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LookSmart Reports Preliminary Fourth Quarter 2010 Results And Announces Restructuring Program

Mr. O'Kelly stated, "I look forward to working with the uniquely creative, inventive and dedicated people who work at LookSmart. I believe our industry-leading commitment to traffic quality, extensive experience and proven AdCenter technology combined with our restructuring plans will allow us continue on our long-term profitable growth strategy."

Dr. Dexmier will head an executive search committee to recruit a new Vice President of Advertiser Network Sales and will assume the duties and responsibilities of that role in the interim.

"We sincerely thank Steve and Gill for their contributions during an important period in LookSmart's history, as both played important roles in our return to profitability in 2010. We wish Steve and Gill the best in their future endeavors," said Dr. Dexmier. "We are excited to announce the appointment of Bill as Senior Vice President Operations and Chief Financial Officer. Bill has the experience and necessary skill set to oversee the execution of our revenue growth plan and ensure that LookSmart stays focused on growth and profitability in 2011 and beyond."

Conference Call

LookSmart expects to report its financial results for the fourth quarter and full-year fiscal 2010 and conduct a conference call during the second week of February 2011.

About LookSmart, Ltd.

LookSmart is an online search advertising network solutions company that provides performance solutions for online search advertisers and online publishers. LookSmart offers advertisers targeted, pay-per-click (PPC) search advertising and contextual search advertising via its Advertiser Networks; and an Ad Center platform for customizable private-label advertiser solutions for online publishers. LookSmart is based in San Francisco, California. For more information, visit www.looksmart.com or call 415-348-7500.

Forward-Looking Statements

This press release contains forward-looking statements, such as references to our preliminarily expected fourth quarter 2010 financial results and business prospects, and anticipated restructuring charge. These statements, including their underlying assumptions, are subject to risks and uncertainties and are not guarantees of future performance. Results may differ due to various factors such as changes in the Company's financial results for the fourth quarter 2010 based on the Company's continued efforts to finish the review of such operating results and the review of such results by the Company's auditors, the possibility that our efforts to control expenses may not be successful, that our efforts to increase revenue and improve gross margin may not succeed, that we may be unable to gain or maintain customer acceptance of our publisher solutions or ad backfill products, that existing and potential customers for our products may opt to work with, or favor the products of, others due to more favorable products or pricing terms, that we may be limited in our ability or unable to retain and grow our ad and customer base, and that we may be limited in our ability to, or be unable to, enhance our products or our network of distribution partners. Additional risks that could cause actual results to differ materially from those projected are discussed in our Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the Securities and Exchange Commission and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2010. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof.

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