Press Release
October 4, 2000
REDWOOD CITY, CA -- ImproveNet Inc. (NASDAQ: NM: IMPV), a leading web-based home improvement services company,
yesterday announced that it has entered into an agreement with Cendant Membership Services (CMS), a division of
Cendant Corporation (NYSE: CD), to provide content for a new co-branded web site called ``Today's Homeowner Values''
(THV). ImproveNet is also the home improvement services provider for Move.com, Cendant's relocation, real estate
and home-related services portal.
The new co-branded site will feature ImproveNet's online referral service, ``Find-A-Contractor'' and other similar
links. With a membership of over 500,000, ``Today's Homeowner Values'' offers homeowners substantial discounts,
and a satisfaction guarantee on a wide range of home products; discounted magazine subscriptions, and other related
home improvement projects. Under the terms of the agreement, ImproveNet will replace THV's current trade referral
service with an automated feature that will better enable call center representatives to research and qualify contractor
customers without placing them on hold. The members-only site will offer free project organizers to be given away
for every job submitted.
The new web site will also feature ImproveNet's ``Find A Contractor'' services for homeowners, which consists of
comprehensive remodeling content and tools. ``Today's Homeowner Values'' will also provide users with ImproveNet's
professional matching service, which taps into a nationwide network of pre-screened contractors, architects and
designers who are interested and available for the jobs submitted by THV users. Users will then have access to
ImproveNet's nationwide staff of Personal Project Advisers, who are available via telephone and e-mail to answer
questions and help with any difficulties that may arise during the course of the renovation.
Commenting on the agreement, Ron Cooper, Chairman, President and CEO stated, ``We are pleased to expand our current
relationship with Cendant Corporation through the creation of this new web-based service. It is yet another step
in our efforts to expand ImproveNet's market reach through working with value-added partners such as Cendant. We
will continue to explore such opportunities in our mission to profitably support homeowners and remodeling professionals
with personal service on a large scale.''
According to Marjorie K. French, V.P. of Lifestyle Products at Cendant, ``...ImproveNet offered us an enormous
capability. Not only are we now able to offer members the assurance of working with a local, reputable, licensed
contractor, but we offer them 24/7 Internet access as well as traditional person-to-person service over the phone.''
About ImproveNet
ImproveNet Inc (NASDAQ: IMPV) leverages the speed and flexibility of the Internet to create an electronic marketplace
where homeowners, contractors, architects, designers, manufacturers, lenders and real estate professionals can
access complete, reliable data to make confident decisions about all aspects of home improvement. Among the more
than 65 partners currently using ImproveNet content and services as an e-business and customer loyalty solution
are GE, DuPont Corian, Owens Corning, Dow, Delta Faucet, Armstrong, Yahoo!, Ask Jeeves, Microsoft Home Advisor,
Cendant, Knight-Ridder and Cox Interactive. For more information, contact www.ImproveNet.com; www.ImproveNetPRO.com,
or 800-437-0473.
About Cendant Corporation
Cendant Corporation is a global provider of real estate, travel and direct marketing related consumer and business
services. The Company's core competencies include building franchise systems, providing outsourcing solutions and
direct marketing. As a franchiser, Cendant is among the world's leading franchisers of real estate brokerage offices,
hotels, rental car agencies, and tax preparation services. The Company's real estate-related operations also include
Move.com Group, Cendant's relocation, real estate and home-related services portal on the Internet. As a provider
of outsourcing solutions, Cendant is a major provider of mortgage services to consumers, the global leader in employee
relocation, and the world's largest vacation exchange service. In direct marketing, Cendant provides access to
insurance, travel, shopping, auto, and other services primarily to customers of its affinity partners. In addition,
Cendant Internet Group is aggressively pursuing a convergence strategy for the Company's off-line and online businesses.
Other business units include NCP, the UK's largest private car park operator, and Wizcom, an information technology
services provider. Headquartered in New York, NY, the Company has approximately 28,000 employees and operates in
over 100 countries.
--------------------------------------------------------------------------------
Contact:
ImproveNet
Nora DePalma, 650/701-8093
ndepalma@improvenet.com
or
The Carson Group
Tripp Whetsell, 212/707-0632
twhetsell@carsongroup.com