The significant competitive advantages the company has mean that we have industry-leading margins and when you couple that with the diversity of the end markets and applications we address, we think that makes the company a compelling investment.

I’ll talk about some of those advantages in the markets as I go through this presentation. As I said the total available market for the company is large. And at the moment we only sell products into the laser source market. The total market for laser sources in 2011 is estimated to be about $3.8 billion. The largest part of that is materials processing, is expected to grow 7% to 9% to more than $5 billion by 2015. Within applications like materials processing, the transition to for example producing automobiles with great fuel efficiency, improved safety using high strength steels, transmissions that have three -- eight automatic speeds rather than three automatic speeds is all benefiting the laser industry. You require lasers to weld and cut those materials and produce compact and lightweight transmissions. There are other industries as well like shipbuilding and locomotive manufacturing that will benefit from that.

The largest part of the available market is represented by materials processing. The market can be divided up into five main categories, the largest of which is cutting and welding, using high power lasers, which is about a billion dollars. Metal marking, which is about $270 million. And fine processing, which is about $400 million. Within this market there are also a couple of future opportunities that we don't really address at the moment. The first of which, in the green segment, marking non-metals. Things like plastics. And we're developing lasers at a different wavelengths to start to address that. And a very significant future opportunity is in micro processing. Where if you can develop a fiber laser that's produced at green or UV, you should see tremendous penetration into those markets and competing with other manufactures with whom we do not directly have product to compete with at the moment.

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