ServiceMagic Completes Acquisition of ImproveNet
August 10 2005 - 7:00AM
PR Newswire (US)
DENVER, Aug. 10 /PRNewswire/ -- ServiceMagic(R), Inc. today
announced the successful completion of its acquisition of the stock
of ImproveNet, Inc., a leading online home services marketplace.
ServiceMagic purchased all of the outstanding shares and
in-the-money warrants and stock options of ImproveNet for
approximately $6.7 million in cash or approximately $0.12 per
share. Effective upon the closing of the transaction, all
residential contractors in the companies' respective networks will
benefit from access to leads via the improvenet.com and
servicemagic.com websites. In addition, the 1-800-Contractor phone
number and 1800contractor.com website will continue to operate as a
service of ImproveNet, Inc. Shares of ImproveNet common stock,
which prior to the acquisition traded on the over-the-counter
bulletin board under the symbol "IMPV," will no longer be traded.
ABOUT SERVICEMAGIC(R), INC. ServiceMagic(R), Inc., headquartered in
Golden, Colo., is the nation's leading online marketplace
connecting homeowners with prescreened and customer-rated home
service professionals. Using proprietary technology to match
consumer service requests with local service professionals in real
time, the company addresses more than 500 different home service
needs that range from simple home repairs and maintenance to
complete home remodeling projects. In addition, its 33,000 member
businesses are prescreened to help consumers connect with licensed
and insured home service professionals. ServiceMagic is an
operating business of IAC/InterActiveCorp (NASDAQ:IACID). For more
information visit http://www.servicemagic.com/. Safe Harbor
Statement Under The Private Securities Litigation Reform Act Of
1995 This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include statements
relating to ServiceMagic's or IAC's anticipated financial
performance, business prospects, new developments and similar
matters, and/or statements preceded by, followed by or that include
the words "believes," "could," "expects," "anticipates,"
"estimates," "intends," "plans," "projects," "seeks," or similar
expressions. These forward-looking statements are based on
management's current expectations and assumptions, which are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. Actual results may
differ materially from those suggested by the forward-looking
statements due to a variety of factors, including changes in
business, political, and economic conditions due to the threat of
future terrorist activity, actions and initiatives by current and
potential competitors, the effect of current and future legislation
or regulation, the ability to expand our reach into international
markets, and certain other additional factors described in IAC's
filings with the Securities and Exchange Commission. Other unknown
or unpredictable factors also could have material adverse effects
on ServiceMagic's or IAC's future results, performance or
achievements. In light of these risks, uncertainties, assumptions
and factors, the forward-looking events discussed in this press
release may not occur. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date stated, or if no date is stated, as of the date of this
press release. Neither ServiceMagic nor IAC is under any obligation
and does not intend to make publicly available any update or other
revisions to any of the forward-looking statements contained in
this press release to reflect circumstances existing after the date
of this press release or to reflect the occurrence of future events
even if experience or future events make it clear that any expected
results expressed or implied by those forward-looking statements
will not be realized. DATASOURCE: ServiceMagic, Inc. CONTACT:
Elaine N. Schoch of ServiceMagic, Inc., +1-303-963-8082, Web site:
http://www.servicemagic.com/
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