Thank you for joining us for today’s call. Before I turn the call over to the company, we need to advise you of the following; comments made on today’s call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current assumptions and opinions and involve a variety of known and unknown risks and uncertainties. Actual results may differ materially from those contained in or suggested by such forward-looking statements. Important factors that might cause such differences include those set forth from time-time in the company’s SEC filings including the company’s report on Form 10-K for the year ended December 31, 2016 and other current and periodic reports the company files with SEC. At this time I’d like to introduce Andrew Perlman, the Chief Executive Officer of FORM Holdings.

Good afternoon, and thank you all for taking the time to join us for an investor update and earnings call. I would like to update our shareholders on our full year results, expand upon the update we provided in January and review some of the near term growth opportunities we see in our business segments, that should drive revenues and results and enhance profitability. Joining me today on the call are members of FORM Holdings, XpresSpa, Group Mobile and FLI Charge management. We have Anastasia Nyrkovskaya, FORM Holdings, Chief Financial Officer, Ed Jankowski, XpresSpa's, Chief Executive Officer, Darin White, the President of Group Mobile, and from FLI Charge, we have Cliff Weinstein, the President of FLI Charge and FORM's Executive Vice President. To summarize 2016 we made several important strategic changes that establish a presence in the travel, health and wellness industries and deepened our presence in the technology industry. I appreciate the feedback and support of our shareholders that we have received. Today FORM has two key revenue drivers, XpresSpa, which was acquired in December 2016, and is the leading airport spa company in the world, and Group Mobile, which we transitioned into a rugged computing full service integrated solutions provider, who aims for self-sustaining growth. XpresSpa is the company's largest acquisition to-date and generated annual revenues in 2016 of $43.8 million. XpresSpa has approximately 50% market share in the United States, as measured by the number of airport spas. It provides premium health and wellness services through its 53 locations within 22 of the largest and most desirable airport hubs in the United States, Amsterdam, and Dubai. Of the company's 53 spas, 49 are located in the United States. Concurrent with our due diligence, a management change was initiated in June of 2016, when luxury and airport retail…

Thank you. The floor is now open for questions. [Operator Instructions] Okay, and our first question comes from Josh Gottlieb. Please state your question.

Hi, it's Josh Gottlieb from Cedarview Capital. Hi, Andrew, congrats on a good quarter. I had a question on your leasing program, how does it work exactly when you enter a new airport, how the lease terms work?

Yeah, Andrew Perlman here. The general term of the lease is approximately seven years and again quarter-to-quarter you will see in our financials that generally speaking leases are a greater of 7 years [ph]. So we get a minimum guarantee and a revenue share. So as a percentage of revenue we are normally paying 12% of our revenue to the airport because in almost every case we are operating above the minimum guarantee. So the top line terms would be approximately seven years and I think as an expectation paying about 12% of revenue.

Got it, okay. And what are the upfront costs in getting a store up and running?

So, a lot of it depends on the square footage of the store, but generally what we work for it is a situation where the revenue generated in that 20% profit coming from the store will pay back the CapEx required to build out a store within the first 2 to 2.5 years, at this point and overtime we are working to be more efficient about our build out costs and obviously you look at same-store sale the amount of time in which we get paid back for our CapEx will be compressed.

Great. Very helpful. Final question, XpresSpa seems to be the crown jewel of the company currently. Can you just talk about timing on some of your other business segments, when you think you may do something strategically whether it's an add-on or a sale?

Sure. As I said before we are constantly try to maximize value of everything that we own. I wouldn’t forecast anything around an exit. I don't think it would be proper to do so, but I think that the way to think about where we are is XpresSpa will be approximately 70% of the company's revenue for this year. And in terms of Group Mobile, it's a growing business and we look forward to building both overtime, obviously we are in the business of maximizing its business value to shareholders as possible. So if a strategic were to come along and make a bid for one of those assets we of course would look at it seriously.

Great. Thank you, very helpful and look forward to following [ph].

Thank you.

[Operator Instructions] Our next question comes from Greg Russo [ph]. Please state your question.

