In our review of the business I will begin with Mirel biopolymers. After the ADM termination of the Telles joint venture in January, I outlined our plan forward for you. I told that you that we would launch Mirel biopolymers under the metabolics nameplate. We said that we would focus on high valued segments, initially target a 10,000 ton per year plant, maintain the ability to engage multiple partners, deploy our most recent technology and retain the potential to create an integrated value chain. I m pleased to announce today that we are well on our way to delivering upon all of these objectives with the announcement of a manufacturing partnership.

So let s turn to slide two of the accompanying slides. We selected Antibióticos in León, Spain for commercial production of Mirel biopolymer resin and have signed a letter of intent or LOI to initiate the collaboration. Antibióticos is a highly regarded toll manufacturer of fermentation products who has and been in business for over 50 years. They have manufacturing equipment very well suited to the production of Mirel resin and as such are an ideal selection for our initial production site.

We anticipate two phases of our relationship with Antibióticos. First, in demonstration phase which will begin immediately we will work together to integrate our technology and run the entire process of PHA fermentation and recovery on commercial scale equipment, the vast majority of which is already at their facility. The purpose of this phase is to initiate technology transfer to Antibióticos and to identify the specifics of any equipment needed to ultimately operate the facility at our targeted 10,000 ton per year scale.

Given that all fermentation assets are in place and much of the recovery equipment we are aiming to produce demonstration quantities of Mirel in this demonstration phase by early 2013. In addition, during this phase the companies will complete additional economic and engineering feasibility studies related to the establishment in commercial operation of Mirel biopolymer resin onsite in Antibióticos.

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