iPerceptions - Customer Satisfaction Measurement

Leading Voice of Customer Analytics Provider Announces record revenue of $1.3M in the first quarter of 2009, an increase of 35% compared to the same period last year

Montreal, QC – (Marketwire – May 14,2009) – iPerceptions Inc. (TSX-V: IPE), a leading provider of web-focused Voice of Customer analytics, today reported its financial results for its first quarter of 2009.

Highlights for the first quarter of2009 include:

• The addition of multiple high-profile corporations to its customer portfolio, as well as a number of renewals, pilot continuations and custom studies.

• An increase of the gross margin to 62%.

• The continued growth of 4Q, iPerceptions’ simple and free survey tool.

“Despite operating in one of the toughest economic climates in recent history, iPerceptions continues to power ahead,” stated Jerry Tarasofsky, President and CEO of iPerceptions. “Growth is being seen across the board—in our free product, in our roster of high-profile clients, and in our own management team, as we scale our leadership group to meet the ever-changing needs of the marketplace.”

Business development

Business development highlights included a 35% increase in revenue. iPerceptions added numerous high-profile corporations to its customer portfolio in Q1 2009, including Avery Dennison, Forum Nokia, Points International, and Star Alliance. The Company also renewed annual contracts with high profile clients such as Hyundai, BMW Canada/Mini Canada, Choice Hotels, and Canadian Tire.

Gross margin

iPerceptions improved its gross margin as a percentage of revenue to 62% in the first quarter of 2009 compared to 48% in the first quarter of 2008. Operating and cost efficiencies, incurred within the cost of revenue, were the main factors that positively affected gross margin in the first quarter of 2009. Furthermore, operating salaries and other expenses included in the cost of revenue have been relatively stable in the first quarter of 2009 compared to the same period in 2008.

iPerceptions improved its gross margin as a percentage of revenue to 62% in the first quarter of 2009 compared to 48% in the first quarter of 2008. Operating and cost efficiencies, incurred within the cost of revenue, were the main factors that positively affected gross margin in the first quarter of 2009. Furthermore, operating salaries and other expenses included in the cost of revenue have been relatively stable in the first quarter of 2009 compared to the same period in 2008.

4Q development

At the close of the quarter, over 2.5 million 4Q surveys had been completed by consumers in over 100 countries, yielding close to 10 million data points onhow well websites are serving visitors and how easily visitors can accomplish their tasks web-wide.

To support this vast community of 4Q survey users and to foster a sense of community    around the free product, iPerceptions launched the 4Q survey community (http://community.4qsurvey.com), which functions as a central hub for all 4Q survey news and discussions. The community features a blog, a forum, social networking functions, and regular, transparent dissemination of actual 4Q survey data.

Atlanta office opens

In first quarter of 2009, iPerceptions opened an office in Atlanta. This new office will allow the Company to better coordinate regional sales activities in the United States and to enhance the quality of professional services rendered to clients headquartered in that region.

First quarter financialhighlights

iPerceptions delivered the following results for the first quarter ended March 31, 2009:

Revenue and gross margin: For the first quarter of 2009, revenue totaled $1,281,359 compared to $947,230 for the corresponding period in 2008, an increase of 35%. Gross margin as a percentage of revenue was 62% for the first quarter of 2009 compared to 48% for the same period in 2008.

Net loss and earnings per share: Net loss and comprehensive loss for the first quarter of 2009 was $545,535 compared to $543,615 for the same period last year. The basic and diluted loss per share for the first quarter of 2009 and 2008 were $0,01 for both periods.

Cash position: Total cash, cash equivalents and short-term investments totaled $3,907,059 as at March 31, 2009. During the first quarter of 2009, the cash used by operating activities amounted to $351,449.

"iPerceptions hit the ground running in 2009, as we continued to deliver best-of-breed products and services to our expanding roster of clients,” concluded Tarasofsky. “The companies with whom we work understand that, in a recessionary climate, you have to double-down on your customers and, more than ever, engender loyalty, engagement, and commitment. Our continued success boils down to one very simple formula: we help our clients to bridge the gap between the outcomes they are seeking from their websites and the tasks that their visitors are striving to accomplish. Time and again, we see that once this bridge has been built, the online channel flourishes. ”

For additional information, consult our Annual Financial Statements of 2008 and Management Discussion and Analysis filed today on SEDAR at www.sedar.com.