iPerceptions - Customer Satisfaction Measurement

Leading Voice of Customer Analytics Provider Announces Its Intent to Conclude a Private Placement Financing of Convertible Debentures for Gross proceeds of $3,650,000

MONTREAL–(BUSINESS WIRE)–iPerceptions Inc. (TSX.V:IPE), a leading Voice of Customer Analytics Provider, announced today its intent to conclude a private placement financing of convertible debentures valued at $3,650,000 over the next few weeks. The Corporation expects to use the net proceeds of the private placement to meet future working capital requirements and implement its commercialization plan. The convertible debentures will not be guaranteed, will bear an annual interest rate of 10% and mature three years after their issuance date. The capital and accrued interest shall be convertible into common shares of the Corporation, any time at the option of the holder at a price of $0.11 per common share of the Corporation if conversion occurs within two years following the issuance date and at price of $0.13 per common share during the third year following issuance date.

The closing of the placement is subject to certain customary conditions, including the approval of the TSX Venture Exchange.

A number of company insiders may participate in this private placement by subscribing to debentures. Participation of these insiders would constitute a “related party transaction” within the meaning of Regulation 61-101 – Protection of Minority Securityholders in Special Transactions (the “Regulation”). However, the transaction is not subject to evaluation and approval by minority shareholders, because, at the time the transaction was agreed to, the securities of the Corporation were not listed or quoted on one of the exchanges or markets specifically identified in the Regulation; neither the fair market value of the securities to be distributed in the transaction nor the consideration to be received for those securities, insofar as the transaction involves interested parties, exceeds $2,500,000; the Corporation has several independent directors who are not employees of the Corporation; and, at least, two thirds of said independent directors approve the transaction, as per sections 5.5 and 5.7 of the Instrument. The Corporation was not able to provide a notice of material change within a minimum of 21 days before the closing of the placement, as stipulated in the Instrument, given the timeliness specified for moving forward with the placement.

About iPerceptions
iPerceptions is one of North-America’s leading web-focused Voice of Customer 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, LG Electronics, Toshiba, Choice Hotels International, BMW and Monster Worldwide. iPerceptions has offices in New York, Toronto, Montreal and London, UK.