Good morning, ladies and gentlemen, and welcome to the Fiscal Third Quarter 2019 Ocean Power Technologies Conference Call. My name is Sherry, and as a reminder, this conference call is being recorded. I would now like to turn the callover to your host, Mr. Michael Porter, Investor Relations for Ocean Power Technologies.

Good morning and thank you for joining us for Ocean Power Technologies conference call and webcast. On the call with me today are George Kirby, President and Chief Executive Officer; and Matthew Shafer, Chief Financial Officer and Treasurer. Following our prepared remarks, we will open the call to all questions. This call is being webcast on the company's website at www.oceanpowertechnologies.com. It is also available for replay after the call. On March 11, 2019, OPT issued it's earnings release and filed it's quarterly report on Form 10-K for the third quarter of fiscal year 2019 with the Securities and Exchange Commission. All of our public filings can be viewed on the SEC website at sec.gov or you may go to the Investor Relations section of Ocean Power's website, oceanpowertechnologies.com. Now let me now reference the Safe Harbor Provisions of the U.S. Securities Laws for forward-looking statements. This conference may contain forward-looking statements that are within the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as may, will aim, will likely, result, believe, expect, will continue, anticipate, estimate, intend, plan, contemplate, seeks to, future, objective, goal, project, should, and will pursue, and similar expressions of variations of such expressions. These forward-looking statements are based on assumptions made by management regarding future circumstances over which the Company may have little or no control and involve risk, 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. Some of these factors include among othersthe following; future financial performance, expected cash flow, ability to reduce cost and improve operational efficiencies, revenue growth and increased sales volumes, success in key markets, competition, ability to enter into relationships with partners and third parties, delivery and deployment of PowerBuoy's, increasing the power output of the PowerBuoy's, hiring new key employees, expected cost of PowerBuoy's, building customer relationships. Please refer to our most recent Form 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties. We disclaim any obligation or intent to update the forward-looking statements in order to reflect events or circumstances discussed in this call. Now, I am pleased to introduce Mr. George Kirby, President and CEO of Ocean Power Technologies. Good morning, George.

Thank you, Michael, good morning, and good morning everyone. I'm going to review our business operations and provide an update on our commercialization activities and developments during the third quarter and upto today. Then Matt Shafer, our CFO, will providea review of our financials. Then we'll open the floor for questions. In the third quarter of fiscal 2019, we continue to advance our commercialization strategy by establishing new strategic relationships and furthering existing partnerships. We also announced two new product offerings that we believe will create additional value to the customer and generate additional revenues for OPT. This strategy continues to bear result in terms of greater awareness of OPT products and services to companies that have in-ocean applications and that require persistent source of power and real-time data communications in very remote areas.Industries such as defense, security, oil and gas, science and research and communications are recognizing the operational and cost benefits of our solutions and capabilities. Today we announced the award of a Master Service Contract with a leading U.S. offshore oil and gas operator. The contract will govern all work for this customer including delivery of solutions and services within the U.S. and the U.S. outer continental shelf. The signing of this contract signifies a major investment of time and resources by our customer and OPT which further demonstrates the demand for our solutions and our credibility of experts in marine power and communications. In fact, OPT was required to achieve significant health safety and environmental milestones and implement additional policies and procedures in order to sign the contract. It was a long process to achieve this critical agreement, and we're very pleased to support this customer with our solutions and services in the near future. This is the first contract with a U.S. oil and gas…

