During the course of today’s call, words such as expect, anticipate, believe and intend will be used in our discussion of goals or events in the future. Management cannot be certain that final outcomes will be as described today. We encourage you to read Safeguard’s filings with the SEC, including our Form 10-K, which described in detail the risks and uncertainties associated with managing our business. The company does not assume any obligation to update any forward-looking statements made today.
Now here is Safeguard’s President and CEO, Peter Boni.
Thanks, John. And thank you all for joining us today for updates on Safeguard Scientifics and our partner companies. Results for the second quarter ending June 30th were distributed earlier today. Our progress quarter-over-quarter and over the past six months has not only been significant but we’re really pleased with our progress, the strategic game plan is firing on all cylinders.More hard work lies ahead but we believe Safeguard is well-positioned with a talented team or continue growth and we really couldn’t be more optimistic about Safeguards’ prospects. Value creation has been the driver behind Safeguards exceptional financial activity and achievements over the past quarter. Consider the following, we deployed $45.8 million of capital in new and existing partner companies including NovaSom, PixelOptics and OvaRex. We formally announced that we will acquire a 36% interest in Penn Mezzanine, the management company in General Partner. Penn Mezzanine is a lending firm that will provide subordinated debt and structure that could be financing to lower middle market businesses in the middle Atlantic and adjacent regions. We committed $3.7 million of initial capital with the potential to deploy an additional $26.3 million over a several year period. We believe this strategic partnership is an important diversification for the Safeguard business platform and it will generate solid opportunities for fee income and profit participation for us. This transaction is also expected to close by the end of August.
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