These forward-looking statements speak only as of the date hereof. I will now turn the call over to Jamie.
Thanks Jeff and good afternoon everyone. Thanks for joining us on the call. This morning we issued a press release announcing that we had completed the sale of certain assets to DSM and I would like to begin by sharing a few takeaway points on this transaction.
First, we have always claimed to have uniquely high-performing products and this deal demonstrates the value behind that claim. Second, our ongoing business in each of the animal feed, grain processing and oilfield service industries is based on other uniquely high performing products. This transaction provides the resources to focus on developing all of those businesses and others. Third, we often focus our commentary on our products, but the reality is that our use of fast biodiversity libraries and the proprietary tools we use to create products from them are the real stars of the show.To date we have created nine commercial products from these libraries without ever having a product fail the regulatory process. Simply put, our future is not based on the risky development of new technology, but rather using our fully develop capabilities to produce more and more new products from our current and new end markets. Finally this transaction provides the resources necessary to unlock substantial value for shareholders. From these three sources, our commercial products, our late stage pipeline and our product development capabilities. Let me now walk you through the terms of the transaction and what they mean for our business going forward. DSM is acquiring certain commercial and pipeline products and assuming the costs associated with those assets for a total consideration of $37 million. There are three primary components of the assets we sold to DSM. First; DSM will purchase our oilseed processing products and pipeline candidates and assume our partnership contracts with Bunge, Alfa Laval, and Desmet Ballestra.