Toshiba Corporation Makes Equity Investment in Geoworks
Companies Strengthen Strategic Partnership to Supply Advanced Mobile Communications DevicesALAMEDA, Calif. (November 6, 1995) -- Geoworks (Nasdaq/National Market System Symbol: GWRX) and Toshiba Corporation today announced that Toshiba will be making a $4.5 million equity investment in the consumer computing software firm.
Toshiba's investment represents the purchase of newly-issued shares of Geoworks' common stock which will be incremental to the company's pending public offering of 2,860,000 shares. The price per share will be equal to the price at which shares are sold to the public in the company's pending public offering.
The two companies have plans to jointly develop products in the mobile communications arena, with an initial focus on the Asian market. Toshiba brings strength in consumer technology, semiconductor skills and an understanding of the Asian domestic marketplace, while Geoworks provides GEOSā, the company's open operating system platform for the mobile market.
With this investment, Toshiba joins equity investors Hewlett-Packard Company and Novell, Inc. who each made a $4.5 million equity investment in March 1994, and Nokia who made a $7.5 million equity investment in February 1995.
"Geoworks is pleased to receive this endorsement of its technology from one of the world's largest consumer electronics companies," said Gordon Mayer, president and CEO of Geoworks. "Toshiba and Geoworks have a long-term strategic relationship, and the equity investment brings both companies one step closer to achieving the shared goal of delivering communications devices to the mobile marketplace."
"We are extremely pleased to partner with Geoworks and leverage our combination of advanced technologies to deliver on our shared vision of affordable, high performance mobile devices for consumers," said Oka Komiyama, general manager, Advanced-I Planning Division, Toshiba Corporation.
About GeoworksGeoworks develops and markets the GEOS operating system and application software for the emerging consumer computing devices (CCD) market. GEOS is a powerful, compact, object-oriented operating system platform intended for use in a range of mobile computing devices including electronic organizers, smart phones and PC companions. The company's continued focus on efficiency and enhanced functionality is designed to enable the development of affordable, feature-rich devices for the mobile device market.
GEOS licensees include leading manufacturers such as Toshiba Corporation, Hewlett-Packard Company, Nokia, Brother International Corp. and Canon Business Machines.
For additional information on Geoworks and the GEOS operating system, contact Geoworks at 1-510-814-1660 or on the World Wide Web at http://www.geoworks.com/.
About ToshibaEstablished in 1875, Toshiba Corporation is one of the world's largest integrated manufacturers of electric and electronic products and systems, with over 190,000 employees worldwide and revenues of some US $54 billion for fiscal 1994. Toshiba's world-class expertise in information and communication technologies ranges from key components, such as semiconductors and LCDs, to a wide variety of computers and computer-based systems. Toshiba is also a strong leader in consumer electronics.