Everyone feels the impact of the current global economic crisis. But the communication sector seems to be immune so far relative to other industries. However, that does not warrant us to be complacent. Phyworks, a company borne through the busting bubble in early 2001, told us that the best way to weather through the current crisis is to continue to invest in technologies. They believe better technologies enable better products with higher performance but lower cost and therefore go with happy customers. It is not our first time to meet with Stephen King/CEO and Matthew Cui/VP BD. Each of our meetings has always brought us the latest of Phyworks new developments that represent the leading technologies in the industry. Just recently, Phyworks had announced a complete shift of product strategy that leverages on their CMOS design expertise vs the SiGe processes that most of their current generation products are using. As the industry