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ServiceMagic Completes Acquisition of ImproveNet

Wednesday, August 10, 2005 - 01:00

ServiceMagic®, 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®, INC.

ServiceMagic®, 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.

SOURCE: ServiceMagic, Inc.

CONTACT: Elaine N. Schoch of ServiceMagic, Inc., +1-303-963-8082,
eschoch@servicemagic.com

Web site: http://www.servicemagic.com/

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