HOME > Investment : News release Research & Development July 13, 2006 Connect Develops a mobile phone application jointly with IBM Japan to expand the linkages between printed matter and digital information for users. Connect Technologies Corporation (Connect Technologies: Head Office, Shinjuku-ku, Tokyo; Representative, Tetsuya Kaku, President and CEO), a developer of mobile phone content, has teamed up with IBM Japan Corporation (IBM Japan: Head Office, Roppongi, Minato-ku, Tokyo; Representative, Takuma Otoshi, President) to develop two new technologies: a two-dimensional barcode and an application that uses the barcode in an “Electronic Clipping System.” The two dimensional barcode is printed in an ink invisible detectable only by a reader using black light. The Electronic Clipping System links paper and digital information such as websites through mobile phones using an image-processing technology that extracts the two-dimensional barcode. December 12, 2005 Connect Technologies Corporation, Kanematsu Communications Ltd., and Sky Media Corporation are to conduct a CRM verification trial at DoCoMo shops in the Kanto area. The companies plan to develop an advertising model that makes use of “Media Connect Station,” a shop solution compatible with NTT DoCoMo’s “ToruCa®” function. Connect Technologies Corporation (a developer of mobile phone content), Kanematsu Communications Ltd. (a seller of mobile devices and related equipment), and Sky Media Corporation (a 100% subsidiary of Connect Technologies specialized in diverse mobile advertising services) have jointly installed the “Media Connect Station” shop solution at several DoCoMo retail outlets in the metropolitan area. The new units are fully compatible with the “ToruCa®” function released on September 14, 2005 by NTT DoCoMo. The partners will be conducting a CRM verification trials for the development of an advertising model to provide users with benefit information and the unique experience of using the ToruCa. September 21, 2005 Aplix, Connect Technologies, G-mode, and Taito establish a consortium –A consortium with plans to create new printing content and diffuse direct printing from mobile phones– Connect Technologies Corporation has joined with Aplix Corporation, G-mode Co., Ltd., and Taito Corporation to establish “PrintContents Gathering,” a consortium that seeks to create new printing content and popularize services for direct printing from mobile phones. Connect will function as an administrative agent in the newly formed group. July 14, 2005 Development and launch of a solution to streamline the creation of eCommerce sites that supports payment for all three carriers with full electronic money functionality of Osaifu-Keitai[TM] mobile (wallet mobile phones). Connect Technologies Corporation (Connect Technologies; Head Office: Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjujku-ku, Tokyo 160-0022, Japan; Representative: Tetsuya Kaku, President and CEO), a developer of mobile phone solutions, will be marketing a package solution to streamline the creation of mobile commerce sites and settlement systems for the three main carriers - i-mode, vodafone live!, and EZweb. Services will be launched by the end of August. July 11, 2005 Your mobile phone sends you specific information based on your current location and circumstances Your mobile phone sends you of information based on your current location and circumstances. -- A technology to bookmark and transmit information that draws your attention -- June 30, 2005 Development of MobileFramer, a multi-functional image conversion system for mobile sites Connect Technologies Corporation (Connect Technologies; Head Office: Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjujku-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO), a developer of applications for mobile phones, will soon be releasing MobileFramer, a package solution that permits unrestricted scaling and scrolling of images on mobile sites. MobileFramer can display optimum interactive images on almost all mobile phones with a browser function. The enabling factor is snaprec, an appliance server run by i-Broadcast Inc. (Ichibancho K.K. Bldg. 4F, 13-8, Ichibancho, Chiyoda-ku, Tokyo), a partner of Connect Technologies. April 7, 2005 Joint development of MobileProducer, a solution that reduces labor and costs for the development, maintenance, and management of mobile sites, in cooperation with NETGENE Connect Technologies Corporation (Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjuku-ku, Tokyo, Representative: Tetsuya Kaku, President and CEO), a leading developer of mobile phone solutions, and NETGENE Co., Ltd. (INTSU Nakano Bldg. 5F, 