Thank you, George, and good morning everyone. Revenues were $268,000 for the three months ended January 31, 2019, which was comprised of the new contracts with Eni and Premier Oil. There were no revenues in the third quarter of last year. The net loss for the third quarter of fiscal 2019 was $2.6 million compared to a net loss of $1.7 million for the third quarter of fiscal 2018. Overall, the increase in net loss in the current year period as compared to the same period of prior year is mainly attributable to the upfront spending and material costs on new customer contracts, costs associated with development of new products and personnel costs related to the growth of the business. Revenue for the first nine months of fiscal 2019 was $440,000 compared to revenue of $289,000 for the first nine months of fiscal 2018. The increase in revenue is due primarily to the mix in customer contracts year-over-year. During the nine months ended January 31, 2019, revenues were derived from the new projects with Eni, Premier Oil and Enel Green Power. The net loss for the first nine months of fiscal 2019 was $9.7 million as compared to a net loss of $6.9 million for the same period of fiscal 2018. The increase in net loss was largely attributable to higher upfront spending and material costs on these new projects, as well as additional expenses on new product development and personnel cost as we continue to scale the business towards fulfilling our current and future potential customer contracts. Now turning to the balance sheet. As of January 31, 2019, total cash, cash equivalence and restricted cash were $2.7 million as of January 31, 2019, down from $12.2 million as of April 30, 2018. Net cash used in operating activities during the nine months ended January 31, 2019 were $9.9 million, an increase of $1.7 million compared to $8.2 million during the nine months ended January 31, 2018. On January 17 this year we received $900,000 of non-dilutive funding through the New Jersey economic development authorities technology business tax certificate transfer program. This allowed us to sell net operating losses and research and development tax credits to unaffiliated corporation. With that, I'll now turn it back over to George.

Thanks, Matt. Before we move onto Q&A, I wanted to conclude by reiterating our continued commitment towards advancing our commercialization strategy with a heavy focus on sales and marketing. We've worked long and hard to arrive at this stage of the business plan and we're very excited about our sales prospects. We've come a long way in terms of generating awareness for OPT's products and services within our addressable markets including oil and gas, security, defense, science and research and communications. Our focus from this point forward is to create revenue opportunities that enhance value for our customers and our shareholders. We've effectively moved from just a single product company to being able to address different market segments and customer applications. I believe that we have product offerings that no one can currently match which are backed by over 70 patents and multiple patent applications. We believe we're the leader in both, ocean wave energy conversion and remote offshore autonomous power, and we are fun and center [ph] as our customers move towards more autonomous all electric operations. With that, operator, we're now ready to take questions.

Thank you. [Operator Instructions] Our first question comes from Peter Ruggiere with Dawson James.

Sounds like a really good contract. This new contract, how many buoys could -- with this -- maybe the big order brief worked [ph]? I mean…

Well, the contract that we signed is a framework agreement essentially under which other orders can be placed Peter. So the whole idea of a master service contract is that we have all the terms and conditions laid out and agreed upon, and now whether it's service work or whether it's buoy orders, it really doesn't matter whether it's products or services, they all fall under this agreement and they can be initiated through work orders.

When do we expect some significant revenues coming in?

That's a good question. And as you can imagine, I'm not able to talk about that. I have talked about our pipeline and when I say it's very robust what that means is that we have not only a large number what we would consider a large number of very positive opportunities but also a diverse slate of opportunities.

It's actually nice to see you getting in the Gulf of Mexico considering it's huge, and that's unused but that's been active for 25 years [ph], you're pretty much ahead of everybody, so it's kind of this really need. Is there anything -- I'm trying to figure what the [indiscernible] was involved and so on. I have nothing else, you're doing a great job. Thanks.

Thank you. And your point about the Gulf of Mexico is very, very important. We've got -- we feel like we have a foothold in some of the other European markets and hopefully, some other geographic markets but the Gulf of Mexico and bringing our technology to bare, right here in U.S. waters is very, very important to us. We have a presence in Houston and we have a large customer base in Houston, Louisiana and other areas that we've been calling on for a good amount of time and we're really starting to get recognized as the go-to-source for remote offshore power and communications. So we are super excited about this agreement and we also anticipate seeing more agreements down the road where there is one -- others see the opportunity to also partner with OPT and that's really what we're driving towards.

Thank you. [Operator Instructions] Speakers, I'm showing no further questions in the queue at this time. I'll turn the call back over to management for any closing remarks.

Thank you, operator. Before we conclude here, I really want to thank everyone who has been a stakeholder in the company and who's been following us and helping us to grow. I invite everyone to follow us on social media including Twitter, LinkedIn, Facebook, and watch our YouTube channel for some terrific footage of the PowerBuoy and other videos. We plan on utilizing these platforms more to keep everyone up-to-date with our progress. In fact, we expect to have more great footage released soon. So, please stay connected with us. Thank you for joining us, and we'll speak to you soon.

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may all disconnect and have a wonderful day.