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Executives

Thomas Granville - Chairman and CEO

Steve Graham - CFO

Analyst

Axion Power International, Inc. (OTCQB:AXPW) Q4 2013 Earnings Conference Call April 1, 2014 10:00 AM ET

Operator

Good day and welcome to the Axion Power fourth quarter and year-end 2013 earnings results 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. I would now like to turn the conference over to Rudy Barrio of Allen & Caron Investor Relations. Please go ahead.

Rudy Barrio

Good day everyone and welcome to Axion Power International’s Investor Conference Call to discuss its financial results for the fourth quarter and year ended December 31, 2013. With us from management today are Chairman and CEO, Thomas Granville; CFO, Stephen Graham, and COO, Philip Baker. Before we start today’s call there are a couple of items I would like to cover. Many of you received the copy of Axion Power’s yearend 2013 press release which was disseminated early this morning. If you did not receive a copy of the press release it is posted on Axion Power’s website at www.axionpower.com in the investor relations section of our website at www.allencaron.com. It is also posted on Yahoo Finance and most financial sites. You may also call our office in New York at 212-691-8087 and we will email it to you.

As mentioned earlier by Ed this call is being recorded. The replay will be available shortly after the call for seven days and may be accessed from North America by calling 877-870-5176 and entering pass code 100-42820. International callers should dial 858-384-5517. This call is also being broadcast live over the internet and may be accessed via Axion Power’s website. A replay of the webcast will be available shortly after the call and will continue for 30 days.

Further we would like to remind everyone that the Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. Some of the statements made during this call, may contain forward-looking statements. These forward-looking statements and all other statements made on this call that are not historical facts are subject to a number of risks and uncertainties that may cause actual results to differ materially. Any forward-looking statements made on this call today, speak as of today and Axion does not undertake any obligation to update any such statements to reflect events or circumstances occurring after today. We advise you to read the cautionary note regarding forward looking statements and Axion Power’s recent earning release and the risk factor section of the company’s most recent filing with the Securities and Exchange Commission, all of which are available at www.sec.gov for the description of factors that cause forward-looking statements to differ materially from actual results.

I would now like to turn the call over to Thomas Granville. Good day, Tom.

Thomas Granville

Good morning, Rudy and good morning ladies and gentlemen. Welcome to Axion Power International’s 2013 yearend earnings call, reflecting on the 10-K filed with the Securities and Exchange Commission on March 31, 2014. So ends another year of progress in the history of Axion Power, it certainly has been an interesting one. Before I turn the call over to Steve to make comments on the financial section of our 10-K, I’d just like to take the opportunity to thank Steve for the time that he has spent here at Axion. Everyone certainly enjoyed the time here with Steve, I think he did a fine job, certainly as reflected in our continuing ability to reduce expense, year after year. 2013 was another example of that reduction and certainly in no small measure to Steve and Steve’s influence. Steve is leaving us for an unbelievable opportunity but I’ll let him speak more about that later on in the call, I’m sure he’ll be entertaining questions at that point in time, but meanwhile let’s hear about the financial report, Steve.

Steve Graham

Thank you, Tom, thank you for your comments, I appreciate that and good morning everybody. As mentioned by Tom, yesterday on March 31, we filed our Form 10-K for the year ended December 31, 2013. The 10-K is available on the SEC’s EDGAR website as well on the Axion company web site. And you can access that for additional financial or other information regarding the results and activities of Axion Power International. We also issued a press release containing our operating results for the yearend December 31, 2013, and you can access that at the same sources.

My comments will focus on some of the key drivers of our operating results and cash flow for the year ended with comparisons to the year ended 2012. Net sales for the year ended December 31, 2013 were $10.2 million and that is an increase of $400,000 from the $9.8 million reported in fiscal 2012. In those numbers we have one customer that accounted for approximately 84.5% and 80.7% of our sales respectively for the years 2013 and 2012. Sales for both fiscal years of 2013 and ’12 were primarily specialty lead acid batteries which we manufactured for sale under our customer’s label.

The cost of product sales for the year ended December 31, 2013 was $10.2 million, that compares to $9.8 million in 2012. Cost for idle capacity which is also considered a period cost shown as part of cost of goods sold were $1.8 million in 2013 and that compares to $1.5 million in 2012. And as you may notice, that is a new way of reporting idle capacity from previous years. The resulting gross profit for 2013 was negative $1.8 million or negative 17.6% of sales, that compares to negative $1.6 million 2012 which was negative 16.3% of sales.