3-33-3, Nakano, Nakano-ku, Tokyo, Representative: Masaru Mitsukuri, President and CEO), a developer and vender of mobile phone solutions, have jointly developed MobileProducer, a package solution that reduces the labor and costs for the development, maintenance, and management of mobile sites. March 31, 2005 Joint development of the tv asahi premium! remote controller, a TV remote controller application for mobile phones configured as receivers for ground digital broadcasts, in cooperation with Index Our company and Index Corporation (4-1-1, Taishido, Setagaya-ku, Tokyo, Representative: Yoshimi Ogawa, President and CEO) jointly developed the tv asahi premium! remote controller, an application for mobile phones interlocked with a ground digital broadcasting service offered by TV Asahi (6-9-1, Roppongi, Minato-ku, Tokyo, Representative: Michisada Hirose, President and CEO). November 17, 2004 Connect Technologies Corporation and iNAGO inc.Joint development of Mobileware for NetPeople, an AI agent system used exclusively for mobile phones Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) and iNAGO inc. (2-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Representative: Ron DiCarlantonio, President) jointly developed Mobileware for NetPeople, a solution that permits use of the AI agent system NetPeople exclusively for mobile phones. November 15, 2004 Connect Technologies Corporation and B.U.G., Inc.Joint development of ESPT for mobile, a embedded control system used with peripheral hardware provided for mobile phones Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) and B.U.G., Inc. (BUG, Head Office: 1-1-14, Shimonopporo Techno Park, Atsubetsu-ku Sapporo, Representative: Hiroyuki Hattori, President and CEO) have jointly developed ESPT for mobile, a controllable embedded system development kit using various kinds of interface hardware for mobile phones. July 22, 2004 Joint development of Keitai-con, an infrared controller mobile application for the electric water heaters of Nihon Itomic Co., Ltd., i-appli mobile phones from NTT DoCoMo supported. Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) has collaborated in the development of i-appli Keitai-con, an infrared technology for the remote control and maintenance of an industrial water heater to be released this autumn by Nihon Itomic Co., Ltd. (Ohta-ku, Tokyo, Representative: Daiki Itoh, President and CEO). This development will have only a slight influence on the financial performance of Connect Technologies. June 16, 2004 Joint development of i-appli[TM] for the club DAM MEMBERSHIP karaoke member service offered by Daiichikosho Co., Ltd.i-appli[TM] will be fully operable on the FeliCa-compatible mobile phones developed by NTT DoCoMo. Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) jointly developed i-appli[TM] for the club DAM MEMBERSHIP karaoke member service offered by Daiichikosho Co., Ltd. (Shinagawa-ku, Tokyo, Representative: Tatsuyoshi Yoneda, which uses the i-mode[TM] that supports FeliCa-compliant phones to be marketed by NTT DoCoMo Inc. (President, Keiji Tachikawa; Service area, Kanto and Ko-Shin-Etsu) sometime after summer this year. This development is expected to have only a slight influence on the financial performance of Connect Technologies. May 25, 2004 Launch of a key management system for mobile phones with a contactless IC card function Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) has developed a key management system for mobile phones with a noncontactcontactless IC card function. The official date for market release is still undecided. April 23, 2004 Development of moving image encoding hardware that supports various types of mobile phones Video recorder for SD memory card,miniSD[TM] card Adoption into Keitaide Video Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) has collaborated in the development of a hardware video encoder that supports the MP4/3GPP moving image format used widely for mobile phones. The encoder has been adopted for the Keitaide Video released by Mitsubishi Plastics, Inc. Four companies have jointly developed the product. Our company, (Solid Alliance Corporation), Media Links & Co., Ltd and Mitsubishi Plastics, Inc. will take charge of development, planning, manufacture, and sale, respectively. Business tie-up/M&A September 6, 2005 Connect Technologies completes stock conversion of corporate bonds with warrants for yen-denominated convertible bonds due September 30, 2009 Outstanding corporate bonds with warrants for yen-denominated convertible bonds due September 30, 2009 were entirely converted to stock as of September 6, 2005. The details are presented below. August 30, 2005 Business