As per January 1, 2002, Philips Corporate Intellectual Property and System Standards & Licensing will join forces in a new Philips business group called Philips Intellectual Property & Standards (Philips IP&S). The scope of business of Philips IP&S will be to create, manage and exploit all Philips’ intellectual property rights. Moreover the standards activity will drive the optical storage research and development program with the aim to generate the technology for future standards in the optical storage area.