 I'm going to be talking about touch of silver and talk about new technology that is impacting the market as well as tell you a little bit about the company Cambrios, Cambrios Silver Nanowire technology and some trends that we are seeing in the market and explain a little bit further about the press release we issued yesterday and what is the future looking like both for this technology as well as for the market. I would like to explain about the Silver Nanowire technology. In the announcement, Cambrios is the company's company's explanation, and we will explain the background of the silver nanowire technology that we are making. Also, we will explain about the trends in the market as well. Yesterday, there was a press release about our material relationship, and I would like to explain about that press release. Also, I would like to ask you to comment on the future. If you're wondering why I'm walking up and down here, it is because many years ago I stood on that podium and whenever I speak I walk and I fell down from the podium. After that, I always am here on the floor. Touch screen technology is becoming commonplace. So if you have a phone, if you have a tablet, if you have most of the newer electronic devices, they all have touch screens. So touch screen is becoming very prevalent and the recent introduction of Windows 8 technology makes touch even more popular and its touch is now going into a lot of other applications including into monitors, all-in-one computers, as well as into laptops. In recent years, touch technology has been used in many places, such as smartphones, tablets, and many other things. By introducing the new OS of Windows 8, the touch interface has not been introduced yet, and the PC and laptop applications have also been introduced. Recently, in the month of July, IAHS, which is one of the more prominent industry analysts, showed us this chart where the touch panel market is growing and not just growing but growing tremendously. Even in applications which are not growing, for example laptops, laptops are not growing today, but touch penetration in laptops is continuing to grow. Similarly monitors, monitors are flat to decline, but touch continues to grow in that space. So we find this very exciting opportunity in the marketplace. The number of touch panels is growing rapidly. Especially in tablets, laptops and monitors, the number of touch panels is decreasing, but the touch part is increasing. What is more important and interesting for us is within the touch marketplace, there is a shift. So this chart that came out from NPD display search shows that last year, 2012, roughly a little over 30% of the market had film-based touch. Rest was glass. And within a year, there's a shift where that number is almost doubling. This is pretty tremendous change. And the reasons for this change are Apple has adopted film-based touch, which is really wonderful. It's an acknowledgement of the technology and the trust in something that is a displacing glass which has been used for many years. And other applications and customers using film-based touch are doing that because it's thinner, it's lighter. And this is the trend that we are seeing in the marketplace. In the last year, the touch of film was about 30% but this year, the share of touch is almost doubled. And within that gap, the famous Apple share has recently used the solution of film-based touch. And Apple has also recognized the technology of film-based touch in recent years. Especially when you switch from glass to film-based touch, I think that the fact that a thin or light touch solution can be realized is a very important point. But the requirement for transparent conductors used in touch screens are continuing to change. And what are those changes? There is a need for higher conductivity. Why do you need higher conductivity? So you have faster response. So your touch screen on your monitor and all-in-one should be as responsive as your touch screen on your phone. Today that is not the case. And that's what is one of the requirements in the marketplace. And there is need for creating touch screens that will conform to bends and curves. And so imagine a dashboard of your car. So most dashboards are not flat. So it's beautifully designed by the engineers. And in the middle there's a square display and a square touch screen. And that is what is undesirable. You want something that merges with that beautiful design and that is another trend. Flexibility is another trend in the marketplace. And everybody has heard about new devices coming out in the market that will be flexible. There are devices that will conform to new shapes and sizes. This is another trend we are seeing in the marketplace. And a few years ago I was in a room full of engineers that were designing displays. And I asked them, do you know what is the most important specification for display? Usually everybody says resolution, brightness, contrast, something. Most important specification for display or touch screen is cost. Most important specification. And this is the same thing that we are seeing. And none of this is possible with the incumbent technology, ITO. These days technology requirements for touch screens have changed a lot. Especially on the left side, we have high electricity supply. We have high demand for power supply. Electricity is a strong relationship with the electricity supply of the smart power plant. So we need a solution for high conductivity in order to create a fast response with the large area. And it is too much. We need a technology that can be used not only for low-density, but also for extreme-density. For example, the