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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 16, 2004
IMPROVENET, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-29927 77-0452868
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
10799 N. 90th Street, Suite 200
Scottsdale, Arizona 85260
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 480-346-0000
Not applicable
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
Effective September 16, 2004, the Board of Directors of ImproveNet, Inc. (the
"Company") approved the opening of a line of credit for $100,000 with a national
banking association. Interest accrues on all funds advanced on the line of
credit at 1/4 point over the bank's prime lending rate. The maturity of the line
of credit facility is September 14, 2005, at which time the payment of all
outstanding principal and accrued interest is due. There is no penalty for
prepayment of outstanding amounts prior to maturity. The Company has secured its
obligations under the line of credit with the pledge of a certificate of
deposit. No amounts were drawn on the line of credit at the time it was opened.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ImproveNet, Inc.
Date: September 22, 2004
By: /s/ Jeffrey Rassas
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Name: Jeffrey Rassas
Title: Chief Executive Officer