Mount Logan Capital Inc (MLCI) 2016 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Harris & Harris fourth-quarter 2016 financial results conference call. (Operator Instructions) As a reminder, this call may be recorded.

女士、先生們，大家好，歡迎參加 Harris & Harris 2016 年第四季財務業績電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

I would now like to introduce your host for today's conference, Alicia Gift. Please go ahead.

現在我想介紹今天會議的主持人艾莉西亞·吉夫特 (Alicia Gift)。請繼續。

I will now read the Safe Harbor statement. This shareholder call may contain statements of a forward-looking nature relating to future events. Statements made during this call that are forward-looking statements are intended to be made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

我現在將宣讀安全港聲明。本次股東大會可能包含與未來事件有關的前瞻性陳述。本次電話會議中所作的前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs and a number of important factors could cause actual results to differ materially from these expressed herein. Please see the Company's annual report on Form 10-K as well as subsequent filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business including, but not limited to, the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results.

這些前瞻性陳述受預測未來結果和條件的固有不確定性的影響。這些聲明反映了公司目前的信念，許多重要因素可能導致實際結果與本文表達的結果有重大差異。請參閱公司的 10-K 表年度報告以及隨後向美國證券交易委員會提交的文件，以更詳細地了解與公司業務相關的風險和不確定性，包括但不限於與風險資本投資相關的風險和不確定性以及可能影響公司實際業績的其他重要因素。

Except as otherwise required by federal securities law, Harris & Harris Group, Inc. undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

除非聯邦證券法另有規定，Harris & Harris Group, Inc.不承擔更新或修改這些前瞻性陳述以反映新事件或不確定性的義務。

Thank you, Alicia. Thank you all for joining us this morning. We will walk you through a few of the key events from the end of 2016 and the beginning of 2017. Alicia Gift will also provide a review of a few key financial items.

謝謝你，艾莉西亞。感謝大家今天上午參加我們的活動。我們將帶您回顧 2016 年底和 2017 年初的一些重要事件。Alicia Gift 也將對一些關鍵的財務項目進行回顧。

I hope everyone had a chance to read our recently posted letter to shareholders for Q4 2016 and to also read our press release that accompanies the release of our year-end financials. There are no slides accompanying our call this morning.

我希望每個人都有機會閱讀我們最近發布的 2016 年第四季股東信，並閱讀我們發布年終財務報表時附帶的新聞稿。我們今天早上的電話會議沒有附帶幻燈片。

Let me start with a strategic discussion. We ended 2016 and began 2017 preparing for change at Harris & Harris Group. On December 20, 2016, we released a letter to shareholders documenting these impending changes. We followed that letter with a shareholder call on January 10, 2017, further explaining our plans. Since then, we have spoken or met in person with many shareholders to discuss and to receive feedback on these plans.

讓我先從戰略討論開始。2016 年結束，2017 年伊始，我們為哈里斯和哈里斯集團的變革做準備。2016 年 12 月 20 日，我們向股東發布了一封信，記錄了這些即將發生的變化。我們在 2017 年 1 月 10 日召開了股東電話會議，進一步解釋了我們的計劃。從那時起，我們與許多股東進行了交談或會面，討論並聽取了有關這些計劃的反饋。

Overall, we would say the reception has been very positive. We remain on schedule to complete the changes we have detailed by March 31, 2017.

整體而言，我們認為反應非常正面。我們將按計劃在 2017 年 3 月 31 日之前完成詳細列出的變更。

In all of our communications we have humbly noted that the work to change our course remains ahead for the Company. These changes are not a cure-all; the hard work is ahead of us. That said, we believe we now have a more focused, lower-cost strategy for increasing value for our shareholders. We have proven new leadership coming in to execute on this strategy. We believe we have not sacrificed value at our maturing existing portfolio of investment either.

在我們所有的溝通中，我們都謙虛地指出，公司仍需要努力改變我們的路線。這些改變並不是萬能的；我們面前還有艱苦的工作。話雖如此，我們相信我們現在擁有一個更有針對性、成本更低的策略來為股東增加價值。我們已經證明新的領導層能夠執行這項策略。我們相信，我們也沒有犧牲我們現有的投資組合成熟的價值。

Ahead of our announcement we did take steps in 2016 to reduce expenses and decrease our net operating loss. As reported in the annual report on Form 10-K we increased our investment income by 95% and decreased our net operating loss by 37% during 2016 as compared with 2015. We decreased our operating expenses for the third consecutive year and steps we are taking now will continue to decrease these operating expenses.