and capital tie-up with Mobile Technica Inc. Connect Technologies Corporation (Connect Technologies; Head Office: Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjuku-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that it has resolved to form a business and capital tie-up with Mobile Technica Inc. (Mobile Technica; Head Office: Sotobori Sky Bldg. 4F, 2-11, Ichigaya Motomura-cho, Shinjuku-ku, Tokyo; Representative: Toshikazu Nemoto, President and CEO). The present business and capital tie-up is expected to have only a slight influence on our earnings for the time being. June 7, 2005 Business and capital tie-up with Biomatics Inc. Connect Technologies Corporation (Connect Technologies; Head Office: Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjuku-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that it has resolved to form a business and capital tie-up with Biomatics Inc. (Biomatics; Head Office: 1-1-1, Higashi-sapporo 5-jo, Shiraishi-ku, Sapporo, Hokkaido; Representative: Hiroki Arakawa, President and CEO). The present business and capital tie-up is expected to have only a slight influence on our earnings. May 12, 2005 Business and capital tie-up with GAME ARTS Co., Ltd. Connect Technologies Corporation (Connect Technologies; Head Office: Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjuku-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that it has resolved, as of its board of directors meeting today, to form a business and capital tie-up with GAME ARTS Co., Ltd. (Game Arts; Head Office: Daiichi Ikebukuro White Bldg. 7F, 2-9-9, Minami-Ikebukuro, Toshima-ku, Tokyo; Representative: Yoichi Miyaji, President and CEO), a major game software developer. This business and capital tie-up is expected to have only a slight influence on our earnings. May 10, 2005 Business and capital tie-up with Cyber Space Communications Co., Ltd. Connect Technologies Corporation (Connect Technologies; Head Office: Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjujku-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that its directors have resolved to conclude a business and capital tie-up agreement with CSC Inc. (CSC; Head Office: Shiodome Eiwa Bldg, 1-2-7, Hamamatsu-cho, Minato-ku, Tokyo; Representative: Eiichiro Murata, President and CEO). February 23, 2005 The acquisition of NTC Holdings Co., Ltd. Completed Connect Technologies Corporation has completed its acquisition of NTC Holdings Co., Ltd. as a wholly owned subsidiary through a stock transfer. The acquisition plans were previously announced in our news release of December 21, 2004. The details of the acquisition are presented below. February 16, 2005 Joint business with Daiki Sound agreed Connect Technologies Corporation is pleased to announce that it has reached an agreement with Daiki-Sound Co., Ltd. for undertaking joint business concerning music delivery. Janualy 18, 2005 Business and capital tie-up with Xelo, Inc. 1. Objective The communication rate and the flexible pricing systems based fixed rate systems are just one example of the recent changes in mobile phone infrastructures. These changes are expected to widen the range of mobile phone uses in business, whether by individuals or corporations, as well to increase the usage mobile phone content, chiefly for information and amusement. Unlike the experience with the computer, however, the platform we describe as mobile supports only a limited range of uses in business. December 27, 2004 Stock acquisition of System Solution Laboratory Inc. (making it a wholly owned subsidiary) Connect Technologies Corporation is pleased to announce that its directors have resolved, as of their board meeting of December 27, 2004, to acquire System Solution Laboratory Inc. as a wholly owned subsidiary of Connect Technologies through a stock acquisition. November 16, 2004 Business and capital tie-up with Honda Electron Co., Ltd. Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that it has resolved to form a business and capital tie-up with Honda Electron Co., Ltd. (Honda Electron; Head Office: 2-14-1, Kyobashi, Chuo-ku, Tokyo; Representative: Yoshikuni Tanaka, President and CEO). September 2, 2004 Business and capital tie-up with Daiki-Sound Co., Ltd. Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that it has reached an agreement with Daiki-Sound Co., Ltd. (Daiki Sound; Head Office: 6F, 1-14-10, Higashi-Gotanda, Shinagawa-ku, Tokyo; Representative: Yuji Kimura, President and CEO) to enter a business and capital tie-up. August 25, 2004 Connect Technologies　Joins work to establish mobile content server system standards. Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO), CYBIRD CO., Ltd. (Head Office: Minato-ku, Tokyo; representative: Hori Tomokazu Robert, President and CEO), and DWANGO Co., Ltd. (Head Office: Chuo-ku, Tokyo: representative: Hiroshi Kobayashi, President and CEO) have agreed to jointly establish comprehensive standards and various guidelines for the mobile content server system as part of the activities of the Working Group (Group Leader: Seiji Okamoto, DWANGO Co., Ltd.) in the Mobile Content Forum (placed at Shibuya-ku, Tokyo; Chairman: Hitotora Higashikuni). August 25, 2004 Business and capital tie-up with ZAPPALLAS, Inc. Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that it has reached an agreement with ZAPPALLAS, Inc. (Zappallas; Head Office: 1-8-8, Nakameguro, Meguro-ku, Tokyo; Representative: Masanori Sugiyama, President and CEO) to enter a business and capital tie-up. Products August 31, 2005 Connect Technologies Corporation and QUICK Corp. jointly develop the world's first server solution for real-time stock updates via mobile phones Connect Technologies Corporation (Representative: Tetsuya Kaku, President and CEO) and QUICK Corp. (Representative: Kenjiro Horikawa, President and CEO) have jointly developed the world's first service solution for real-time stock price updates via mobile phones through the Push server. The solution is to be adopted by Monex Beans, Inc. (Representative: Dai Matsumoto, President and CEO), a subsidiary of Monex Beans Holdings, Inc. August 24, 2005 Development of MobilePathmailer, a more reliable, more efficient mobile mail delivery system Connect Technologies Corporation (Connect Technologies; Head Office: Davinci Shinjuku Bldg. 6F, 4-3-17, Shinjuku, Shinjujku-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO), a solutions developer for mobile phones, has created MobilePathmailer, a more reliable, more efficient solution for the delivery of mobile mail. MobilePathmailer improves the management of mobile mail delivery by keeping track of undelivered mails and permitting corrective measures based on the causes of delivery failure. Connect Technologies is currently forecasting how this package solution will impact its consolidated business performance. We will notify users of this information as soon as we confirm it. July 20, 2005 Osaifu-Keitai[TM] can be used as a key!Sale of door locks that can substitute existing door locks manufactured to standard specifications　ALPHA Corporation, Kesaka System, Inc.Connect Technologies Corporation ALPHA Corporation (1-6-8, Fukuura, Kanazawa-ku, Yokohama, Kanagawa, Representative: Kinichi Takahashi, President and CEO) will release a lineup of door locks applicable to Osaifu-Keitai[TM] (mobile phones that support i-mode FeliCa) of NTT DoCoMo Inc. The new locks will be marketed from around the end of September. March 31, 2005 Affiliate type advertisement system Sky CommerceNotification of simultaneous release of PC version and mobile version on April 1 Sky Media Co., Ltd. (Shibuya-ku, Tokyo, Representative: Masaya Nakagawa, President and CEO), a 100% subsidiary of our company, will begin operation of Sky Commerce, an affiliate type advertisement system for personal computers, and Sky Commerce Mobile, the same system for mobile phones, on April 1, 2005. The simultaneous launch of the two services for personal computers and mobile phones will meet the diverse needs of advertisers. The operation of these services is expected to have only a slight influence on our consolidated accounting. November 11, 2004 New condominium wired to provide the Osaifu-keitai[TM] (wallet mobile phone) service!kesaka service begins.KesakaSystems, Inc.Connect Technologies Corporation　ITOCHU TECHNO-SCIENCE　NTT DoCoMo Kyushu, Inc KesakaSystems, Inc. (Hakata-ku, Fukuoka, President: Maichi Hayakawa), Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO), ITOCHU TECHNO-SCIENCE (1-11-5, Fujimi, Chiyoda-ku, Tokyo, Representative: Tomonobu Okazaki, President and CEO), and NTT DoCoMo Kyushu, Inc. (2-6-1, Watabedori, Chuo-ku, Fukuoka, Representative: Noboru Inoue, President and CEO) will begin to offer services using mobile phones configured with a standard house key function Osaifu-keitai (mobile phones that support i-mode FeliCa) for condominium residents (mobile phones double up as building and room keys). Others June 15, 2005 Yahoo! JAPAN, Index, and Connect Technologies to collaborate in mobile commerce-- Three-way joint venture to be formed -- Yahoo Japan Corporation running Yahoo! JAPAN (Yahoo! JAPAN; representative: Masahiro Inoue, President and CEO; Head Office: Minato-ku, Tokyo), Index Corporation globally deploying mobile and media business (Index; representative: Yoshimi Ogawa; Head Office: Setagaya-ku, Tokyo), and Connect Technologies