So with that taking care of I’d like to turn the call over to Bill.
Thank you, Janet and thanks to all of you for joining us on the call today. As you read in today’s announcement we have entered into a definitive agreement with Intel for the sale of a portion of our patent portfolio. Scott will go through the details of the transaction and provide some information on the financial impact, but before he does I’d like to make three main points.
First of all, I want to emphasize that this transaction is a tremendous milestone on the road to delivering on this strategy we discussed earlier in the year. We announced in January that we felt that expanding our efforts to include patent sales and licensing partnerships will be a source of value for the company. Today’s announcement highlights the potential value of that strategy as well as InterDigital’s ability to execute on it.
Second, a transaction like this really shines in a spotlight on the value of our very strong research and development team of more than 200 engineers. This transaction involves approximately 1700 patents and patent applications a number that our internal R&D efforts typically generate over the course of a given 18 months period. Intel clearly understands the strength of our invention and this transaction highlights the value of continuing developed [including edge] technologies.
Finally, let me emphasize that although the patent assets were selling a very strong, we do not expect to sell to have a material impact on our ongoing licensing program. For example, the transaction involves none of the patent that issue in our recently filed ITC action as well as the patents that issue on our prior ITC action against Nokia which remains under appeal.
So, with that let me turn it over to Scott.