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Redmond, WA-Chalk another one up for Microsoft and its innovation spirit.

Microsoft is unveiling a new subscription based service called Equipt, which will draw together the best parts of Windows Applications, MS Office Applications, Windows Live OneCare security applications, and even Office Live Workplace.

The new project was formerly known as Albany, but has been renamed as Equipt, and it is aimed at students and home users, as well as users in office type settings.

The Office Live Workspace elements of Equipt could make it very attractive to small business users, as well as having features that will speak to students and individuals.

Equipt will be sold only through Circuit City, and it will have an annual subscription fee of about $70 bucks. It will give users the ability to put software on up to three different PC computers, as well as providing free anti virus and program updates throughout the year.

It was a coincidence that on the day that Microsoft announced Equipt the shares of Circuit city had just dropped 10 percent, perhaps the new offering by Microsoft would assist Circuit City in reclaiming some of their lost market share.