dash is in the shape of a curve and the dash is in the shape of a curve. The screen is flat, but in the future, it will be integrated and we will be looking for a solution for extreme-density. This is extreme-density. I think we have heard a lot about the issue of display that can be completely flexible. Next, even with display, the cost is always very important. There is a cost pressure. These four requirements have been used as the main technology for the past 10 years. The clear-room technology is changing the game. What does it do? It offers higher conductivity and explains why you need the higher conductivity. It is able to offer higher transparency. This is very important. Higher transparency means that your display is a brighter or you can save more battery power if you keep the display brightness the same. I already mentioned there is a cost advantage, but there is also an ease of use. What that means is if somebody wants to deploy an ITO-based factory today, there is a lot of cost and it is very complex. Whereas our silver nanowire is relatively easier to get into the market and develop a product from the very beginning to all the way to mass production in relative ease. This product is not limited to a particular application. We can use our clear-room technology in small devices, small touchscreens, as well as very large the kinds of sizes that you will see in kiosks or in signage products and so on and so forth. An important thing for our customer is this is not something that is in the lab. There are many competing technologies that are still in the lab. This is an established solid supply chain and the products are already there in the market. This is an explanation of the new technology of Kambryos Clear-Room and the company's products. In the case of the company's technology, it is easy to get into the market with a high density of electricity and it is easier to get into the market with a high density of electricity than with other smart technologies. Farming is a very important part so if you have a high density of electricity, you can get a brighter display. On the other hand, if you set it to the same brightness, you can save battery time. Next is the ease of use. In the case of ITO, if you make a new factory, you will need a big investment. In order to achieve this, there are various costs. Compared to Kambryos, the technology is relatively cheap and it is easy to achieve. Next is about the size. Kambryos is not only a small size or a large size, but also a small size of the smartphone and it is possible to use it up to the size of the smartphone. After that, it is not a level of research and development and it is not a level of research and development. The players of the supply chain related to our materials are already in a slotted state and the products of Kambryos are already in the end market and it is in a slotted state. This clear on product from Kambryos is innovating the whole industry and let me tell you a little bit about the company itself. Kambryos was founded by scientists from MIT and the University of California in Santa Barbara and the company's offices are based in California. It's a very efficient manufacturing so we are able to manufacture in California in sunny weather. The first overseas office we opened was in Japan. We have many customers here in Japan and we have a following that we have opened an office in Taiwan. In the future, we will be opening more offices in other parts of the world. We are a startup company with very interesting technology. As more startup companies, we are well funded by folks in the industry, the venture capital companies. Alloy, Oxford and their others are very well known companies and then we also have strategic investors and the first strategic investor there, Samsung is very well known to all of you and in some ways we are fortunate to be in Japan. Nisha is a well known company here in Japan and for those of you that are not familiar with their work, Nisha makes touch screen sensors for probably some of the most popular consumer electronic devices and being that we are a materials company, IP is extremely important for us and so we have 40 issued patents and we have about 200 that have been, that are pending and as I had mentioned previously, usually when you have new technology, new technology either has a technical advantage or has cost advantage. It's rarely both. In our case, not only is it technically advantages over ITO and other technologies but it's also lower cost. This is a very rare thing in the market. This is one of the reasons for the success of our company. This company is located in California, Sunnyvale, and it has a manufacturing process in the building of the company. Our manufacturing process is very efficient and it's possible to manufacture in the building of the company in America as well. Next, the sales office and support office are established in Japan and Taiwan's office has been established recently. In the future, in other countries, other offices will be built. The explanation of the investment money is from the famous venture capital, Aroi Ventures and Oxford. Not only the venture capital money but also the strategic investor money. In particular, the famous venture capital and the Japanese photo shoot in Japan also have the money. IP is a very important part but as a feature of the company, there are more than 40 Tokyo that are granted in one week. In addition, there are more than 200 companies in the application. When technology comes out, it's cheaper than conventional technology and it has a technical merit. It's a normal case but in the case of Kambryos clear-room technology, both