Mr. Pascali, 

Congrats on the induration progress and hopefully contracts will be inevitable. 

Naturally though... I have a question(s). Since several other large companies manufacture plasma torches I wonder how big your moat is around this technology and market. 

With competition like ESAB and Komatsu in the torch business could these larger companies easily enter this market with their own variation? 

In comparison to Drosrite which appears to have a very strong moat, in that it would be difficult to create a variation or compete without a patent violation. How confident are you that the Induration torches will be able to gain market share and maintain competitive advantage? 

As always thank you for your time. 

HK