iPerceptions - Customer Satisfaction Measurement

iPerceptions Announces Delays in the Release of Its June 30, 2007 Interim Consolidated
Financial Statements and Expected Restatement of 2006 Annual Financial Statements

MONTREAL–(Marketwire – August 28, 2007) – iPerceptions Inc. (TSX VENTURE: IPE)
announced today that upon the recommendation of its newly appointed CFO and Audit
Committee and with the concurrence of its independent public accountants, its
management has decided to delay the release of 2nd quarter 2007 interim consolidated
financial statements and will restate its previously issued financial statements
for the fiscal year ending December 31, 2006.

The current discussions over accounting matters relate strictly to the interpretation
of accounting principles relating to revenue recognition and deferred revenues,
and have no bearing on the Company’s cash flows. As well, the Company’s financial
situation is sound, and all material information concerning its affairs has been
properly disclosed.

The decision to restate and delay arose from management’s review of applicable
accounting principles applied in the past with regards to revenue recognition
and deferred revenues. As a result, the Company’s Audit Committee, after discussing
these issues with RSM Richter LLP, the Company’s independent auditor, has concluded
that the financial statements for the fiscal year ending December 31, 2006 should
no longer be relied upon.

RSM Richter LLP and the management of the Company have indicated that additional
time will be required in order to reevaluate accounting principles and measures
concerning revenue recognition and deferred revenues. This delay will allow sufficient
time to properly assess accounting principles as to the correct reporting. The
Company’s objective is to file its restated December 31, 2006 annual consolidated
financial statements, as well as its 2nd quarter interim consolidated financial
statements and MD&A no later than September 28, 2007.

iPerceptions has self-initiated this restatement based on the discovery of new
facts which may indicate a misinterpretation of accounting principles, namely
with regards to revenue recognition and deferred revenues during the recorded
period of January 1, 2006 to December 31, 2006. This restatement was not requested
by regulating authorities, but self-initiated by the Company. The restatement
is expected only to impact the timing of revenue recognized and does not call
into question the validity of the underlying transactions or cash flows. iPerceptions’
revenues primarily come from renewable annual contracts that generate recurring
revenues for the Corporation. Revenue is generally comprised of subscription fees
from customers accessing our applications as well as initial in-depth report and
quarterly or monthly update reporting. In the past, the application subscription
and quarterly or monthly updates revenue was recognized ratably over the life
of the application agreement, based on their relative fair value and revenue associated
with the initial in-depth report was recognized at the time of delivery based
on its relative fair value. Based on review of the facts, management concluded
that revenue associated with in-depth initial reports is inseparable from the
subscription revenue and quarterly or monthly reports and should be recognized
ratably over the term of the contracts. As a result, commission expenses will
also be corrected as they are deferred and amortized on the same basis as revenue.
The revised results are not anticipated to have any effect on the company’s reported
cash and other liquid asset positions.

"There is no change on the Company’s business potential and the strength of current
customer adoption, but rather a misallocation of revenues between reported periods,"
said Martin Faucher, Chief Financial Officer iPerceptions. "These restatements
involve very complex software revenue recognition practices. However, after review
of past practices, we are committed to getting it right. The restatements are
not a reflection on our core business, but an indication of our commitment to
address past accounting issues, correct them, and put them behind us. We decided
to review the previous year’s financial statements to ensure facts were properly
taken into account and properly recorded," Mr. Faucher added.

The Company has applied to the Autorité des marches financiers for a management
cease trade order, which will restrict trading on the Company’s securities by
the Company’s directors, officers and insiders until the matter is resolved.

The date that is two months after the filing deadline of the Company’s interim
financial statements for the three months ended June 30, 2007, is October 29,
2007. The Autorité des marchés financiers or other regulating authorities in jurisdictions
in which the Company is a reporting issuer may impose an issuer cease trade order
instead of a management cease trade order if the 2nd quarter interim consolidated
financial statements of the Company are not filed by that time. Also, an issuer
cease trade order may be imposed sooner if the Company fails to file the required
Default Status Reports as per the applicable regulation.

About iPerceptions

iPerceptions is one of North-America’s leading web-focused attitudinal analytics
providers. Its webValidator Continuous Listening solution and its Proprietary
Satisfaction Index (iPSI), turn thousands of data points into easy-to-understand
strategic and tactical decision support for website marketers. iPerceptions’ clients
include such well known brands as InterContinental Hotels, General Motors, Dell
Computers, Hyundai, CompUSA, LG Electronics, Toshiba, Choice Hotels International,
BMW and Hilton Hotels. iPerceptions has offices in New York, Toronto and Montreal.

The TSX Venture Exchange does not assume any responsibility as for the relevance
or exactitude of this press release.

Media Information

Jonathan Levitt
Vice-President Marketing
iPerceptions Inc.
Tel: 514-488-3600
Fax: 514-484-2600

Investor Information

Jerry Tarasofsky
President and Chief Executive Officer
iPerceptions Inc.
Tel: 514-488-3600
Fax: 514-484-2600

Martin Faucher
Chief Financial Officer
iPerceptions Inc.
Tel: 514-488-3600
Fax: 514-484-2600