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LookSmart's Board Changes Recommendation Regarding PEEK Investments' Unsolicited Tender Offer

In order to permit the stockholders to make such decisions, the Board has amended the Rights Agreement dated as of August 23, 2012 between LookSmart and Computershare Trust Company, N.A. as rights agent, in order to permit PEEK to consummate the Offer on or prior to 5:00 p.m. New York City time on January 14, 2013 without triggering the Rights, and currently intends to approve the Offer for purposes of Section 203 of the DGCL, the "business combination" statute, to the extent that the Offer would result in PEEK becoming an "interested stockholder" as defined therein.

The full text of LookSmart's 14D-9 filing is available on the SEC's website, www.sec.gov and on LookSmart's Investor Relations website at http://investor.shareholder.com/looksmart/. "Purchaser" refers to PEEK Investments LLC, the entity that is making the Offer.

About LookSmart, Ltd.

LookSmart is based in San Francisco, CA, with offices in Los Angeles, New York City and Kitchener, Canada. For more information, visit www.looksmart.com or call 415-348-7500.

The LookSmart, Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8717

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In response to the tender offer commenced by PEEK, LookSmart has filed an amended recommendation statement on Schedule 14D-9 with the SEC. INVESTORS AND SECURITY HOLDERS OF LOOKSMART ARE URGED TO READ THE RECOMMENDATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (when they become available) and other documents filed with the SEC by LookSmart through the web site maintained by the SEC at http://www.sec.gov. Investors and security holders also will be able to obtain free copies of these documents, and other documents filed with the SEC by LookSmart, from LookSmart by directing a request to LookSmart, Attn: Bill O'Kelly.
CONTACT: Investor Contacts
         Bill O'Kelly
         Senior Vice President Operations
         and Chief Financial Officer, LookSmart, Ltd.
         (415) 348-7208
         bo'kelly@looksmart.net
         
         John Mills
         Senior Managing Director, ICR, Inc.
         (310) 954-1100
         john.mills@icrinc.com

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