The other day we announced our acquisition of the French Rights Managed distributor Agence Images. Agence Images' background in the Rights Managed area of stock photography will help Jupiterimages expand distribution throughout France of its Rights Managed portfolio (many of our RM brands were acquired through our PictureArts acquisition in July).

We recently also purchased PR Direct, a distributor that specializes in selling Royalty Free stock photos. We have now put together a solid distribution business in France that will help in distributing all of our Royalty Free and Rights Managed brands -- we will combine Agence Images with PR Direct and ultimately have one Jupiterimages distibution brand in France.

Jupiterimages now has operations in Germany, France and England and will be adding properties in these countries and elsewhere in Europe in the coming year. Europe is increasingly an important market for Royalty Free and Jupiterimages will now be a major player in the growth of this market place.