在我們宣布這一消息之前，我們確實在 2016 年採取了措施來削減開支並減少淨營業虧損。根據 10-K 表格年度報告，與 2015 年相比，2016 年我們的投資收益增加了 95%，淨營運虧損減少了 37%。我們連續第三年降低了營運費用，我們現在採取的措施將繼續降低這些營運費用。

Also in 2016 we continued to monetize investment in our publicly-traded and privately-held portfolio of companies. Our ability to monetize portions of our portfolio since 2011 and realized gains permitted us to manage the Company without raising capital and diluting shareholders whilst our stock traded below net asset value per share.

此外，2016 年，我們繼續將對上市公司和私人控股公司投資組合的投資貨幣化。自 2011 年以來，我們能夠將部分投資組合貨幣化並實現收益，這使我們能夠在不籌集資金和稀釋股東權益的情況下管理公司，同時我們的股票交易價格低於每股淨資產價值。

But the change we have proposed offers more than just reducing expenditures and monetizing assets. Going forward, we will focus on investing in and providing value-add systems through constructive activism to what management believes are substantially undervalued, small, publicly-traded companies that have the potential for significant turnarounds. This approach is a change in how we think, how we invest, how we manage the Company into the future.

但我們提出的變革不僅僅是減少支出並將資產貨幣化。展望未來，我們將專注於透過建設性行動投資和提供增值系統，為管理層認為被嚴重低估、具有重大轉變潛力的小型上市公司提供服務。這種方法改變了我們的思維方式、投資方式以及公司未來的管理方式。

Rather than making new investments in early-stage private companies that often now take seven to 15 years to provide returns on invested capital, we believe the new strategy will enable us to generate income and grow NAV over shorter, more predictable timeframes than those we have experienced over the past several years. Our goal is that the result of our constructive activism leads to a reversal in direction for the share prices of these investee companies, thereby creating value for our shareholders.

我們認為，新策略將使我們能夠在比過去幾年經歷的更短、更可預測的時間內創造收入並增加資產淨值，而不是對早期私人公司進行新的投資（這些公司現在通常需要 7 到 15 年的時間才能獲得投資回報）。我們的目標是，我們建設性的正向行動能夠扭轉這些被投資公司的股價走勢，進而為我們的股東創造價值。

This change also comes with new leadership. Kevin Rendino will be assuming the roles of Chairman and Chief Executive of the Company. Mr. Rendino's distinguished investment career and his extensive domain knowledge in the area where 180 Degree Capital will be focused provides demonstrated leadership for the firm.

這項變化也伴隨著新的領導階層。凱文·倫迪諾 (Kevin Rendino) 將擔任公司董事長兼執行長。倫迪諾先生傑出的投資生涯以及他在 180 Degree Capital 所關注領域的廣泛知識為公司提供了卓越的領導力。

For over 20 years, Kevin led the basic value funds that Merrill Lynch and BlackRock. The funds under his management had approximately $13 [billion] in total assets. Mr. Rendino is also a member of BlackRock's leadership committee.

20多年來，凱文一直領導美林證券和貝萊德的基礎價值基金。他管理的基金總資產約 130 億美元。倫迪諾先生也是貝萊德領導委員會的成員。

Since 2012, Kevin has served as Chairman and Chief Executive Officer of RGJ Capital. Daniel Wolf, our President, Chief Financial Officer, and Chief Compliance Officer, will assist Mr. Rendino in executing the new strategy and shepherding our existing portfolio to monetization events over the coming years. Daniel has served Harris & Harris Group since 2004 with successive increases in roles and responsibilities.

自 2012 年起，Kevin 一直擔任 RGJ Capital 董事長兼執行長。我們的總裁、財務長兼首席合規長 Daniel Wolf 將協助倫迪諾先生執行新策略，並在未來幾年引導我們現有的投資組合實現貨幣化。丹尼爾自 2004 年起就職於 Harris & Harris Group，職位和職責不斷增加。

We also believe we have a maturing portfolio with some investments that may provide outsized returns to our shareholders without much, if any, further investment from us. We will also remain actively involved in the emerging area of precision health and medicine through investments such as Essential Health Solutions, TARA Biosystems, ORIG3N, and HALE.life, where we have larger investment ownership positions that are more historic investments, where we believe the business models require less capital to get to cash flow breakeven, and unlike nanotechnology, where markets are going to be transformed. We believe this creates an opportunity for our shareholders to be rewarded for holding our stock into the future.

