Empirical Inc.
TSX VENTURE : EM

Empirical Inc.

August 06, 2008 08:46 ET

Empirical Inc.-Promissory Note Issuances

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 6, 2008) - Empirical Inc. - The Dialogue Architects (TSX VENTURE:EM) (the "Company" or "Empirical") announced that further to its press release of May 28, 2008, Quorum Investment Pool Limited Partnership ("Quorum") has advanced an additional $625,000 by way of four additional demand promissory notes ranging in principal amounts and issued between May of 2008 and July of 2008 (each a "Promissory Note" and collectively, the "Promissory Notes"). Each Promissory Note is due on demand and bears interest at 10% per annum, calculated quarterly and not payable in advance. Default under any Promissory Note constitutes an event of default under existing Quorum secured debentures.

The Company feels that although the principal amount of each Promissory Note is minimal, the aggregate of the principal amounts of these Promissory Notes are noteworthy to the market.

As an update to Empirical's press release of June 27, 2008, the Company paid commission of 8% of certain of the gross proceeds of the offering, being 5% in cash and 3% in common shares, to certain eligible registered representatives. The total commission paid to certain eligible registered representatives was $30,750.00 in cash and 184,500 common shares at $0.10 per share. All hold periods on the convertible debentures will have expired by August 11, 2008.

Empirical is a marketing solutions company serving Brands that care about meaningful dialogue with their customers. The Company integrates web technology, data and traditional direct-to-consumer marketing tactics to create dialogue between its clients and their consumers.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Empirical Inc.
    Don Cochrane, Media Relations
    Office of the President
    (905) 670-7000
    (905) 670-0844 (FAX)
    or
    Empirical Inc.
    David Garland, Investments
    Office of the President
    (905) 670-7000
    (905) 670-0844 (FAX)
    Email: info@empirical.com
    Website: www.empirical.com