We are also pleased to inform you that Dr. Fred Leonberger has accepted our offer to remain as a senior advisor to our company for an additional year. Fred has agreed to expand his role to be an advisor to our Board of Directors, as well. Fred is a world-renowned expert in optical devices and is a key contributor to our efforts to manufacture commercial devices. He is currently actively engaged in the due diligence efforts we are conducting on companies we are considering for future business combinations. I cannot emphasize enough the value and expertise that Fred brings to our company.
I would also like to inform you that as a result of the progress we have made with our materials development this past year, we are moving our current Chief Technology Officer, Lou Glasgow, to part-time status. This is not saying that we have solved all of our materials issues; since Lou will remain significantly involved with materials development along with the additional organic synthesis capability we obtained with the addition of Babu Sundar to our team. However, the CTO role is evolving to require more focus and expertise with optical devices and commercialization, rather than material development, and I do not see a need at this time to expend the cash (we have enough cash on hand to get us through 3 rd quarter of 2013) for a full-time position, given these circumstances. Furthermore, in connection with our effort to engage in a business partnership/acquisition, a by-product of that transaction could likely provide us with a person who has optical device expertise and could assume a full-time CTO role with our company to focus on the practical aspect of devices and commercialization.
As you were informed you at our August 2012 shareholder meeting, we have identified and entered into substantive negotiations with a potential business partner/acquisition target that fits most of our major business criteria. We have recently concluded a detailed analysis of the business synergies and we are excited by the potential. I am not at liberty to discuss any details at this time, except that we are moving the negotiations forward and we remain hopeful that we can reach an agreement, although we cannot guarantee you at this time that an agreement will occur. The timeline to conclusion is hard to predict due to the many variables and number of people involved, but we are working hard to make it happen.With so many game-changing opportunities arising as we move our company forward, we are discussing the possibility of scheduling a conference call in the next month or so to provide our shareholders with additional information and the opportunity to submit their own questions. I am excited about our prospects for 2013. We appreciate your support and wish everyone the very best for a prosperous New Year.