The risks include that are not limited to the degree of market adoption of the Company’s product and service offerings, market competition, dependence on strategic partners and the Company’s ability to manage its business effectively in a rapidly evolving market.Certainties and other risks are set forth in more detail in our filings with the Securities and Exchange Commission and you know where to find those. We don’t assume any obligation to update or revise those forward-looking statements whether as a result of new development or otherwise. As our operator indicated, please submit your questions in writing to firstname.lastname@example.org. Questions will be read aloud and answered by our senior team. If you’ve already submitted a question, we thank you. But if not or if you have more questions, you can submit them at anytime during the prepared remarks or doing the Q&A period. Now, here is Seth Grae, President and CEO of Lightbridge. Seth? Seth Grae Thank you, Gary. Good morning everyone and thank you for joining us for our 2012 second quarter conference call. Lightbridge continues to log steady incremental progress toward bringing next generation nuclear fuel designs to market. Demonstrations of our fuel technology support the indicated benefits of meaningful power uprates, longer fuel cycles and increased safety. In addition, our advisory services division has been active in pursuit of new consulting opportunities as global interest ramps up in nuclear energy as a source of long-term, efficient, base-load and carbon-free electric power. Contract negotiations continue to advance with the Bochvar Institute in Moscow on fabrication of Lightbridge-designed metal fuel samples for irradiation in the MIR research reactor in Dimitrovgrad, Russia, and the Advanced Test Reactor at Idaho National Laboratory. We remain on schedule to begin irradiation testing of fuel samples in 2013 in the MIR research reactor. Irradiated samples from this program will be used for additional out-of-reactor tests to demonstrate the metallic fuel’s behavior during severe accident scenarios and to provide quantitative verification of the safety benefits of the Lightbridge-designed fuel. We are also on track with our irradiation program at the Advanced Test Reactor working in collaboration with Texas A&M University and Idaho National Laboratory.
We continue to educate key stakeholders including nuclear utilities in our potential fuel vendor partners about the benefits of our next generation nuclear fuel designs. We expect to enter into commercial arrangements with major nuclear fuel fabricator companies by 2015.We anticipate that we will be able to begin lead test assembly operation in a full-sized commercial light water reactor by the end of 2017. This involves testing a limited number of our full-scale fuel assemblies in the core of a commercial nuclear power plant over three 18-months cycles. Lead assemblies are approximately 12 to 14 feet along. Lightbridge also has been pursuing advisory service contracts primarily in Europe and the Middle East. Our focus is on consulting arrangements with governmental entities, planning to create or expand nuclear generation. Since 2008, Lightbridge has served as an independent advisor to the Emirates Nuclear Energy Corporation and the Federal Authority for Nuclear Regulations in the United Arab Emirates. We have also provided advisory services in Kuwait and to the Gulf Cooperation Council Member States. During the quarter, our agreement with the Federal Authority for Nuclear Regulation in the United Arab Emirates was renewed and extended through 2014. We believe that in the second half of 2012, we may obtain contracts from other governments interested in deploying nuclear power in their countries. The prospect for increased consulting revenues is real even though the sales cycles for these multi million dollar contracts takes time. Read the rest of this transcript for free on seekingalpha.com