Five companies unveiled a standard for rewritable compact discs. The firms are Philips Electronics, Sony, Mitsubishi Chemical, Ricoh, and Hewlett-Packard. The first products are expected in early 1997. HP said it led the development of MultiRead CD and Version 1.5 of the Universal Disk Format (UDF) specifications. Both are needed to enable CD ROM and DVD ROM drives to read rewritable discs.