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Good afternoon, everyone. During 2017, we built a foundation for a stronger company. We worked very hard, made substantial progress and we believe we closed the year in a position of strength for the future. We expect to see the initial benefits of this program as early as Q3 2018.From an operational standpoint, we continue to maintain high product quality standards, while working to drive our cost structure down. Q4 was a record revenue quarter and will continue to operate the plant in cadence with sales demand and look forward to driving our cost structure even lower.Other key accomplishments in the fourth quarter, as well as 2018 year to date include, BioAmber has been accepted into the Canadian Capital Trade System and expects further reduction in variable cost to the selling of carbon credits, albeit in its early stages, we foresee the sale of these credits having a positive impact as we ramp up to full capacity.In January, BioAmber renegotiated a senior lender debt to release US$3.3 million in unrestricted cash and in February, BioAmber raised US$7 million in an equity offering. In reference to our share listings, the BioAmber shares have been delisted from the NYSE and the TSX and are currently trading on the over the counter market.
The strong depth and breadth in our Appalachia portfolio backed up with clear metrics and our significant growth in the Appalachian area has positioned the company to take the next step forward.iPhone Cases The time is right iphone 7 case to seek strategic alternatives for the Fayetteville assets and focus on additional iphone 8 plus case growth, cash flow and the higher returns generated from the growing contribution natural gas liquids are contributing to our results to further strengthen our investment returns at even lower gas prices.While Fayetteville has numerous additional economic development iphone 7 plus case opportunities, the high bar has stepped by our Appalachia assets and our rigorous capital allocation discipline of investing in the highest return projects make it challenging for Fayetteville to compete for capital in our portfolio.I will note here that the Fayetteville process and our work our further work on cost reductions are moving forward. We have announced these two strategic actions early to provide additional context to our strong 2017 results and our 2018 objectives.
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