin Energy, a leading diversified West Australian energy supplier, are encouraging signs that OPT continues to gain traction in the global alternative energy marketplace. I will also say that these operational successes have resulted in our strong revenue growth in the first quarter of fiscal 2009, underscored by a solid balance sheet. But before we discuss the results, Mark Draper and I would like to take a few minutes to review OPT’s business, our strategy, and the progress we have made to date. We expect that this will enable us to capitalize on our worldwide opportunities. For those of you who may be new to our story, OPT is the leading wave power company and is the only pure play public wave power company. I co-founded this company with a vision of generating electric power from ocean waves at costs equal or superior to what can be achieved with fossil fuels. We began operations in 1994 and since then have successfully developed and begun to commercialize the technology. OPT is well positioned to take advantage of the favorable political, regulatory and social environment that exists internationally for renewable energy and to accelerate our growth. For example, both US Presidential candidates are strongly supportive of the development of renewable energy to decrease US dependence of important oil and gas. The energy in ocean waves is predictable, and electricity from wave energy can be produced on a consistent basis at numerous sites, which are conveniently located near major population centers worldwide. We have pioneered the development and commercialization of proprietary systems that generate electricity by harnessing the renewable energy found in ocean waves. This technology will help satisfy the global demand for electric power, which is expected to more than double from 2003 to 2030 according to the Energy Information Administration. We offer two products as part of our PowerBuoy systems line; a utility PowerBuoy system and an autonomous PowerBuoy system. Our technology is based on modular ocean-going buoys, which we have been ocean testing for more than a decade. The rising and falling of the waves moves the float around the buoy like structure capturing mechanical energy that our proprietary technologies then convert into electricity. I’d now like to turn the call over to Mark Draper, our Chief Operating Officer, who will provide you with an update on some of our recent projects and technology and our exciting new offering of an underwater substation pod.

Thanks, George. I’d like to start out by discussing some of the progress we have made this quarter on a few of our key projects. But first, I did want to provide a visual on the PowerBuoy activities. On slide four, you see pictures of PowerBuoys at some of our project sites. On the left side is the picture of one of our periodic check-ups of our New Jersey PowerBuoy, which last week commenced its third year of in-ocean operation. On the top right is a picture taken last week of our largest ever PowerBuoy in Santoña, Spain prior to deployment. Below is a photo of our latest PowerBuoy in Hawaii prior to deployment. We continue to work with United States Navy on a unique ocean data gathering system for it deep water acoustic detection system. We won this contract in June 2007. This quarter we continued to make further progress on system fabrication as well as testing of the power take-off and control systems in relation to this project. I’m pleased to say that we are confident that OPT will remain on target for the system to be ready for deployment by the end of this year. The depth of our partnership with Navy is also underscored by another collaborative project, the installation of the 40 kilowatt rated PowerBuoy in Hawaii. The PowerBuoy is ready for deployment and work is on progress to complete the grid connection infrastructure and the mooring system for this PowerBuoy prior to its deployment. Our work with PNGC Power on a 150 kilowatt PowerBuoy near Reedsport, Oregon also continues to move along well. During the first quarter, we made strides in building relationships and working with key Oregon stakeholder groups at the local, county and state levels. As a result, we are advancing in…

Thank you, Mark. Our revenues increased by 222% in the first quarter of fiscal 2009 to $1.8 million as compared to $0.6 million in the first quarter of fiscal 2008. The increase in revenues was primarily attributable to the following factors. Revenues related to our utility PowerBuoy system increased by $0.8 million into our ongoing work on our Hawaii project for the US Navy; the first phase of construction of a 1.39 megawatt wave power station off the coast of Spain; and work on the design, manufacture and installation of a single 150 kilowatt PowerBuoy wave power station in Orkney, Scotland. Revenues related to our autonomous PowerBuoy system increased by $0.04 million resulting from our US Navy in ocean data gathering contract. Cost of revenues increased by $1.1 million to $1.9 million in the first quarter of fiscal 2009 as compared to $0.8 million the prior year’s comparable period. This increase primarily reflected the higher level of activity on revenue bearing contracts. Selling, general and administrative costs increased 28% to $2.6 million in first quarter of fiscal 2009 as compared to $2.0 million in the first quarter of fiscal 2008. This is due to certain costs as a result of becoming a public company in the United States and to our continued focus on revenue growth and expansion of our sales and marketing capabilities. Interest income in the first quarter of fiscal 2009 decreased 62% to $0.5 million as compared to $1.4 million in the first quarter of fiscal 2008 due to a decrease in invested cash and lower interest rates. The lower interest rates are primarily the result of the company’s placement of cash, what we consider to be very low risk investment. Foreign exchange loss was $24,000 in the first quarter of fiscal 2009 compared to a gain…

Thanks, Chuck. As we wrap up the call, I would like to give you our views on how we will move forward ahead in our commercialization plans through the balance of 2009. First, as you’ve heard from Mark, we’ve made additional progress on the PB150 design in the first quarter, submitting initial drawings to suppliers for price manufacturing quotations. Second, our commitment to our sales and marketing efforts over the next three years in North America, Europe, Australia, and Japan holds firm. These areas represent strong potential markets for our PowerBuoy wave power stations because they combine favorable wave conditions, political and economic stability, large population centers, high levels of industrialization, and significant and increasing electricity requirements. Third, our demonstration wave power stations will allow us to prove the viability of our PowerBuoy systems in selected regions, as they enable customers to experience our technology firsthand and with unfettered access. In addition, demonstration wave power stations will serve as test beds for our operating and maintenance procedures. Fourth, we intend to build on existing commercial relationships by expanding the number and size of projects we have with our current customers. We also plan to enter into new alliances and commercial relationships with other utilities and independent power producers, alliances along the lines of the agreement we signed with Griffin Energy. By leveraging these customer relationships, we believe we can expand OPT’s commercial acceptance across the globe. We also expect to increase revenue streams through our autonomous PowerBuoy systems. These systems are well suited to address specific power generation needs of our customers requiring off-grid electricity generation in remote locations in the open ocean. We will devote substantial resources to continue our development efforts for our PowerBuoy systems and to expand our sales, marketing. and manufacturing programs associated with the commercialization…

And that concludes today’s teleconference. Thank you for your participation. Have a good day.