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Technology Stocks : GWRX Leader in Smart Phone Market
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To: rag2rag who wrote (755)2/17/1999 5:23:00 PM
From: Instock  Read Replies (1) of 960
 
3rd CBS Update about GWRX: "Geoworks gets air on Amazon deal"
Stock surges on news of Net player's cash injection

By Cecily Fraser, CBS MarketWatch
Last Update: 5:01 PM ET Feb 17, 1999
Earnings Surprises
Earnings Headlines

ALAMEDA, Calif. (CBS.MW) -- Shares of Geoworks Corp. soared 57 percent Wednesday
as investors cheered the news that Internet giant Amazon.com bought a minority interest in the
company.

Geoworks (GWRX) shares rose 1 7/8 to 5 1/4.

The provider of software for the wireless industry said
Amazon.com (AMZN) spent $5 million for a 7 percent stake in
the company.

Geoworks said Amazon.com's purchase is a "positive step" in
pursuing its web-to-wireless business model, which will make it
easier for customers to access the Internet using cellular services.

Amazon will assume Geoworks' Seattle office lease and hire
some of its employees.

"Our vision at Geoworks is to facilitate the reach of the Internet
from the desktop PC to the wireless device," said Geoworks
Chief Executive Officer Dave Grannan in a release.

Smith Barney Investment Advisors, as part of Citigroup (C), also
owns a 27 percent stake in Geoworks. As of last summer, mobile
phone supplier Nokia (NOK.A) owned about 1 million shares,
down substantially from its holdings over the past few years.

Geoworks creates software for a variety of wireless devices,
ranging from enhanced phones to smart communicators.
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