我們也相信，我們擁有一個成熟的投資組合，其中的一些投資可能無需我們進行太多（甚至不需要）進一步投資就能為我們的股東帶來超額回報。我們也將繼續積極參與精準健康和醫療等新興領域，投資 Essential Health Solutions、TARA Biosystems、ORIG3N 和 HALE.life 等公司。在這些領域，我們擁有較大的投資所有權，這些投資都是歷史性投資。我們相信，這些領域的商業模式需要較少的資本就能達到現金流收支平衡，而且與奈米技術不同，奈米技術的市場即將轉變。我們相信，這為我們的股東創造了一個機會，使他們能夠因持有我們的股票而在未來獲得回報。

Our NAV was $2.34 as of December 31, 2016. Since year-end our holdings in Adesto Technologies Corporation have increased in value. As noted on page 46 of our annual report on Form 10-K, the change in the price per share of Adesto between December 30 of 2016 and March 14, 2017, equals an increase of approximately $0.13 in NAV. We hope that this small, but positive, change in valuation, paralleling the changes we believe will be consummated by the end of the first quarter of 2017, may be the first positive steps for the new direction of the Company. We would like it to be a jump start on our future.

截至 2016 年 12 月 31 日，我們的淨值為 2.34 美元。自年底以來，我們在 Adesto Technologies Corporation 的持股價值增加。正如我們 10-K 表年度報告第 46 頁所述，2016 年 12 月 30 日至 2017 年 3 月 14 日期間 Adesto 每股價格的變化相當於資產淨值增加約 0.13 美元。我們希望，這一微小但積極的估值變化，與我們認為將在 2017 年第一季末完成的變化相一致，可能是公司新方向邁出的積極第一步。我們希望它能成為我們未來的一個好開始。

Alicia, would you walk us through the year-end financials?

艾莉西亞，你能向我們介紹一下年終財務狀況嗎？

Yes. At December 31, 2016, we had total assets of approximately $74.6 million on our balance sheet. Included in our total assets is our investment portfolio, which was valued at approximately $58.3 million versus its cost base of $101.9 million at December 31, 2016. Therefore, at year-end our portfolio was in a depreciated state of $43.6 million.

是的。截至 2016 年 12 月 31 日，我們的資產負債表上的總資產約為 7,460 萬美元。我們的總資產包括我們的投資組合，其價值約為 5,830 萬美元，而 2016 年 12 月 31 日的成本基礎為 1.019 億美元。因此，到年底我們的投資組合貶值了 4,360 萬美元。

We also held $15.4 million in cash and had no debt outstanding at year-end. At December 31, 2016, our primary and secondary liquidity was $20.0 million. Our net assets at December 31, 2016, were approximately $72.3 million and our net asset value per share was $2.34. This was a decrease from our net asset value per share of $2.88 at December 31, 2015.

我們還持有 1,540 萬美元現金，並且截至年底沒有未償還債務。截至 2016 年 12 月 31 日，我們的主要和次要流動資金為 2,000 萬美元。截至 2016 年 12 月 31 日，我們的淨資產約為 7,230 萬美元，每股淨資產價值為 2.34 美元。這比 2015 年 12 月 31 日每股淨資產價值 2.88 美元有所下降。

Turning to our income statement. For 2016 we had investment income of approximately $1.8 million compared to approximately $917,000 in investment income in 2015. Our total expenses were approximately $6.3 million for the year compared with approximately $8.1 million during 2015.

轉向我們的損益表。2016 年我們的投資收入約為 180 萬美元，而 2015 年的投資收入約為 917,000 美元。我們今年的總支出約為 630 萬美元，而 2015 年約為 810 萬美元。

These total expense figures include both cash and non-cash-based operating expenses such as stock-based compensation. Stock-based compensation expense has no impact to NAV.

這些總支出數字包括現金和非現金營運支出，例如股票薪酬。股票薪酬費用對淨值沒有影響。

Our total cash based and accrued operating expenses for the year ended December 31, 2016, were approximately $6.3 million as compared with $7.5 million during the comparable period in 2015. This yielded a net operating loss of $4.5 million for 2016, which is a decrease compared to our net operating loss of $7.2 million for 2015.

截至 2016 年 12 月 31 日止年度，我們的現金及應計營業費用總額約為 630 萬美元，而 2015 年同期為 750 萬美元。這導致 2016 年淨營業虧損為 450 萬美元，與 2015 年 720 萬美元的淨營業虧損相比有所減少。

Great. Thank you, Alicia. Before opening up to questions, I will just provide a few details from 2016, most of which we covered in the press release.