The operating loss which is after Research & Development, Selling, General & Administrative expenses and other income was negative $8.2 million in 2013, that compares to a negative $8.6 million in 2012, a $400,000 improvement. The resulting net loss for the fiscal year ended December 31, 2013 was negative $11.9 million. That works out to $0.09 per share loss and that compares to $8.6 million or $0.08 per share loss in 2012. Included in the net loss for 2013 were net non-cash expenses of $3.7 million, and those costs were not covered in 2012.

Non-cash charges for the year stemmed primarily from the accounted treatment for the senior notes and the senior warrants and the related interest, extinguishment loss, amortization of discounts and expenses related to that financing. Cash and cash equivalence at December 31, 2013 were $1.2 million and that compares to $2 million at December 31, 2012. The company also had $3.8 million of restricted cash at the year end and that is from May 8, 2013 sale of senior convertible notes and warrants issued by the company.

Working capital at December 31, 2013 was $4.5 million which includes the restricted cash I just mentioned and that compares to $4.8 million which we had on hand at December 31, 2012. Net cash used in operating activities for the year was $6.2 million, that compares to $7.7 million in 2012. That represents a decrease in net cash used in operations of $1.4 million or 19% improvement. A decrease in net cash used resulted from $300,000 reduction of cash used in operation, a $1.2 million lower use of working capital.

Net cash used in investment activities for the year was $229,000 and that compares to $854,000 in 2012. This represents a decrease in cash used by investing and activities of $625,000 or 73% reduction. And that’s primarily due to lower purchases of property and equipment.

Net cash provided by financing activities for 2013 was $5.6 million which excluded the restricted cash of $3.8 million and this compares to net cash provided of $8.5 million in the same period of 2012. The source of cash provided for financing activities in 2013 was from the sale of senior convertible notes and warrants, issued by the company on May 2013. The source of cash provided from financing activity in 2012 was proceeds from the completion of a registered direct common stock offering, net of expenses and placement fees on February 10, 2012.

The primary source of liquidity for the company historically has been cash generated from issuances of our equity security. From inception through December 31, 2013 we have not generated revenue from operations that is significant enough to produce an operating profit. We believe that the currently available fund at December 31, 2013 which include the net remaining amount available and the restricted cash account and funds generated from product sales will provide sufficient financial resources for our operations, working capital needs and will fund our anticipated continued growth of sales in traditional batteries and PbC products and maintain our anticipated capital expenditures into our fourth quarter of 2014.

Subsequent sources of outside funding will be required to fund the company’s working capital, capital expenditures and corporate operations beyond that date. No assurances can be given that the company will be successful in arranging a further funding which is needed to continue the execution of our business plan, including the development and commercialization of new products or fixed [indiscernible] terms.

Failure to obtain such funding will require management to substantially curtail if not seize operations which will result in a material adverse effect on a financial position and results of the operation of the company.

That concludes my comments on the financial section. So now I would like to turn back over to Tom for his piece.

Thomas Granville

Thanks Steve. In this morning’s earning release we highlighted two of Axion’s largest and fastest to market applications. This does not mean that other applications that we have been working on have been abandoned or backburnered. The hybrid locomotive for example will be on our radar with the meeting this week at Penn State that includes the program leads from both Norfolk Southern and Penn State. Norfolk Southern is behind the revised switchers schedule due to the massive amount of extra repair work their [indiscernible] facility has had to take on after this year’s winter season. The revised schedule calls for completion of the NS 999 in the second quarter of 2014.

Norfolk Southern has proved the purchase of 72 volt charging systems from Axion. They will provide a battery boost charge in preparation for the launch of the NS 999. As you may recall, our PbC batteries were shipped more than 15 months ago and thus a boost charge is appropriate. We look forward at Norfolk Southern’s progress in the second quarter.

Our onsite PowerCube continues to perform well and allows us to participate daily in the PJM frequency regulation market. We originally installed our queue to provide us a cash bed to fully characterize our PbC batteries as well as other batteries, especially in spring applications of various sizes.

However with the Federal Energy Regulatory Commissions FERC demand response compensation ruling in 2011, we soon saw another opportunity for the queue, an opportunity to participate in the PJM frequency regulation market. The opportunity only intensified when first added pay for performance in 2013.

