We have concluded the agreement with Dalian Jinqi Carbon Co., Ltd. (Dalian city, China) and Fuji Carbon Co., Ltd. (Shiga prefecture) to establish a joint venture (capital of 11 million Renminbi) in Dalian, China, for machining and marketing of carbon products for tools and molds for automobiles and electrial appliances. We have been selling carbon products in northeastern China through Dalian Jinqi Carbon for some years and in face of rapid increase of demand in tool and mold industries in this area, two companies have agreed to run a machine shop joint venture with participation of Fuji Carbon, Tokai’s business partner in Japan. We are now in the process of approval from local authorities and will have business license at the end of March, followed by machining operation in April this year.