偉大的。謝謝你，艾莉西亞。在回答問題之前，我將提供一些 2016 年的細節，其中大部分我們都在新聞稿中有所涉及。

First, some of the positive events for 2016. We paid off all of our outstanding obligations associated with the loan facility with ORIX as of December 31 and as of today the Company does not have any outstanding debt. We executed an agreement whereby Metabolon repurchased all our securities of Metabolon for proceeds of $10.8 million versus our cost basis of $7.2 million.

首先，2016年的一些正面事件。截至 12 月 31 日，我們已償還與 ORIX 貸款相關的所有未償還債務，截至今天，本公司已沒有任何未償還債務。我們簽署了一項協議，Metabolon 將以 1080 萬美元的收益（而我們的成本基礎為 720 萬美元）回購我們所有的 Metabolon 證券。

We did sell our shares of Magic Leap to two undisclosed buyers for aggregate proceeds of $640,000. D-Wave Systems announced details of its most advanced quantum computing system, the D-Wave 2000Q. During the first quarter of 2017, D-Wave also announced the sale of its first D-Wave 2000Q to Temporal Defense Systems, a cyber security firm.

我們確實將所持有的 Magic Leap 股份出售給了兩位未公開的買家，總收益為 64 萬美元。D-Wave Systems 公佈了其最先進的量子計算系統 D-Wave 2000Q 的細節。2017 年第一季度，D-Wave 也宣布將其首台 D-Wave 2000Q 出售給網路安全公司 Temporal Defense Systems。

AgBiome announced the award of a multiyear grant from the Bill & Melinda Gates foundation for the evaluation and development of lead proprietary biological fungicides. Mersana Therapeutics expanded its partnerships with Takeda Pharmaceutical Company, providing Mersana with an upfront payment of $40 million and an additional payment of $20 million upon clearance of the IND by the FDA. IND is investigational new drug application.

AgBiome 宣布獲得比爾和梅琳達蓋茲基金會的多年期資助，用於評估和開發領先的專有生物殺菌劑。Mersana Therapeutics 擴大了與武田製藥公司的合作夥伴關係，向 Mersana 提供 4000 萬美元的預付款，並在 FDA 批准 IND 後額外支付 2000 萬美元。IND 是新藥研究申請。

Subject to the success of XMT-1522 and antibody drug conjugate programs, Mersana is also eligible to receive milestone payments of more than $750 million as well as royalties. Takeda also agreed to invest up to $20 million in Mersana.

如果 XMT-1522 和抗體藥物偶聯物計畫取得成功，Mersana 也有資格獲得超過 7.5 億美元的里程碑付款以及特許權使用費。武田也同意向 Mersana 投資高達 2000 萬美元。

We also faced challenges during the year. Our share price decreased again in 2016. The values of our public equities, particularly those of micro-capitalization companies, remain highly volatile. The price per share and market capitalization of Adesto decreased in value from $7.71 as of December 31, 2015, to $1.85 as of December 30, 2016.

這一年我們也面臨挑戰。2016年我們的股價又下跌。我們的公開股票價值，特別是微型資本公司的股票價值，仍然高度不穩定。Adesto 的每股價格和市值從 2015 年 12 月 31 日的 7.71 美元下降至 2016 年 12 月 30 日的 1.85 美元。

Enumeral Biomedical Holdings also decreased in value from $0.23 as of December 31, 2015, to $0.13 as of December 30, 2016. However, the change in price per share of Adesto Technologies, as alluded to earlier, between December 31, the last day of trading for the year, and March 14 equals an increase of approximately $0.13 in net asset value per share for Harris & Harris Group.

Enumeral Biomedical Holdings 的價值也從 2015 年 12 月 31 日的 0.23 美元下跌至 2016 年 12 月 30 日的 0.13 美元。然而，如同前面所提到的，Adesto Technologies 每股價格在 12 月 31 日（今年最後一個交易日）至 3 月 14 日之間的變化相當於 Harris & Harris Group 每股淨資產價值增加約 0.13 美元。

Finally, even though financings of some of our portfolio companies may have occurred at increases in price per share from prior rounds of financing, such increases in value may not reflect in full in our values owing to other rights and preferences afforded to investors in those rounds of financing. This challenge in part led to a decrease in our net asset value per share during 2016. It's also something we fought in 2015 and towards the end of 2014 as well.