For those of you on the call that are new Axion shareholders or other interested parties or for those who may not have heard of PowerCube ancillary services story before, let me do a little revisiting. And even for those that have heard the story it is important enough to repeat and additionally there are continuing changes to the PowerCube and the frequency regulation market story. Utilities specifically PJM have been planning to retire turbine assets mainly powered by coal for some time. These dinosaurs are not very efficient and may have in some cases or will in the case of others fall out of EPA emissions standards compliance. At the same time, renewables are expanding their roles of providing power to the utilities. Problem with renewables is their unpredictability, the sun doesn’t always shine; the wind doesn’t always blow et cetera. With the old turbines and pickers you knew what you were getting not so with renewables.

The end result uncertainty caused utilities like PJM to seek other solutions. And the main potential problem solver was storage, an asset that can make up the difference between what the expected output from a renewable is and what the actual output is at any given time. FERC saw the problem and stepped in with their rulings that by the way allow the utilities to build the solution cost into the rate base in the end the consumer pays. The ideal for utility is to create bring on line the exact same amount of power that it will distribute to its customers. Of course this is never a perfect equation, so enter frequency regulation, where the utility is augmented by outside sources, when the perfect sign wave power-in; power-out begins to go out of sync. The asset to perform this task must be able to respond very quickly to the PJM signal to produce or curtail.

The PowerCube is such an asset with the response time in milliseconds. Our onsite cube has scored above 90 out of 100 in the PJM network since inception. Important because this qualifies us for daily participation and we need fast response criteria, important because our asset then qualifies for the paid for performance bonus. And we are reliable with two and a half years of performance in the network. We have developed a model from our data and from hourly data from the PJM network that provides a value proposition for future PowerCube owners. We developed this model on what we call a standalone basis, in other words the cube that is not integrated with renewable like wind or solar. Based on our standalone model of modified usage, advantageous recharge and advantageous maintenance times and PbC sweet spot electronics, we are able to fill an excellent internal rate of return using only the revenue from frequency regulation.

This model does not place a value on system storage support or any use or power support in an emergency situation. It only values the dollars that are returned to the owner from PJM. The value proposition only grows when solar is added to the equation and the storage system becomes eligible for solar tax credit. We have a begun the launch of our model with a 500kw up, 500kw down system in conjunction with a solar farm in New Jersey. We continue to market this application and found a particularly competitive sweet spot using a 2.5 megawatt building block. Our customers’ base for the first time now includes investor based entities that are beginning to understand the value propositions of frequency regulation. Of course the constant and all of this is the battery. The PbC’s unique characteristics make the equation work because long cycle life is required, fast recharge is required, tight charge acceptance is required and lack of battery charge variability in large string applications is also required.

Without these characteristics, full value cannot be extracted from the system and the model becomes significantly less viable and in most cases it becomes totally unviable. There are several initiatives in the vehicle market sector that we continue to pursue but we have been pointing our assets more and more toward a specific application and that is the heavy-duty Class 8 truck. ePower Engine Systems has been developing a series hybrid retrofit conversion system that have shown outstanding results in saving fuel and significantly increasing miles per gallon. Historically DOT and NHTSA and EPA SmartWay data have quoted miles per gallon of diesel numbers of approximately six miles per gallon for these Class 8 trucks. Working together, over the past three years, ePower with Axion’s PbC batteries has shown fuel improvement of approximately 35% to date and ePower feels the numbers can be further improved in the short term.

ePower has experimented with other battery chemistries but came back to Axion and PbC because of the partial state of charge operating requirement of the ePower system. Operating at PSoC band-aid battery with high cycle life, high-charge acceptance, ability to recharge very quickly, and a battery product that provides charge equalization and large string applications. That’s us. That’s the PbC battery on all four counts.

Each converted ePower truck now has 50 sticks PbC batteries in a sophisticated Battery Management System proprietary to Axion power. The system is designed to utilize the batteries to regulate fuel consumption by providing boost power when needed to accelerate, navigate grade variances, and initially bring the truck up to speed, all while allowing the motor and generator to operate at a constant rate of speed. In addition, the batteries in the ePower system utilize regenerative breaking which requires a battery with fast recharge properties. There is a huge market out there; a fleet of some 2.4 million Class 8 trucks is currently on the road. That fleet is rebuilt every four to six years, so that market opportunity is approximately 400,000 to 600,000 conversions on an annual basis. 1.5% of that market amounts to north of $125 million in battery revenue on an annual basis.

