IAC/InterActiveCorp Completes eLong Transaction
IAC/InterActiveCorp (NASDAQ: IACI) today announced the successful completion of its investment in eLong, Inc., a privately held online travel provider based in Beijing that operates the websites http://www.elong.com/ and http://www.elong.net/. As part of the $60 million transaction, IAC acquired warrants, which if exercised, will increase IAC's ownership of eLong to 51%. IAC's investment in eLong will be managed by IAC Travel, which operates the other travel assets of IAC, including Expedia, Hotels.com, Hotwire and Expedia's private-label business WWTE.
IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline ... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world.
IAC consists of IAC Travel, which includes Expedia, Hotels.com, Hotwire, Interval International and TV Travel Shop; HSN; Ticketmaster, which oversees ReserveAmerica; Match.com; LendingTree; Precision Response Corporation; IAC Local and Media Services, which includes Citysearch, Evite, Entertainment Publications and TripAdvisor; and IAC Interactive Development which includes ZeroDegrees. IAC has entered into an agreement to acquire ServiceMagic, which is expected to close during the third quarter of 2004. http://www.iac.com/
Co-founded in 1999 by Justin Tang, eLong is one of China's leading independent travel service companies. Headquartered in Beijing, the company has a national presence across China. The company provides consumers with access to hotel reservations at discounted rates at more than 2,000 hotels in major cities across China. The company also provides airline ticketing services.
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 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 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. IAC is not 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.
Contacts: IAC Corporate Communications Deborah Roth/Andrea Riggs (212) 314-7254 or (212) 314-7280 IAC Investor Relations Roger Clark/Lauren Porat (212) 314-7400 (Logo: http://www.newscom.com/cgi-bin/prnh/20031105/NYW076LOGO )
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CONTACT: Deborah Rothboth, +1-212-314-7254, or Andrea Riggs,
+1-212-314-7280, both of IAC Corporate Communications, or Roger Clark or
Lauren Porat, both of IAC Investor Relations, +1-212-314-7400