InsWeb Corporation (ticker: INSW, exchange: Nasdaq)
REDWOOD CITY, Calif., June 29, 2000 – InsWeb (Nasdaq: INSW) announced today that it has successfully negotiated its release from all obligations under a multi-year lease made with Spieker Properties L.P. late last year. Pertaining to a 160,000 square-foot commercial property currently under construction in nearby San Carlos, Calif., the release is part of InsWeb’s recently announced plans to move its headquarters to Sacramento later this year.
Spieker Properties has released InsWeb’s obligations under a $9.5-million standby letter of credit and refunded a substantial portion of InsWeb’s security deposit. The release also grants InsWeb the potential to share in a portion of lease income from the property over the next three years. InsWeb also plans to write off tenant improvements it has made to this property.
“This transaction is in line with our previously announced decision to relocate our headquarters to Sacramento,” said Hussein Enan, chief executive officer of InsWeb. “With these developments, we expect that InsWeb’s operating efficiencies will improve over the long term.”
InsWeb (www.insweb.com) enables online consumers to compare free, multiple quotes from many of the nation’s leading insurers for auto, term life, homeowners and health insurance. Also accessible from more than 190 leading Web sites, including Yahoo!, MSN, Snap.com, LookSmart, and E*TRADE, InsWeb provides live customer service, interactive tools and research capabilities. InsWeb’s brand and technology platform support InsWeb Japan K.K., a joint venture co-founded with SOFTBANK Finance Corp. and Marsh McLennan Companies. InsWeb is headquartered in Redwood City, Calif.
“INSWEB” is a registered service mark of InsWeb Corporation. All marks above are those of InsWeb Corporation, except for those of insurance carriers, brokers, agents, industry organizations, financial institutions, online partners, service providers, other mentioned companies and educational institutions, which are the marks of their respective entities.