ClearSign Technologies Corporation

Good day and welcome to the ClearSign Technologies fourth quarter and full year 2019 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Matthew Selinger, Investor Relations. Please go ahead.

Thank you, Operator, and welcome everyone to the ClearSign Technologies Corporation fourth quarter and full year 2019 results conference call. During this conference call, the company will make forward-looking statements. 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 forward-looking statements made in this conference call include but are not limited to whether field testing and sales of ClearSign 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 periodic public filings with the SEC, including the discussion in the risk factor sections of the 2018 Annual Report on Form 10-K and the 2019, which will be filed in the coming weeks. Except as required by law, ClearSign assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so. So on the call with me today are Jim Deller, ClearSign's President and Chief Executive Officer, and Brian Feig, ClearSign's Chief Financial Officer. Rob Hoffman, ClearSign's Chairman of the Board, will also be available during the Q&A portion of this call. And with that said, I would like to turn the call over to Brian Feig. Brian, please go ahead.

Thank you, Matthew, and thank you to everyone joining us today. Our full financial results will be released later this month, but before I turn the call over to Jim, I want to take the opportunity to briefly look back over the previous year since our change in company management and focus. The cash burn for the quarter ended December 31, 2019 was $1.5 million compared to $2.2 million in the same period of 2018. This is a reduction of 32% and is representative of the changes made in the company since the first quarter of last year. Looking back and comparing the last three quarters of 2018 to 2019, the reduction in cash burn is 25% and looking at the six months, The cash burn reduction is a full 30%. The Q4 figures are consistent with the increasing efficiency achieved over the past year. The major savings have been from systematic focus on selected and prioritized development projects and the very selective and judicious use of outsourced consulting. This has been combined with more rigorous project planning and budgeting and expenditure approval processes. Our cash and investment resources were about $8.5 million at the end of the fourth quarter of 2019 compared to $10 million at the end of the third quarter. Shares outstanding at the end of 2019 were $26,707,261. It is important to note that we have sufficient working capital available as of today. It carries through 2020 and into 2021. This is assuming no revenues and assuming no material change in expenditures. I just want to re-emphasize that. It assumes no revenues from the ClearSign core burner sales and no revenue from our soon-to-be-deployed ClearSign iPod, which we do expect to begin seeing results from during this time window. And with that, I would like to turn the call over to our Chief Executive Officer, Jim Deller. Please go ahead, Jim.