The board and I are pleased to welcome Vic to ARC International.

ARC International continues to benefit from the industry's increasing adoption of configurability and our leadership position within this market. The environment for intellectual property licensing is improving, and despite the revenue shortfall, ARC continues to make good progress towards achieving its strategic goals.

We are pleased to welcome Kareem back to the organisation.

We are very pleased to have Dave and Tom on board.

We are pleased to forge this new relationship and welcome Mr. Dong Hong and his team at Shanghai TO-OPT. This agreement represents the culmination of three years of work in the Chinese marketplace, building awareness for our anti-counterfeiting technology, our products and our company's reputation. With Shanghai TO-OPT now in place to serve the local market, we are confident of further success in China. Our work with Shanghai Tobacco Company and the respected Panda brand only serves to enhance our reputation.

We are extremely pleased that the transaction between ARC Venture Holding, Inc. and Walker Resources, Inc. has been completed. There is no group better positioned in the industry to move Advantage Rent-A-Car forward than ARC Venture Holding, Inc. We are also pleased of their decision for the corporate headquarters to remain in San Antonio where nearly 500 of the current combined company's employees are located.