ALAMEDA, Calif., Sept. 7 /PRNewswire/ --
Geoworks Corporation (Nasdaq: GWRX), a leading innovator in mobile data
communications services and technologies, today announced that Integral
Capital Partners has made a $5 million direct equity investment in Geoworks.
Geoworks issued a total of 355,556 shares of common stock to Integral at
$14.0625 per share. Geoworks will use the proceeds for general corporate
purposes including the ongoing development and marketing of its industry
leading solutions for wireless data service providers.
"We're very excited to receive this endorsement from Integral Capital
Partners," said Dave Grannan, President and CEO of Geoworks. "We believe that
we have the right solutions for the emerging market in wireless data services.
This investment should enhance our ability to capitalize on the rapidly
growing opportunities in this market and to access powerful partnerships
toward this end."
"We believe Geoworks has a technology lead in infrastructure software for
wireless data services," said Neil Strumingher, a Partner with Integral
Capital Partners. "With wireless data services already being deployed using
Geoworks technology in the US and abroad, we believe Geoworks is poised to
capitalize on the global growth in this market."
About Integral Capital Partners
Integral Capital Partners is a family of private investment partnerships
which invest in the securities of expansion stage private companies and growth
stage public companies in the information and life sciences industries.
Integral was launched in 1991 by Roger McNamee and John Powell in
collaboration with the venture capital firm Kleiner Perkins Caufield & Byers,
and the investment banking firm of Morgan Stanley & Co. Integral has invested
in a wide array of information technology and life sciences companies
including software companies such as Agile Software, E.piphany, Informatica,
Interwoven, and Vitria. The firm has offices in Menlo Park, CA and
San Francisco, CA , and can be found on the World Wide Web at
http://www.integralcapital.com .
About Geoworks
Geoworks Corporation is a leading provider of enabling technologies for
wireless data services for both business-to-business and business-to-consumer
markets. Geoworks' Mobile ASP(TM) solution utilizes a flexible combination of
its proprietary Premion(R) Server+ technology and its mobile media expertise
to enable businesses to reach their mobile customers with relevant and timely
information. Geoworks AirBoss(TM) client/server mobile data solutions provide
carrier-grade customizable systems ranging from field service applications to
telematics solutions. Based in Alameda, California, the company has offices in
New Jersey, Japan and the United Kingdom, and can be found on the World Wide
Web at http://www.geoworks.com .
In keeping with U.S. law, Geoworks notes that this press release includes
forward-looking statements, including the emergence of, and Geoworks'
participation in, the mobile data and technology services market. Actual
results may vary significantly due to various risks and uncertainties. Those
include, but are not limited to, the following: i) the mobile data and
technology services market may not emerge to the degree or timing anticipated;
and ii) new technologies and new services are inherently subject to
development, timing and consumer acceptance risks. 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.
SOURCE Geoworks Corporation
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Related links:
http://www.geoworks.com
CONTACT:
Bob Bogard of Geoworks Corporation,
510-814-5811, or bbogard@geoworks.com
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