Well, 2014 is just about finished. It was a transition year for MagnaTech P/M Labs. In January we successfully completed our Phase II SBIR contract to develop a process to modify the surfaces of low alloy, ferritic and martensitic stainless steels to improve wear, corrosion, fatigue and toughness. Unfortunately we were not favored with a Phase 2.5 contract to go to the next step to qualify the technology. However, the Navy wishes that the technology be commercialized. One of the steps to achieve this goal is application and award of patents. We now have received five patents protecting the technology that was developed. In addition, MagnaTech has five years of SBIR rights protection after the contract is completed.
As an additional step to assist in commercialization, the Navy provided the services of Dawnbreaker to prepare MagnaTech for a Navy sponsored two-and-a-half-day exhibition showing the technology to top Navy personnel and Prime Contractors for the Navy. In addition, we were alloted a twenty minute slot to present the technology to a select audience. From these activities MagnaTech made two contacts that are starting to appear as strong potential for additional development for the Navy next year. Not only will our patented technology be required for this work, but also new laser melting technology will be necessary. Therefore, MagnaTech expects to be busy pursuing this opportunity in early 2015.
In addition, MagnaTech has also been active in attempting to establish licensing or a partnership to commercialize the patented technology. MagnaTech has made presentations to several companies that could benefit from the technology. MagnaTech continues to work with SCORE to develop additional strength in developing this kind of relationship. MagnaTech realizes that our strength resides in research and development, and that is where we wish to use our time. However, we are looking for opportunities for furnace manufacturers, heat treaters or powder metal fabricators either to license or co-operate to form a company that will introduce the technology to the market place for financial gain to the partner or licensee as well as MagnaTech.
With this, MagnaTech wishes all of our customers, friends and supporters a very prosperous New Year.