hochu is a traditional Japanese distilled liquor with a long history. In the mid-1970s, white spirits became fashionable in the United States in a phenomenon that came to be known as the "White Revolution. " This in turn revived interest in shochu and elevated its status, which has ensured continuing support from many consumers. Responding to the diversification of lifestyles in Japan, Mercian was one of the first manufacturers to target the paper-carton shochu market with its White Pack label. White Pack was also one of the first products to be packaged in recyclable paper cartons. Super Giant and Raku, which are sold in large polyethylene terephthalate (PET) bottles, have also met with solid approval. In 1991, we introduced Hakusui, a shochu produced with natural spring water, which has since gained a loyal following among discerning shochu lovers. The Hakusui series has won several prizes in the International Wine and Spirit Competition and Monde Selection's World Selection of Spirits and Liqueurs competition. We continue to expand marketing efforts for this outstanding product. In late 1990, we commenced imports of Gu Yue Long Shan, China's premier Shaoxing wine, and have since become a leading supplier to Chinese restaurants throughout Japan. Alcohol has been an important component of our product lineup since our establishment. Principal products include neutral spirits used in the brewing of sake; genshu, undiluted sake produced for sake breweries; and industrial alcohol, used in the food processing, cosmetics and pharmaceuticals industries. The superb quality of our neutral sprits and sake has earned us a significant share of the Japanese market. Deregulation of the ethyl alcohol market in 2006 is expected to greatly improve market access. We look forward to market liberalization and will capitalize on the opportunities it provides to establish Mercian as one of Japan's leading alcohol suppliers. Our activities in the Oriental liquors category are firmly rooted in the cultures and traditions of East Asia. At the same time, we continue to pursue the development of new and unique products.