最後，儘管我們投資組合中的一些公司的融資價格可能比前幾輪融資時有所上漲，但由於投資者在前幾輪融資中享有其他權利和優先權，這種價值上漲可能無法完全反映在我們的價值中。這項挑戰在一定程度上導致我們 2016 年每股淨資產價值下降。這也是我們在 2015 年以及 2014 年底所奮鬥的事。

So I think with that what we would do is we would like to open it up for any questions we may have.

因此我認為，我們願意就此公開我們可能遇到的任何問題。

(Operator Instructions) Sam Rebotsky, SER Asset Management.

（操作員指示）Sam Rebotsky，SER 資產管理公司。

Yes, good morning. Dan, I have a question on the data wave. The valuation at the end of September was $7.837 million. No, it was on -- Data Wave was $11.498 million and now it's $9.714 million. Was that attributable to the raise at a lower price than the previous --? What is the reduction in the valuation of Data Wave?

是的，早安。丹，我有一個關於數據波的問題。9月底的估值為783.7萬美元。不，Data Wave 的營收為 1,149.8 萬美元，現在是 971.4 萬美元。這是否歸因於以比前一次更低的價格加薪？Data Wave 估價下調了多少？

Sorry, D-Wave. Unfortunately, I can't go into too much detail on the basis of valuation. What I can tell you is that there is some trend ?- there is some movement because of change in the exchange rate of the Canadian dollar to US dollar and there's some impact on our valuations from that. And there are other factors in there that we included in that calculation of value.

抱歉，D-Wave。不幸的是，我無法在估值基礎上透露太多細節。我可以告訴你的是，存在某種趨勢？由於加幣兌美元的匯率變化而出現了一些變動，並且對我們的估值產生了一些影響。我們在價值計算中也納入了其他因素。

Again, there's a lot of things that are going on at these companies. D-Wave is -- they are moving forward on a lot of efforts. You saw some announcements of sales of computers during the quarter. You saw some announcements of additional partnerships that they have been putting together and that Volkswagen is going to be using their system. So there's a lot of really good things going on.

再說一次，這些公司正在發生很多事情。D-Wave 正在大力推進許多工作。您看到了本季的一些電腦銷售公告。您看到了他們正在建立的一些額外合作夥伴關係的公告，以及大眾汽車將使用他們的系統。所以有很多非常好的事情正在發生。

And as we have talked about in the past, the option pricing model, which includes -- which is a part of this valuation methodology, has some vagaries to it that cause movements in valuation that may be independent of what actually is -- how the Company is executing. The Company has not announced a new financing nor has there been a financing completed yet and so we are still working on and taking subscriptions for the co-investment vehicle.

正如我們過去所討論過的，期權定價模型（它是該估值方法的一部分）存在一些變化，導致估值變動可能與公司實際執行情況無關。公司尚未宣布新的融資，也尚未完成融資，因此我們仍在努力並接受共同投資工具的認購。

And so I think that the way I would look at the change in value of D-Wave at this point in time is it's not -- it doesn't reflect really what's going on in the Company, it has vagaries of just how our valuations are calculated.

因此我認為，我看待 D-Wave 當前價值變化的方式是，它並不能真正反映公司內部的情況，而是我們的估值計算方式存在不確定性。

Okay, thank you. Now as far as the HALE.life and Interome, we contributed $1.5 million which we carried at the $1.5 million valuation and we expect to contribute an additional $2 million. How will our valuation going forward of this $3.5 million subsequently?

好的，謝謝。現在就 HALE.life 和 Interome 而言，我們貢獻了 150 萬美元，以 150 萬美元的估值計算，我們預計將再貢獻 200 萬美元。我們對這 350 萬美元的估值隨後將如何？

I think at this point we own 100% and would we have to write that down based on spending money or reduction or how would we value that going forward?

我認為現在我們擁有 100% 的股份，我們是否必須根據支出或減少來減記這一金額，或者我們如何在未來對其進行估值？

I think probably the way to think about HALE is similar to TARA. We seeded TARA with capital; at the beginning of TARA we owned 100% of the Company. These are not subsidiaries and we have to be very careful and very clear that as an investment company, you do not consolidate or value by the equity method anything that is -- any company that is separate from something that provides services to the investment company.