As mentioned before that of course if we are in the market and we are providing product, we’re certainly going to do a larger percentage of the math. I talked about 5% in the past don’t know what the real percentage number should be, certainly it’s not 1.5, it’s higher than that. It’s not 5, it’s higher than that. But I don’t want to be quoted spouting extremely high numbers for sales so I’ll just leave it to your imaginations to figure out what an appropriate number might be in analysing what Axion’s potential is in this market. I don’t have an exact number. I do know that the number is large, extremely large.

But we’ve covered the two major market applications pretty thoroughly and I want to have time for questions. So let’s go to that part of call.

Question-and-Answer Session

Operator

Thank you. We will now begin the question-and-answer session. (Operator Instructions) At this time, we will pause momentarily to assemble our roster. And our first question comes from Stephan [indiscernible] Private Investor. Please go ahead.

Unidentified Analyst

I have two questions. First one was just regarding the two part lead-acid manufacturers you guys have discussed in the last three quarters and where it stands with now?

Thomas Granville

Okay so our model is to eventually become a provider for other large-lead acid battery companies. Our model is to take a product to be end user proved the application with the end user then come back with or without the end user to some of the large lead-acid battery companies and by large I mean I’m talking about just a very few and offer a product to them or have an owner end user customer demand that they incorporate a product, our product in their battery, it would make their battery better. So our work with them continues and we look forward to an on-going partnership with them. Now, it’s been over two years with both of those partners, results have been good.

Unidentified Analyst

Is that like a multiyear [indiscernible] like a multiyear from now or do you see that as something to start next year?

Thomas Granville

It depends on -- you know we have got a lot of discussions with them and I unfortunately can’t get into a lot of detail about that, but just take an example of we get a 5 billion battery order, 5 billion units, that’s pretty unlikely. But if something like that did happen or were to happen, if we have had discussions with them about providing a backstop for us in order to complete and order of that magnitude we certainly see a ramp up in the markets that we’re talking to. But who knows, eventually that's -- the plan is to form a strategic alliance with them, initially to provide our proprietary negative electrode to them for use and make their batteries better. Eventually it would be providing components of that electrode and if the business continued to spiral we would consider licensing to them, all the while continuing to manufacture the product and service niche markets ourselves.

Unidentified Analyst

Second question I had was with respect to energy storage system, how you sort of past year, it has been just the first time since Axion has any RFPs and RFQs? Is there any way to quantify how many megawatts that you actually -- maybe not even get any of them, but how many they are actually bidding on at this time, so if you go from one to 10, that’s a large increase. But if you go one to 100, that’s a very large increase. And is there any way just to kind of get some clarity as to -- are you talking about a couple of projects, are you talking about many-many projects or how are we supposed to be able to gauge how big an opportunity this is at this time?

Thomas Granville

Okay, so the projects in size go from something that’s five figures to something that’s eight figures. The megawatts go from kilowatts all the way down to 10 and they go up to multiple megawatts at the other end of the spectrum, multiple megawatt per project. So short of totaling everything up which I certainly don’t want to do and I am not going to do, totaling up all the megawatts, but say that it’s certainly more than 10, because 10 might be one project for example, that we have a proposal out for.

Unidentified Analyst

Is the 2.5, you mentioned the 2.5 block and I haven’t heard that before. Is that the ideal size for a frequency regulation project?

Thomas Granville

Yes, you haven’t heard that before because we haven’t really experimented with it until the last few months. For the larger projects and by larger projects I am talking about double figure megawatts, that’s a building block that we feel we can be at it for a lot of reasons that I won’t get into, but there are break points and that’s a sweet spot.

Operator

Our next question comes from [indiscernible], please go ahead.

Unidentified Analyst

So my first question was in the 10-K you commented on the fact that it looks like you’re going to be decreasing the number of batteries you’re making in the toll battery contract and going to be increasing the number of batteries that you’re going to be making for PbC. Is this something where the toll company doesn’t want as many batteries or are you just think that you’re going to need more of your production staff for PbC battery?