Corporation (Connect Technologies; Head Office:Shinjuku-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) have agreed to form a joint venture in mobile commerce. February 21, 2005 Head Office moved As a result of the expanded office, Connect Technologies Corporation will move its Head Office as described below. December 21, 2004 Stock acquisition of NTC Holdings Co., Ltd. (making it a wholly owned subsidiary) Connect Technologies Corporation is pleased to announce that its directors have resolved, as of their board meeting of December 21, 2004, to acquire NTC Holdings Co., Ltd. as a wholly owned subsidiary of Connect Technologies through a stock acquisition to be executed by late February 2005. Before NTC Holdings consents to become a subsidiary, however, it stipulates that Sky Media Co., Ltd., a 100-percent subsidiary of NTC Holdings, must be granted operation of the Mobile Division of Bit-isle Inc. by Bit-isle Inc., a parent company of NTC Holdings. November 22, 2004 Establishment of a 100-percent subsidiary in the U.S. and the transfer of patents and other rights Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) decided today to establish a 100-percent subsidiary in the U.S. within this month, November 2004, and to begin preparatory work for a launch of business operations by January 2005. The new subsidiary is to be granted the patents of Winnow Technology, Inc. November 18, 2004 Connect Technologies Corporation and Imagination Technologies Ltd. exhibit a series of next-generation graphic chips and middleware at the Embedded Technology Show 2004. [Translation into Japanese] Imagination Technologies - a leader in system-on-chip intellectual property - is demonstrating PowerVR MBX hardware graphics for embedded devices with Connect Technologies' (http://www.connect-tech.co.jp/) advanced middleware solutions for mobile applications at Embedded Technology Japan 2004. Octobar 22, 2004 Connect Technologies decides to join the FeliCa Networks Partnership Program Total solutions from FeliCa are now provided Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) has concluded an agreement to participate in the FeliCa Networks Partnership Program offered by FeliCa Networks, Inc. (FeliCa Networks; President: Soichi Kawachi) and to provide total solutions to FeliCa Networks as a business partner. Octobar 21, 2004 An earnings report meeting for the August 2004 business term held Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) held an earnings report meeting for its August 2004 business term on October 20, 2004. Octobar 13, 2004 Correcting the expected earnings for the August 2004 business term The earnings estimates for the August 2004 business term (September 1, 2003 through August 31, 2004) released on April 20 this year based on the earnings trends at that time have now been revised. The revised estimates are shown below. September 30, 2004 Connect Technologies ranks 10th in the Second Japan Technology Fast 50, a competitive index ranking the growth of tech enterprises-- Registered sales growth 463% -- The auditing corporation Tohmatsu (Tohmatsu) has just announced that Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) was ranked 10th among 50 nominees surveyed in the Second Deloitte Touche Tohmatsu Japan Technology Fast 50, a competitive ranking of fast-growing Japanese enterprises in technology, media, and telecommunications (TMT) based on their rates of growth. Connect Technologies has recorded sales growth of 463 percent over the last three years. August 10, 2004 Business and capital tie-up with Smart Wireless Corporation Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) is pleased to announce that it has reached an agreement with Smart Wireless Corporation (Smart Wireless; Head Office: Ikko Hamamatsu-cho Bldg. 7F, 1-2-1, Hamamatsu-cho, Minato-ku, Tokyo; Representative: Hiroyuki Shimada, President and CEO) to enter a business and capital tie-up. June 15, 2004 Providing capital to B.U.G., Inc. Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) resolved today to accept, jointly with Digital Garage, Inc., Jafco Co., Ltd., and other companies, new shares issued by B.U.G., Inc. (B.U.G.; representative: Hiroyuki Hattori, President and CEO) as a third-party allocation. Upon acquiring the stock, Connect Technologies will hold 14.9 of the total outstanding shares issued by Smart Wireless. April 20, 2004 August 2004 interim earnings report meeting Connect Technologies Corporation (Connect Technologies; Head Office: 3-1, Kanda Ogawamachi, Chiyoda-ku, Tokyo, Japan; Representative: Tetsuya Kaku, President and CEO) held an interim earnings report meeting for the August 2004 business term on April 20, 2004.