Gurunet expected to announce agreements with Google and Amazon

The company's share has more than doubled its value so far this year.

Shares of Israeli Internet search company Gurunet (Amex: GRU) continue to enjoy positive momentum. They have more than doubled their value so far this year.

It is believed on Wall Street that the boom in the stock is mainly because of the exposure it has gained among investors thanks to positive developments in its business with Internet giants Google (Nasdaq: GOOG) and Amazon (Nasdaq: AMZN).

On Tuesday, Gurunet will make a presentation to analysts, in which it is expected to report that Google has chosen its Answers.com engine at the expense of Dictionary.com as its definitions engine.

It is also believed that Gurunet will announce that it has signed an agreement with Amazon for use of its search applications on the site A9.com.

The Answers.com application enables surfers to obtain precise answers to search queries.

Gurunet was floated on the Amex exchange in October 2004 at a price of $5 per share. On Friday, it closed at $22.98, 36% up on the day, giving the company a market cap of $105 million.

Published by Globes [online], Israel business news - www.globes.co.il - on February 6, 2005

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