Mr. Barstow: Headwall Photonics designs, develops and manufactures optical subsystems that enable emerging applications in the life sciences, telecommunications and analytical markets. We specialize in building products with application-specific performance and our products are designed in as core strategic technology for a wide range of environments ' from the bottom of the ocean to deep space exploration. Headwall Photonics is a new venture but is a company with a lot of history. We're a startup resulting from a management buyout of an optical division of Agilent Technologies. Our technological strength and intellectual property, coupled with our state-of-the-industry facilities, offer us unique competitive advantages in the marketplace. From a funding perspective, our investors saw the advantages of investing in a business with a proven management team, unique technology strengths with very limited development risk, a global base of diversified customers and the vision to bring this optical technology to new markets. We sell into rapidly growing markets and have an enthusiastic base of worldwide customers. The roots of our company go back to a company formed in the late 1970s by the name of American Holographic. American Holographic pioneered holographic diffraction technology based on techniques similar to those currently used in semiconductor manufacturing. This rich legacy of engineering innovation provides unique capabilities when combined with the benefits of three years of ownership and investment by Agilent Technologies. During the telecommunications boom of the late 1990s, Agilent Technologies acquired American Holographic to provide strategic technology and enable significant revenue growth. Agilent invested in capital equipment and personnel to scale the operation and become a high-volume provider until the telecom market transition forced an industry-wide restructuring. So, with the management buyout that was effective early this year, we now have 20 plus years of technology innovation and strength with venture investment to grow our business and utilize our existing infrastructure. We are now a profitable startup business having achieved positive cash flow after two quarters, with a significant portfolio of intellectual property and capital assets which position us for strong growth without significant incremental investment. Headwall Photonics is a financially viable startup company with the capabilities, infrastructure and products available to assist its customers in the design and development of high performance high precision optical instruments and systems.
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