SPEAKER: The past year has been a very exciting year for Cakewalk, a very important year. We have increased our long-standing relationship with Roland very dramatically, and one very important person in that relationship is Mr. Kimitaka Kondo, who is here today. I'd like to -- please say hello.

[AUDIENCE APPLAUSE]

SPEAKER: So I think maybe five years ago or more, Mr. Kondo and I talked about the future and what to do, and I almost can't believe that today we're finally launching this product to the public and introducing it. Anyway, this has been an important for Cakewalk and Roland, and I think many people often wonder what will we do. What's the point of this [INDISCERNIBLE], and today we want to talk about a very important first step were going to take together for that future.

So what is next for Cakewalk? I think to understand why we did this, there are few points. One point is a long-term trend in which musicians are doing more and more things themselves, so maybe 30 years ago they would only use a mono or stereo tape deck to record themselves, and that eventually of course the four-track cassette recorder came along, and maybe the quality wasn't good but it was the taste of studio technology that musicians can use themselves. Then of course we have the introduction to digital recording on a personal computer or a dedicated appliance such as the VS-880. And as this has evolved, today it's basically normal for a musician to do their own recording, mixing, and production, not that any length of any musicians are very comfortable with this small process.

Another important point in some context is the Diode Theory. What is the Diode Theory? Mr. Takahashi, who many of you know as the founder of Roland, told me this idea some years ago, and his background is hardware and electronics so he knew the diode as a circuit component that lets a signal go in one direction but it can't go the other way. I'm a software guy; I didn't know this but he explained it to me. And so, what does this have to do with music and video? His idea is that for a musician, it's relatively easy to learn how to make video. Obviously, you have to learn a lot and practice but it's fairly realistic to become learned in making video; however, for a video person, to learn how to do audio and then to actually do music is very difficult and is very complicated. So, his theory was in a world where more and more people do everything themselves, both audio and video, the musician has an advantage, and the companies like Cakewalk and Roland that have great products for musicians are also in a good position to be part of this world.

Next slide. So today or up until today, Roland and Cakewalk ended up having complete solutions for many different situations for audio and video whether it's live performance, recording, or production/editing. The one hole, the one missing piece of the puzzle really has been the bottom right corner, which is for production/editing in audio, and that is why we're here today to introduce to you the next generation -- next slide please -- of V-Studio. At this point, the only thing that could be possibly better than me continuing to talk would be for us to watch our video, so I think -- let me play a very exciting video for you.

[CAKEWALK V-STUDIO PLAYING]

[AUDIENCE APPLAUSE]

SPEAKER: Thank you. That looks like a very exciting movie and it opens tonight...

[AUDIENCE LAUGHTER]

...at theaters around the country. Okay, at this point...