GEOWORKS NAMES DAVID THATCHER CHIEF FINANCIAL OFFICER
KEY EXECUTIVE TO FOCUS ON PROFITABILITY PLAN
(ALAMEDA, CA), March 18, 1997_Geoworks (NASDAQ National Market System Symbol: GWRX), a leading developer of operating systems for the emerging mobile communicating device market, has named David A. Thatcher chief financial officer.
In this new position, Thatcher , who has some 20 years public accounting and corporate finance experience, will be responsible for several areas at the company including finance, administration, and financial community programs.
"David's joining the company is an important development as we become increasingly focused on revenues," said Gordon Mayer, president and chief executive officer of Geoworks. "He has extensive experience with emerging growth technology companies, both in securing private and public financing and in the overall management of key functions within these organizations. His initial focus will be on developing a plan and strategy which will facilitate our ability to reach break even," he added.
Thatcher, (42), joins Geoworks from Diba, Inc., a software provider for consumer electronics manufacturers, where he was chief financial officer and vice president, finance and administration. Before that, he held similar positions with McKinley Group, Inc., an Internet service provider which was acquired by Excite, Inc., Peregrine Systems, Inc., a developer of help desk software solutions; and Pacific Data Products, a manufacturer of laser printer accessories.
"While at these companies, David also played a key role in the development of partnerships and strategic alliances," Mayer noted. "He will be an integral part of Geoworks' efforts to increase our relationships with OEMs, as well as content and services providers who are developing products for the smart phone market," he added. A Certified Public Accountant, Thatcher also spent 11 years in public accounting leaving as a senior manager in the Emerging Businesses Group of Price Waterhouse in San Diego.
He holds a B.S. degree in accounting from San Diego State University. Based in Alameda, California, Geoworks is a leading software provider for the cellular industry and manufacturers of mobile communicating devices, including smart phones. The company has licensed its GEOS, operating system to leading manufacturers such as Nokia, Ericsson, NEC, Toshiba Corporation, Hewlett-Packard Company and Brother International Corp. In addition, the company intends to work with content and services providers, and international cellular operators.
In keeping with U.S. law, the Company notes that the statements in this announcement concerning the Company's plans to achieve future revenues and profitability are forward looking statements. Actual results may vary. To date, the company has incurred significant losses, has had substantial negative cash flow and has realized limited revenues. The company expects to continue to incur substantial annual operating losses at least through its fiscal year ending March 31, 1998. Future results depend upon the emergence of the smart communicator market, establishment of licensing relationships with leading market participants, introduction of successful products and services, and achievement and maintenance of a competitive advantage. Additional information may be found in the company's 10-K, 10-Q and other filings with the Security and Exchange Commission.
For additional information on Geoworks and the GEOS operating system, contact Geoworks on the World Wide Web at http:/www.geoworks.com.