the technical merit and the cost merit are both technology. In Japan, we have Okrasan, who is our long-time customer, very successful in building products with that technology. Hitachi Chemical is another customer of ours that is already in mass production. We have other customers worldwide that are very successful in building products with that technology. In Japan, we have Okrasan, customers worldwide that make film products using our material. These customers of ours sell the film material to sensor makers. I already mentioned about Nisha, TPK, which is on that list, is the world's largest touchscreen sensor maker. About a month or so ago, they announced that they are going to be using clear-room silver nanowire inks to make touch sensors that will go into the market in different devices, particularly the low to medium devices in mobile phones as well as tablets and others. On that same list, you also see E-Turbo Touch LG in Korea and there are many others that we have not yet announced. About the supply chain of the usual material, I would like to explain about it. The Cambryos is a solution that is divided into silver nanowires. As a product, it is made in America. This is called clear-room ink. Our customers use this ink to formulate the product so that it can be coated with plastic film. Our direct customers often make transparent electric films, so our customers use the liquid body to coat it with a roll-to-roll process with wet coating. There is also a sheet process coating. In Japan, there is a very important customer and there is a process of coating, and then there is a process of coating. After that, our direct customers talk about our customers, but they become touch panel makers. For example, one of our customers is the biggest touch panel maker in the world. About a month ago, there was a press release. In the press release, we used silver nanowires and technology to respond to the medium and low end of touch. There was a announcement about the smartphone and tablet. Other than that, there was an e-tub touch and Korean LG and so on. I told you about the advantages of ink and some of the benefits. I'll also tell you from a sensor perspective what are some of the advantages our material brings. One is the faster response. Once you use a device which moves very fast to the touch, whether you're turning pages in a book or in apps or games or whatever, it's very hard for you to go back to something that's slow. We are increasing the speed because our product is highly conductive and we are able to enable laptops and all-in-one computers and so on and so forth that previously had trouble with touch screen not only for faster response. Also, the higher conductivity lets us do ten finger touch, which previously was not possible and you would only do two finger touch. The higher transmission property of our inks allow the sensor makers to make products that are more transparent than ITO. This gives you the brighter displays or if you keep the brightness the same, you get longer battery life. Very importantly, there is no pattern visibility here. There are no more ray effects. I will talk about both of those in one of my subsequent slides. The trend today is thinner, lighter, stronger and our material absolutely enables that. We'll talk some more about that in subsequent slides, but this is the trend and these are the kinds of features that we enable with our material. Again, I think I've harped on this cost quite a bit but I cannot say enough in this market it's all about cost and we are very strong in this area. Also, in particular, when using a touch sensor, it can be explained by the Yuriten but the responses, the response of the touch becomes a very important component. When it comes to the large area, you need a higher battery life, so by using a complete material, you can achieve a higher battery life. Next, about the distance, you can achieve a higher battery life than the IT, so a brighter display and a longer battery life can be achieved. Not only the distance, but also the scientific aspect, the problem with the metal mesh is not the case with the normal technology. Basically, when using a touch sensor, the key words are thinner, lighter, and stronger. As a result of this, I feel that in order to enable this, it is very important to use a touch sensor. Also, on the right, the cost is of course the most important part, but the materials for a touch sensor are basically more expensive than the IT. Often in new technologies you hear people come and talk about the properties of technology, show you nice graphs, nice PowerPoint presentation, just like this, the most important thing is, do you have products in the market? There is no better test than this, and we do. I find these phones particularly interesting. This NEC phone that was launched through the entity is a high-end phone, and we were chosen because of the benefits of our technology in terms of optical performance. At the same time, we were also chosen on a Huawei phone because of cost. If you remember earlier, I told you this is one of those rare technologies that has both a superior technological advantage as well as a lower cost. That's why we were able to win both ends of the spectrum in terms of performance and cost. The G-Vision Monitor is an industrial monitor that I used in gas pumps and has to withstand a lot of abuse and product is working very well in those kinds of applications. The number of products, the 23-inch monitors in AIO is one of the flagship products for us in terms of performance and explain the benefits of technology. Yesterday, we were very proudly able to announce that we won the