Mr. Yassaie: Imagination Technologies is an IP developer and licensing company, and our focus is in addressing what I call human-computer interface and interaction areas, and that includes 3D graphics, 2D graphics, digital video, and more recently, audio and speech. We develop technologies in terms of silicon and software algorithms for all of these areas and licence them to semiconductor companies and more recently system companies. So our model is very similar to other IP companies such as ARM, in that we develop and license silicon and software. Several years ago we started with 3D because it was a new technology and was expected to have a huge demand, and also it was complicated, so it opened up a door for us to get in and show what we could do. We developed a 3D technology and on the back of that over the past few years we added 2D graphics, and MPEG and digital video capability, and we've acquired Ensigma for the DSP and audio side. As far as major milestones, the first licensee we signed several years ago was NEC; they licensed our technology and they've promoted it in the arcade, console and PC markets. The most notable success we have had is the use of our PowerVR technology by Sega in the Dreamcast, and in a variety of their arcade systems. PowerVR is probably in about 60%-70% of new arcade systems that are being shipped. A more recent milestone, over a year ago, was the signing of a licensing agreement with ST Microelectronics, who are using our graphics technology for PC and also set-top boxes and other consumer areas. In the past quarter they've launched their first PC family, which is called Kyro; more is to come in both the PC family and for set-top boxes from ST. The only other thing I would like to add is that we are in discussion with other potential licensees and the technology we have is in demand, given the trends in computers and Internet.
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