Hi, Andrew. Congratulations on the quarter and the outlook. I actually had a few questions around XpresSpa, the addressable market. I think you mentioned that over time you can get the store count of over 150. I know you mentioned that RFP, you are seeing that like 80% run rate and there seem to be 20 or so years. So the 150 goal, how do you think of the pace of how you going to get there, and just from RFPs or are the other ways to do it and then I’ll follow-up as well. Thanks.

Well, it's actually Ed Jankowski, I'll answer that. Especially having just come back from the ARN Convention in New Orleans which is the largest airport conference in the U.S., obviously there is three different ways that we can do that. Not every single opportunity comes through an RFP. There are more and more -- there is a prime concessionaire that actually does the RFP and it's awarded a certain amount of square footage in the airport. So we have some really great conversations with people like Hudson, [indiscernible] and OTG, that are -- literally have space available today without having to gone through the RFP process. So that's number one. Number two, the airports [indiscernible] to our new kiosks and top-up program and many of them have opportunities of -- for holding areas or old phone banks or different positioning throughout the tunnels [ph] where it's not necessary to do an RFP, and even though these might be shorter the cost of the build out is much less in a kiosk or a top up or a temporary location. A great example of that, that Andrew brought up was that we currently have -- we're operating four [indiscernible]. They were given back to us and we are able to do temp location in a matter of weeks. So that will be another vehicle for growth. Currently there is 53 airports in North America that have more than 3 million enplanements a year and that's hugely the cut off that we book at, anything more 3 million enplanements. Out of the 53 we're currently in close to 20. So there is a number of secondary and tertiary airports that still have very healthy enplanements that we spoke to at the ARN that are very, very interested in sitting down with XpresSpa to talk about a temporary or kiosk locations and more importantly RFPs that might be coming down the pipe.

So I think just to pull out one of the statements that I've made, out of those 53 locations if you're seeing that we're in a little bit over 20 of them, that leaves a lot of white space. And so as a result if you actually do the analysis on those 53 airports that's how you quickly get to a addressable market at a 150 company-owned stores and kiosk locations. And then as I've mentioned and as I mentioned in my remarks earlier, beyond that 150 we think that there is a franchise opportunity.

Great, thanks. And with XpresSpa are there other like adjacencies, new products and services that you've contemplated branching into, moving on to expand TAM a bit.

Sure. So, the answer is yes, absolutely. The relationships that we have with the airports are key to that. And what we've seen is that the airports are increasingly focusing on one, services, and two, on wellness. And while we're not prepared to make public statements about what adjacencies we may go into overtime it's something that we're definitely looking at. In addition to that one of the things that is presently possible to exploit is that we do have approximately 50 outlets in airports with upper demographics travelers going through them. So we do have shelf space to sell additional products and services and that's something that we're looking at very closely right now. And then you can expect to see us doing some things this year.

Great, thanks a lot. Good luck.

Thanks.

Okay. Our next question comes from [indiscernible].

Yeah, hi Andrew. Congratulations on the quarter and I'm an individual investor, excited about the outlook too. I was wondering if you could comment on any of the synergy that you might be working on between product lines. I know I can think of a lot?

Sure. So just in terms of one of the key things that we're rolling out, that we're looking at right now is upgrading the technology across the XpresSpa. And that's actually something that we have our team from Group Mobile actively working on. So there definitely is some crossover there. In terms of products we really focused on selling through XpresSpa the products that work and then adding to that line overtime. But the real synergy that we see is the synergy that occurs at corporate level which is the synergy that happens through our accounting team and XpresSpa's accounting team and also the synergies between our various people and just streamlining and being more cost efficient as an organization.

Okay. Have you considered putting FLI Charge in an XpresSpa to sort to advertise to customers?

Yeah, this is Cliff Weinstein. The answer is yes, charging at the airport is major challenge for airports, we have all been there. The answer is yes, and I'm sitting next to Ed now, and as the XpresSpa teams moved laying the groundwork and the foundation in getting all our ducks in a row is -- it is a big priority for us to offer charging in XpresSpa and just see it rollout shortly.

Okay, great. That's all the questions I have, appreciate you taking them.

Sure.

And there are no further questions. Thank you. This concludes today's webcast. We thank you for your participation. You may disconnect your lines at this time. And have a great day.