design with Lenovo in their Flex20 product, all in one computer, and that was just announced very recently. In addition, we have other designs for which we have already won these designs. In some cases, we have already sent mass production quantities to the customer, but we have not yet announced because we are very respectful. We want the customers to announce first, and they include tablet device, they include mobile phones, and they include other all-in-one and monitor type products that we will continue to announce in the next several months. The material of the company is not yet in the development stage of research, but it is actually in the end market where the product is already coming out. The explanation of the product, the explanation of the product, is that the company's technology is a technology that has both a technical advantage and a cost advantage. First of all, the Huawei, this is a smartphone on the market in China. In such a place, mainly, we are recognized as being selected as a cost advantage, and the left is that of the NEC smartphone. This is a high-end product that came out on the market in Japan, but this is a technical advantage that we are recognized as being selected as a cost advantage. The bottom left is G-Vision. This is a point-of-sale product. This is not a commercial product, but an industrial application. This is a product that needs a robust solution, a gasoline stand. This is a 15-inch product. The top right is a product. This is a product that was released yesterday. This is a product that was released yesterday. This is a product that was released yesterday. It is a Lenovo Flex 20-inch Oliman. This is an open-field product. This is a product that is open-field. There is also a design window. It is still open-field and there are still a few things that can't be released. In the near future, tablets, smartphones, or mobile-type PCs and large-scale monitors will be released from now on. I mentioned about cost earlier. I want to paint the picture of the full-cost benefits from our technology. The cost of the material is off. What we actually do is the cost to install capital equipment to coat our materials lower. You can do high-speed roll-to-roll coating that significantly advantages over ITO sputtering equipment, not only in cost and speed and the amount of chemicals that are used. Also, in the next step, after you make a film with our material, comes patterning. In case of patterning, we can do laser patterning with our material. This is not possible with other technologies, particularly with ITO, because you need high temperatures and that could burn the film beneath. In our case, at room temperature, you can do laser pattern, and that is an advantage. This is a transfer film that they have made with their technology, using silver nanowire from Cambrios, and I have another slide which will explain some of the advantages of that. Finally, obviously, the stack gets off. Some of the things we are working on is creating touch on plastic lens. Why plastic lens? Because we believe that it will lower the cost further and create lighter devices. That is one of the trends we are seeing in the market and we will enable that. Our technology is uniquely poised for that, as the one-film solution, and I will show you more slides explaining this one-film solution. This is the new wave of changes to come in the marketplace. The next step is the patterning. In the case of the plastic lens, laser patterning is a very good choice and it is a very suitable pattern. Laser patterning is difficult for some people. There are other slides that I will explain in detail later on. In the next slide, I will explain in detail. This is the TCTF of Hitachi Kasei which is called Transparent Conducting Transfer Film. It is a very innovative product and it can be patterned. In the next slide, I will explain. On the right side, you can see the stack of the plastic lens. By using the fabric material, the low cost stack and the light stack are easy to implement. Especially, OGS or OPS, One Plastic Solution and the light and low cost cover material, the fabric material is very suitable for the technology. There is also One Film Solution. This is a one-layer and two-layer sensor that can be implemented. The fabric material is very important for the implementation of One Film Solution. What are other solutions available in the marketplace? There are many technologies. You would have probably heard of one or all of these technologies. I have been talking about silver nanowire so far. There is metal mesh technology. There is carbon nanotubes and nanobuds. There is graphene that has a lot of investment recently. There are different kinds of conducting polymers. These are all the different technologies that are vying for the space. This is an explanation of the transparent electric technology. The left side is the silver nanowire technology. The left side is the metal mesh technology. There is carbon nanotubes nanobuds and dodenpolymers and graphene. Why is Clarem winning? Because in a touch screen application in this chart, where you really want to belong is somewhere here. You want to have lower sheet resistance between higher conductivity and better transmission or the highest amount of transmission. All of these technologies whether C and T, P dot, carbon nanobuds, graphene and so on and so forth in touch screen applications they are just not able to perform as well as some of the other technologies particularly silver nanowire as well as the metal mesh technology. But what we are really looking for is in terms of applications ITO is a dominant technology in film, ITO kind of stops here