In 1973, the Manual Communications Module (MCM), which was the world's first electronic portable TTY allowing two-way telecommunications, premiered at the California Association of the Deaf convention in Sacramento, California. The battery-powered MCM was invented and designed by a deaf news anchor and interpreter, Kit Patrick Corson, in conjunction with Michael Cannon and physicist Art Ogawa. It was manufactured by Michael Cannon's company, Micon Industries, and initially marketed by Kit Corson's company, Silent Communications. In order to be compatible with the existing TTY network, the MCM was designed around the five-bit Baudot code established by the older TTY machines instead of the ASCII code used by computers. The MCM was an instant success with the deaf community despite the drawback of a $599 cost. Within six months there were more MCMs in use by the deaf and hard of hearing than TTY machines. After a year Micon took over the marketing of the MCM and subsequently concluded a deal with Pacific Bell (who coined the term "TDD") to purchase MCMs and rent them to deaf telephone subscribers for $30 per month.