There is something bright in Japan's economic prospects. However, the pace of the recovery varies from industry to industry. The differences in conditions between individual companies also should be noted. It seems fair to say that the real economy is, as a whole, fluctuating. Even in this unclear situation, however, our industry is enjoying smooth sailing. It is a professionally gratifying to see Park 24's and Nihon Chushajho Kaihatsu's share prices rising. We had our 8th anniversary on July 10. We are striving to go public.

On September 22, one of our affiliates, Japan Ecorocar Recycle Industry Corporation (JERY) introduced the stocks to the green sheet market. JERY obtained a certificate number 3345 from Japan Securities Dealers Association. We are sincerely grateful for all your kind help. JERY is now planning to float new stocks. The application deadline is October 15. The underwriting securities companies are, D-Brain Securities (lead managing underwriter), Matsui Securities, Toyo Securities, and Kobe Securities. The application money is 57,000 JPY for 50,000 JPY par value per share.

On August 20, we opened a business complex Libro Omote-Sando on Zenkouji-Temple-Omote-Sando Street in Nagano. We celebrated its grand opening on September 14. This building is located just in front of the main venue of Nagano Winter Olympics 1998 (currently used as Central Square Parking Structure). The complex is expected to play a very important role of revitalizing the urban area of Nagano.

On August 27, we purchased another business complex in Fukui. Our headquarters operations was moved there on September 1. At the same time, centralization of the management of our scattered call centers to Fukui took place.

Our board meeting held on September 29 approved a merger of two affiliate companies. This is a part of our ongoing effort to go public. Our business is growing steadily in every sector. However, considering the increase in long-term interest rate and the jump in land prices in Tokyo area, it seems too early to be optimistic. We are striving for cutting further operating cost, seeking further efficiency, and developing new products. Your continued support will be greatly appreciated.