Thomas Granville

So, it’s always been the plan that we would make -- that we would toll batteries as long as there was adequate space and there were adequate assets to do that. Everyone knew including our partner, strategic partner, that that was the case. Eventually we would have to part ways in that tolling arrangement because there just isn’t enough room that there is not enough people, there is not enough dry charge availability to both. So I think its combination of both of the items that you mentioned. Since they know that it’s going to end at some point in time, they have to take steps in order to fill that void.

Unidentified Analyst

Also my other question was you didn’t make any comments about your partnership with MultiLink and the cable system backups, has that gone forward? Has there been any sales in that regard or do we know what the status of that is?

Thomas Granville

We were actually over there last Thursday as a matter of fact. That partnership certainly continues, we’re enthused about that, I have been over there myself, I like the company, I like the people, I like their forward thinking, we have several batteries on tests here in our test with them, they will be rolling out a new product and I don’t want to start speaking for them. Let’s just say that they have a new product that they are going to be rolling out and we want to be there with them providing part of that product.

Operator

(Operator Instructions). Our next question comes from Bryan Richlane a private investor. Please go ahead.

Unidentified Analyst

Good morning, question again about the PowerCube, you mentioned a sweet spot at 2.5 megawatts. Can you explain why that is the sweet spot?

Thomas Granville

No. I certainly could but I don’t want to reveal too much other than certain things dove tail level and our economies of scale that include electronics and some other things that I would rather not get into because of the competitive advantage.

Unidentified Analyst

And then following on that you mentioned also that you were competitive with other proposals, why is it I mean I am trying to understand is this a scenario like Norfolk Southern or ePower where the PbC is the only rationale choice or how close is other competition in terms of supplying their batteries based upon the characteristics that are required for this application.

Thomas Granville

Well of course that’s owners and developers decision but there are certain things that the competition can’t do. There are certain things about asset for example we that can’t do, and those things relate to charge acceptance.

Unidentified Analyst

I am sorry to interrupt, but I get that but in other words is that like an ePower or a Norfolk Southern scenario where they just can’t compete or is there still a tough competition as to whether an investor might choose something else over the PbC.

Thomas Granville

There is always that chance that they will choose something else, lithium ion solutions, nickel metal cadmium solution, if they want to pay for it. Those solutions are more expensive. In addition there are some things that those solutions can’t do, for example. Lithium ion can discharge every bit as rapidly as we can; lithium ion has cycle life that’s every bit as good as ours. But lithium ion cannot recharge as quickly as we can. So it’s a trade-off. Do you want two out of three or you want three out of four of those characteristics, will you settle for that, is footprint important to you? Our footprint for example is larger than a lithium ion footprint. So in a congested urban setting, lithium ion might be a choice because of that, because of that footprint. It’s not dramatically larger but it depends on how you value real-estate. So the only reason I land on that is just to give you an example, no we’re not the only solution, are we the best solution in terms of price point per cycle? We think we are owners, we think we are. Our solar integrator in New Jersey thinks we are and others, so yes we are a solution; we’re not the only solution. But we think we are the best solution from both the longevity and a price point.

Unidentified Analyst

And last question thank you, the update on the substantial sales issue that we've been following for the last several months.

Thomas Granville

Well I am going to mention here in my closing remarks than it’s a short 44 days to the next call. And we’re looking forward to that call because we’re looking forward to update everybody on how that is going and progress that we’re making. Would I love to have seven or eight of these projects under lock and key? Absolutely. Walk before we run for sure, is this a Norfolk Southern automotive scenario where it’s going to take forever to test, no that’s not where we are.

The testing part of our cube alone will continue in some forms. We won’t have testing as the obstacle to sale. We won’t be face but yes we will give you the sale if you test the product for another 15 months, nine months whatever it is. We are out there, we proved the application. We are very anxious to get our New Jersey project up and running. We expect that to happen in the next two months and our batteries are in place there I think even if you look at the language in the K, it indicates that we have shipped all of the batteries, we have shipped the battery management systems, we have put the batteries in place in the ranking systems, wired batteries are waiting for the snow and it has now so that they can install solar panels there and complete the project. And that will be one more proof of application for us in the field here it is operating in the PJM network and this is the amount of revenue that it’s been.

Unidentified Analyst

Has there been anything that has interfered with your initial expectation of substantial sales between then and now or is it just variety business delays?

Thomas Granville

It’s more the latter than the former. There have been a couple of hiccups in there such as funding for the owner, such as approval from government agencies that have just dragged down forever.