just before it hits about 100 ohms per square. And transmission is not as good as the competing technologies like silver nanowire but in this space where there are all in one and notebook in this box here we are looking for resistances in this range as well as that kind of transmission and as you can see we clearly have an advantage. But transmission and sheet resistance are only one of the aspects of the technology and there are others and you can see the metal mesh and silver nanowires occupied that space and I explain why this is not the only criteria for winning in this marketplace. This is a very important part of the product that the ITO is a technology and why we have been able to succeed so far is an explanation but the important point is the surface resistance and the distance and the performance of the metal mesh. In this graph there are some curves of the surface resistance and the distance but the ITO film is based on the green line and mark but the ITO film has a limit of about 100 ohms so in order to achieve large area touch the surface resistance is higher and the area of the square is wider and the surface resistance why is the ITO notebooks and notebook more important is the surface resistance that is the surface resistance to achieve a high surface resistance and the material and the metal mesh are absorbed. Here's where the comparison between silver nanowire which explains why silver nanowire is winning. Metal mesh inherently has this disadvantage. It's called a more effect. So metal mesh pattern, which is rigid, competes with the pattern of the underlying sub-pixel structure of the LCD. And it creates not only pattern visibility, also creates this effect called more that is objectionable. And in contrast, the silver nanowire material is random. There is no established pattern. So there is no more a silver nanowire. Also, with metal mesh, for each of the different designs, for example, if you take a laptop, in a given laptop, if you change the resolution, you have to design different kinds of metal mesh for each of those. It costs more money. More NRE takes six weeks for each design, roughly. And you don't have that issue with silver nanowire because it's the exact same material you can use across the board. So for an OEM, managing inventory is much easier. Logistics is easier. In the end, it's a cost saving. Metal mesh can be connected to a complex theorem. And there is a chemical free-tent. Especially, this is called a moire pattern. There is a lower axis, so the axis is already made in a passive pattern. Metal mesh is also made in a passive pattern. So the two passive patterns are generated by the motion of the moire. If you look at it, you have to pay attention to it. This is what I'm worried about. In the case of cumbersome materials, our nanowire is a random arrangement. It's not a passive arrangement like this, so there is no moire at all. In the case of metal mesh, if you make such moire patterns a little bigger to suppress them, you have to do the metal mesh design by combining the action design at the bottom. Then, the size of the same screen on the same laptop, the resolution changes, and you have to change the metal mesh design. In OEM, if you buy such pre-pattern metal mesh, you have to manage a few products. Also, when you change the design, it may take about 6 hours for the metal mesh manufacturer to order it. So I think it's a challenge. Next, I'll briefly explain about Hitachi's transfer film technology. And then I'll explain the advantage of this technology. Essentially, what they've done is Hitachi's got this tri-resist technology. They combined it with our nanowire technology and created a very unique product. And how does this product work? What does it do? Well, let me explain to you how an ITO sensor is created. Typically, what you do is you take a PET material with the ITO deposited, and you put the resist, and essentially you pattern it, you etch it, you strip away the resist, and you have one layer of sensor. And then you have to do the exact same thing with the dielectric material, so five more steps. And then you create the second layer, which is another five more steps. There is 15 steps to create the sensor. And with using this TCTF material, what we end up doing is we take a substrate like PET, we put the TCTFilm material on top, that has silver nanowire already in it, you pattern it, you put the second layer on top, you pattern it, and essentially at this point, you're done. It's one third of the steps, and it is a tremendous saving in time as well as materials. And then you lock it in, and then you can do the patterning. Next, when you transfer it again, another layer can be transferred again, so if you do the second patterning step again, you can create two layers of patterns as it is. Simply put, the ITO process for 15 steps can be done in about three days. I talked about the one film solution. Oh, what is it? Here's how it's constructed. You take a PET material with silver nanowire on it. This could be from our customer, Okura-san, who can make this kind of product. And then what you do is you pattern that, and then you put another layer on top, which could be the TCTF material we just talked about. And then you pattern that, you put the octically clear adhesive, and then laminate it onto either glass or plastic, and you have a one film solution, true one film solution. And the advantage with this is, you can see the thickness is not very much. It can be roughly about 0.2 millimeters, which is extremely thin and makes for very, very light, as well as a lower cost material. This is an OFS one film solution. There is a PET as a