AMAZON.COM PURCHASES MINORITY STAKE IN GEOWORKS
Amazon.com To Hire Geoworks Seattle Operations Employees
ALAMEDA, Calif. (Feb. 16, 1999) - Geoworks Corporation, (Nasdaq: GWRX), a leading provider of software and service solutions for the wireless communications industry, today announced that leading online retailer Amazon.com, Inc. (Nasdaq: AMZN) has signed an agreement to purchase a minority interest in Geoworks. Amazon.com will assume the Geoworks Seattle office lease and hire certain employees.
"Our vision at Geoworks is to facilitate the reach of the Internet from the desktop PC to the wireless device," said Dave Grannan, President and CEO of Geoworks. "We see this as a positive step as we pursue our web-to-wireless business model."
"We are very excited to welcome the Geoworks Seattle office team to Amazon.com," said Rick Dalzell, Amazon.com CIO. "We are very impressed with the experience and expertise of Geoworks engineers and look forward to their contributions toward our continued growth and customer focus at Amazon.com."
Amazon.com has invested $5 million in Geoworks common stock, representing approximately a seven percent interest in the company.
Geoworks is based in Alameda Calif., and has international operations in the United Kingdom and Japan. Geoworks is a leading provider of end-to-end software solutions for the wireless communications industry. The Company creates operating system software, applications and actionable services for a variety of wireless devices, ranging from enhanced phones to high-end, all-in-one smart communicators. For additional information about Geoworks, contact the company at www.geoworks.com.
About Amazon.com, Inc.
Amazon.com, Inc. (NASDAQ: AMZN), the Internet's No. 1 music and No. 1 book retailer, opened its virtual doors on the World Wide Web in July 1995. Today, the Amazon.com store has expanded to offer more than 4.7 million book, music CD, video, DVD, computer game, and other titles, plus secure credit card payment, personalized recommendations, and streamlined ordering through 1-Click(SM) technology.
Amazon.com operates two international Web sites: www.amazon.co.uk in the United Kingdom and www.amazon.de in Germany. Amazon.com also operates PlanetAll (www.planetall.com), a Web-based address book, calendar, and reminder service. It also operates the Internet Movie Database (www.imdb.com), the Web's comprehensive and authoritative source of information on more than 150,000 movies and entertainment programs and 500,000 cast and crewmembers dating from the birth of film in 1892 to the present.
In keeping with U.S. law, Geoworks notes that this press release includes forward looking statements, including the company's ability to increase revenues, reduce costs, achieve improved financial results and develop new business opportunities. Investors are cautioned that all such statements involve risks and uncertainties related to the development of the wireless communications market and the company's ability to develop or expand relationships with OEMs and providers of wireless communications services. Additional information is available in the Risk Factors and Business discussions in the Company's Forms 10- K, 10-Q and other filings available from the Company or from the Securities and Exchange Commission.
This announcement contains forward-looking statements that involve risks and uncertainties that include, among others, Amazon.com's limited operating history, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, competition, risks associated with system development and operation risks, management of potential growth, and risks of new business areas, international expansion, business combinations, and strategic alliances. More information about factors that potentially could affect Amazon.com's financial results is included in Amazon.com's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 1997, as amended by the Form 8-K filed September 11, 1998, and quarterly reports on Form 10-Q for the quarters ended March 31, 1998, June 30, 1998 and September 30, 1998.
Geoworks is a registered trademark of Geoworks Corporation.
Amazon.com, Amazon.co.uk, Amazon.de, Internet Movie Database, PlanetAll, Earth's Biggest Bookstore, and 1-Click are either registered trademarks or trademarks of Amazon.com, Inc. or its affiliates. All other names mentioned herein may be trademarks of their respective owners.