Dear Valued Customers and Shareholders,   In response to high expectations and support from you, all of us at Ceratech Corporation are working hard to deliver on our commitment to improve the corporate performance and to develop new sales opportunities in the rapidly changing IT component market. It is with a sense of urgency that we are working to become more aggressive in the market and more efficient within the Company.   As widely known, Ceratech Corporation is number one among all KOSDAQ companies in patents rewarded in the year 2003, In the coming years, we will continue to sharpen our technological advantage by investing more into R&D.   We expect to introduce to the market newer and smaller components with 0603 series for chip beads, varistors, and inductors in the near future.  With professional management in all areas of company operation and strong emphasis on continuous quality improvement, we expect to position ourselves to be ahead of the competition In addition, our new Common Mode Filter products are now yielding good production results and substantial gains in sales as well. This product will propel Ceratech to achieve leadership in the highly sophisticated component market in Korea and elsewhere.  As the CEO of Ceratech Corporation, I want to personally assure you that every member of our team is striving to make our proud company into a significant force in the industry Thank you for your continued words of support and encouragement.