Unidentified Analyst

Thank you very much. Appreciate it.

Operator

Our next question comes from Bill Crow, Retail. Please go ahead.

Unidentified Analyst

Yes, I was just wondering a little bit if you could, in the case that you would need more money, invest money, how long is it take to generate that type of activity and also what methods might you use next time to generate, would you go back to the pipe, can you talk a little bit about that?

Thomas Granville

I don’t want to say too much about that other than that we are certainly not looking to another convertible. The next funding for working capital would, certainly and CapEx would certainly be an equity raise that would be the traditional raise that we have done in the past. I think we probably done five equity raises. This last one was first time we went to a convertible debt structure. I won’t beat dead horse and get back into that story. We have taken our lumps , good part of that is that it’s over, for the most part there is still some trailing, lingering affix bidding in terms of shares being issued into the market but the vast, vast majority of that is, has been completed.

Unidentified Analyst

What I wanted to know too is relative just to the broader picture, I am just a retail investor but I wanted to ask you whether the fact that it is, that the company is based on lead-acid technology and developed a sort of fitness in the market of lithium-ion and things like that, your thoughts, does that hold you back relative to people’s opinion of going into this on a large scale, recycling of the lead and lead-acid?

Thomas Granville

Actually just the opposite, the good reputation that lead-acid has had for decades here in North America at least in terms of recycling, lead-acid batteries and I wouldn’t have believed it until I read it myself a years ago, I would have lost a lot of money on that, I were asked what the most recycled product is in the U.S., I would have gone to the naturals of glass or newspapers. It’s actually lead-acid batteries, 99.1% of lead-acid batteries are recycled into lead for new lead-acid batteries. The acid is saved, the plastic is recycled and the lead-acid products and also our PbC product have a value at the end of life. So, the smelters, the lead-acid battery companies will come around in their trucks and pick up your old lead-acid batteries and they will pay you $0.35 a pound for the entire battery and that’s because of the recyclability of that. Conversely, lithium-ion has a cost at the end of life, a cost up to -- well we’ve heard all kinds of numbers, we'll take the least expensive and that’s about $0.45 a pound of that you have to pay to dispose off the lithium-ion products.

Unidentified Analyst

You’re out of to just basically some to the EPA and et cetera, et cetera, you led recycling as a positive thing and they haven’t been sort of clamping down on the idea of [indiscernible]

Thomas Granville

Yes, of course they have in paid in other things of that nature and they have been difficult to deal with my understanding is they have four lead recycling plants for example or older lead-acid battery plants that don’t meet the standards. But two years ago when we did our last testing here at Axion, we actually -- when they came out to test for lead because of the purification system that we put in the new bags and state of the art products here at the plant. Their test equipment could not detect the lead levels in the plant. So they had to make up a score for us that was the lowest level that their equipment could detect. So we’re clean and we view ourselves as green as well to the extent that where -- our battery contains 35% less lead than a typical lead-acid battery and of course we’re sustainable and recyclable.

Operator

Our next question comes from [indiscernible]. Please go ahead.

Unidentified Analyst

In the recent disclosure, it said that the significant and sustained penetration of key developing markets will depend on our success in developing or acquiring these and other technologies where the previous sentence referred to lithium ion. So the obvious question is, what types of products could be selling lithium battery fit with the company's strength?

Thomas Granville

I’m not sure where that is in the 10-K, it’s probably under risk factors I would assume and that language has been there for a long-time. But we have no plans whatsoever of ever selling or I guess you never say never, but it’s certainly is in our game plan right now to combine with a lithium product or sell a lithium product or manufacture one. The manufacturing facility here is totally at odds with what’s you would need to manufacture a lithium ion product should require a dry room. It requires a white-glove environment. It’s completely the opposite of what we do here where we take advantage of the fact that we can take the product in open space and with equipment that’s been completely depreciated overtime.

Operator

This concludes our question and answer session. I would like to turn the conference back to Mr. Thomas Granville for any closing remarks.

Thomas Granville

Well, thank you and my thunder was stolen a little bit in answering one of the questions, short and sweet. The next call will be in a short 44 days from now. We’re happy with that timeframe because it will allow us to update you on the fast moving market initiatives that we have embarked upon. Thanks again for listening this morning and we’ll see you in May.

Operator

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

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