 There's an enormous amount of waste that occurs continuously in converting electrical energy from the form that it is supplied, say 110 volts AC or 230 volts AC at your outlet to the form that is demanded by the electronic appliance you wish to use, say a laptop which needs 19 volts DC. The power conversion unit in this particular case is a laptop adapter which we affectionately refer to as a brick. Feel the one you have. See how warm it is. That heat represents the waste in this conversion process. This wastes ubiquitous. Over 10% of all the electrical energy generated in the US is wasted in the power conversion process and in turn is equal to all the renewable energy in the US generated through solar, wind or hydro combined. This is also over 300 terawatt hours of energy wasted, 318 coal power plants worth of energy is lost and we incur a tax or a cost of over $40 billion annually to serve this waste. So what is a terawatt hour of energy, you may ask? San Francisco consumes 6 terawatt hours annually, New York City 50 terawatt hours, Las Vegas 33 terawatt hours, the whole west coast of the US consumes 270 terawatt hours annually. Transform provides a solution that saves over 300 terawatt hours of energy, more than all the energy consumed by the western United States. Imagine taking all the western United States off the grid. Now imagine what it means to the rest of the world with the meteoric growth in China, India, Brazil and other economic engines. This is a huge problem that needs a solution today and transform is providing it. At the heart of all power conversion is a switch. The simplest example of a switch is the mechanical switch that controls the lamp in your home. No functional power conversion requires electronic switches. These switches are provided by silicon-based devices today. Unfortunately, silicon has reached its materials limit and cannot provide the higher power conversion efficiencies demanded by the market today. This demand is not only from traditional segments such as motor drives and HVAC but also the burgeoning new markets of e-commerce, search and social media driven by data server farms all over the world. The history of electronics has been one of providing ever increasing function with ever shrinking size. Think about the ENIAC, the first computer, filled up a whole hall. Compare that with your PC that you carry around today which provides much more function at a much smaller size. The power conversion industry follows a similar roadmap. Imagine your laptop adapter charger shrinking in size by a half and ultimately disappearing altogether. Transform's power conversion solution can do just that and much more in adjacent markets such as the photovoltaic inverter market and hybrid car inverters. Transform is the only system solution provider in the gallium nitrate power conversion industry today. Transforming demonstrated the necessary ability to grow materials, make devices, innovate in circuits and make modules. Transform has provided the highest performance solution in the easiest to use packages for our customers. To make all this happen it needs a team that is both broad and deep. It has the largest gallium nitrate talent in the world coupled with silicon based expertise in manufacturing, quality control, sales and marketing. It's this unique combination that allows Transform to bring this critical technology to the market.