我認為思考 HALE 的方式可能與思考 TARA 的方式類似。我們為 TARA 注入了資金；在 TARA 成立之初，我們擁有該公司 100% 的股份。這些不是子公司，我們必須非常小心和清楚，作為一家投資公司，您不會合併或按照權益法評估任何獨立於向投資公司提供服務的公司。

So it is its own portfolio company; it is an investment that's made. The capital that is invested is -- you are looking to build value with that and you're getting equity for it. And that's why we put this capital into the entity so that we are getting credit for -- hopefully, getting credit for the work that was put in as the entity was being built.

所以它是自己的投資組合公司；這是一項已進行的投資。所投資的資本是－您希望用它來創造價值，並獲得股權。這就是我們將這筆資金投入該實體的原因，以便我們能夠獲得讚譽——希望能夠獲得在實體建設過程中所投入工作的讚譽。

And so, I can't tell you what the valuation will be next quarter when we put this additional capital in and everything. We haven't won all of those metrics at the moment and things always change, so I can't tell you what it will be valued today.

因此，當我們投入這些額外資本等後，我無法告訴您下個季度的估值會是多少。目前我們還沒有贏得所有這些指標，而且事情總是在變化，所以我無法告訴你它今天的價值是多少。

But what I can tell you is look at TARA. TARA, we invested capital. They spent that capital to build their business, but we got credit for that investment. And in fact, as the company executes and as it works to close its round of financing, we will get credit for that investment in the form of appreciation of our initial investment, at least on a valuation basis. Does that help?

但我可以告訴你的是看看 TARA。TARA，我們投資了資本。他們用這些資金來建立自己的業務，但我們卻因這些投資而獲得了讚譽。事實上，隨著公司執行並努力完成其融資，我們將以初始投資升值的形式獲得該投資的回報，至少在估值基礎上是如此。這樣有幫助嗎？

Yes, very helpful, thank you. Good luck in the approval of the transactions going forward and good luck. Hopefully, we all make some money in the future.

是的，非常有幫助，謝謝。祝今後交易的批准一切順利，祝你好運。希望我們將來都能賺到一些錢。

Thank you, Sam.

謝謝你，山姆。

Thank you. I am not showing any further questions. I would like to turn the call back over to management for any further remarks.

謝謝。我沒有提出任何其他問題。我想將電話轉回給管理層，以便他們可以發表進一步的評論。

Great. So thank you very much. This is Doug; in closing, I would like to say two things. First of all, Harris & Harris Group has been blessed with wonderful employees, wonderful Board members to the Company, to the shareholders, and our mission both past and present. It certainly, from my perspective, has been an honor to serve with these people. They have served the Company well and with great integrity, so I want to thank them.

偉大的。非常感謝。這是道格；最後，我想說兩點。首先，哈里斯和哈里斯集團擁有優秀的員工、優秀的董事會成員，為公司、為股東、為我們過去和現在的使命做出了貢獻。從我的角度來看，能夠與這些人一起服務確實是一種榮幸。他們為公司做出了卓越貢獻，並且十分誠信，因此我要向他們表示感謝。

I also want to say, as a shareholder of Harris & Harris Group, I am excited for this new path forward. Our portfolio is strong at this point in time and it will yield returns into the future. Kevin has been a great Board member. He has been very involved. He is very sharp. He is direct and when we look forward, I think we have a great future going forward.

我還想說，身為 Harris & Harris Group 的股東，我對這條新的前進道路感到興奮。我們的投資組合目前表現強勁，未來將產生回報。凱文是一位出色的董事會成員。他一直都非常投入。他非常敏銳。他很直接，當我們展望未來時，我認為我們有一個美好的未來。

Daniel Wolfe, he has operated this firm with very small staff unbelievably effectively. We probably run one of the smallest public companies reporting in operations out there and he has served it well, so we are in good hands with the strategy for the future. I certainly look forward to it and we look forward to years of turning this around and growing for the future.

丹尼爾沃爾夫 (Daniel Wolfe)，他用很少的員工就以令人難以置信的效率管理這家公司。我們經營的可能是營運規模最小的上市公司之一，但他服務得很好，所以我們對未來的策略非常有信心。我當然期待著這一點，我們也期待在未來的幾年裡扭轉局面並實現成長。

So thank you very much for listening and we look forward to talking to you in the future. Thank you.

非常感謝您的聆聽，我們期待將來與您交談。謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program and you may all disconnect. Everyone, have a great day.

女士們、先生們，感謝大家參加今天的會議。今天的節目到此結束，大家可以斷開連結了。祝大家有個愉快的一天。