Tree.com, Inc. Spins-off From IAC and Begins Trading as TREE
CHARLOTTE, N.C., August 21, 2008 – Tree.com, Inc. marks its first day as an independent, public company following its separation from IAC (NASDAQ: IACI). Tree.com, Inc. now trades on NASDAQ under the symbol TREE.
Tree.com, Inc. is the parent of several well-known brands and businesses in the financial services and real estate industries including LendingTree, LendingTree Loans sm, GetSmart.com, HomeLoanCenter.com, RealEstate.com, iNest.com, RealEstate.com, REALTORS® and Domania.com. Together, they serve as an indispensable ally for consumers who are looking to comparison shop loans, real estate and other financial products from multiple businesses and professionals who compete for their business. As an independent company, Tree.com will explore new areas where a competitive marketplace model empowers consumers and provides choices when making key life decisions.
“Today we officially launch Tree.com and establish it as the go-to source for consumers looking to learn about and compare financial products and real estate from anywhere in the country,” says Doug Lebda, chief executive officer and chairman of Tree.com, Inc. “Our company is made up of brands and businesses that consumers know and trust and we look forward to being an independent company and creating value for consumers, investors and shareholders alike.”
LendingTree was founded in 1996, launched nationwide in 1998 and since that time has facilitated more than 23 million loan requests and $185 billion in closed loan transactions. The company’s unique business model matches consumers with multiple lenders who compete for their business or as the commercials say, “When Banks Compete, You Win®!”. Since inception, the company has focused on educating consumers about loan products and then presenting multiple offers for mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans and credit cards.
LendingTree entered the real estate industry with the acquisition of HomeSpace, Inc. in 2000 and later launched RealEstate.com, which provides consumers access to nearly 2 million home listings, 97 million home values and a unique deep-dive view into more than 22,000 cities reaching every metropolitan area in the U.S. RealEstate.com also owns RealEstate.com, REALTORS®, an Internet enabled real estate brokerage that operates in 14 markets with more than 1,000 sales agents. In 2000, LendingTree went public and in 2003, was acquired by IAC/InterActiveCorp.
Tree.com launches with an experienced leadership team led by Doug Lebda, including:
• Darren Beck, Senior Vice President, Marketing
• Scott Cammarn, Senior Vice President and General Counsel
• Dean Conant, Vice President, Information Technology Operations
• Claudette Hampton, Senior Vice President, Human Resources
• Bob Harris, President, LendingTree Exchange
• Keith Moore, Senior Vice President and General Manager, Emerging Businesses
• David Norris, President, LendingTree Loans
• Matt Packey, Senior Vice President and Chief Financial Officer
• Bret Violette, President, RealEstate.com
For more information about Tree.com, Inc., please visit www.tree.com.
The matters discussed herein contain forward-looking statements. These statements involve risks and uncertainties. Additionally, Tree.com, Inc. is subject to other risks and uncertainties set forth in its filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
About Tree.com, Inc.
Headquartered in Charlotte, N.C., Tree.com, Inc. is the parent of several well-known brands and businesses in the financial services and real estate industries including LendingTree, LendingTree Loans sm, GetSmart.com, HomeLoanCenter.com, RealEstate.com, iNest.com and Domania.com. LendingTree was founded in 1996 and launched nationwide in 1998. In 2003, the company was acquired by IAC/InterActiveCorp and later spun-off in 2008 to form Tree.com, Inc. For more information, please visit www.tree.com.