process, and then there is Okura-Kogyo-san's beta nanowire coating. After you pattern that layer, you transfer the Tachi-Kasei-san material onto the top, and the layer on top can be made into six layers. After that, you put the OC, cover glass or cover plastic on top, and it becomes a Tachi panel. This is also a very thin solution, so the Tachi sensor can be roughly 0.2 millimeters. Of course, it can be thin or light, which is the advantage. The previous slide was not theory, and it's not that it's in the lab. The product already exists. We have more than one customer that is making this one film solution. In this particular example, E-TurboTouch is our customer that has made a 15.6 inch and a 23 inch device with those are already Windows 8 certified, and they'll be going into different applications in the future. This is not just about the OFS structure. It's actually made in a similar way. The customer E-TurboTouch uses this one film solution to make a 15.6 inch and a 23 inch device. So far, I've been talking about touch, and we have been very successful in this space, but our technology is more than just touch screen. We can do a lot more. What can we do with it? There are many other markets. Some of them can be much larger than touch screen in the future, and we are very well suited for that. 3D TVs, flexible displays, solar cells, not the rigid ones, the flexible solar cells, as well as OLED lighting. In these applications, we've got a unique value proposition that makes our product very suitable, and as these markets emerge, we have a huge market opportunity in front of us. So far, we've been talking about using touch screen technology, but there are a few other ways to use it. As an emerging market, we have 3D TVs, flexible displays, and a wide range of solar cells. We also have OLED lighting and displays. In the future, we might be able to use something bigger than the current market. I'll give you a couple of examples. Here is an example of a flexible device. This is an electronic paper device that was created by AUO, and it uses a silver nanowire technology as one of the electrodes. Here's an example of how rugged that is. Nisha, our customer, created a sample with our material, and they produced these results. Over 100,000 turns at 3mm radius, the product performed excellent. This line here is the inner electrode, and that's the external, outer electrode. As you get past the 80,000 hours, you can see that the resistance does change. Once the display stops bending and the material is laid flat, it comes back and recovers. For flexibility, there is a video on the left side. This is an e-paper demo created by AUO. In this case, Kambryo materials are used as transparent electricity. This is the test data on the right side. In the film state, the radius is about 3mm, and up to 100,000 times, there is a bending test. The vertical is the resistance, but the resistance is almost invisible. This data is pink and blue, but pink is the inner, and blue is the outer side. If the outer side is over 60,000, the data is a little higher. When the film is released from that device, it returns to its original state. I'll give you a second example that I mentioned, which is OLEDs. In the case of OLEDs, because we have higher conductivity, we are able to enable OLED lighting devices. There is no need for grids in these materials. That example there is a 10x10 cm clear-room OLED tile that we made in collaboration with Novaled, which is now part of Samsung. There is no angle dependence of color. We have same efficiency, or even better than ITO, where we can use lights in a roll-to-roll process. As you can imagine, lights are everywhere. I said touches everywhere. Lights are a lot more than touches. It's a huge opportunity as this market emerges. There is no need for a combination of electronic materials. One single material creates a large area of tile. This is on the top right. This is about 10 to 10 cm of OLED lighting tile. In terms of efficiency, it's not much different from ITO. The color angle dependence, the color of the light depends on the angle of view. In the case of ITO, the color of the light depends on the angle of view. When we use the 7-way rail, the color of the light depends on the angle of view. I think it's important to be able to roll-to-roll in the future in terms of lighting. I hope I have given you a glimpse of what we are looking at and the kind of opportunities we are facing in the marketplace and the success we've had. Usually there's something at this point that I always forget. Today I did not forget. Success of our company and companies like ours depends on our customers. We are very fortunate to have very good customers. There may be more than one customer for Cambrios here in the audience. I just want to say thank you so much for being our customer and part of our success. The other thing that I always forget is my old boss, Nakasan, is here. He taught me many things when I worked earlier in my career as I learned. I'm always a student, so I have not said formally, thank you Nakasan, thank you so much. I'm very proud to be head of marketing for Cambrios. I'm very proud of the technology and talk about all this cool stuff. And Jonathan-san who's here who's doing the translation is a technical expert. He's part of my team and he has personally spent a lot of hours over many years working with customers and making them successful and I just want to say thank you so much for doing an awesome translation. Arigato gozaimashita. Thank you. If there are questions, I think we have a few more minutes left. Two or three minutes. If there are questions, we are very happy to take.