Empirical Inc.
TSX VENTURE : EM

Empirical Inc.
Mediamix Marketing Group Inc.

March 12, 2008 18:09 ET

Empirical Raises Gross Proceeds of $425,000 Upon Closing a Private Placement of Unsecured Convertible Debentures

MISSISSAUGA, ONTARIO--(Marketwire - March 12, 2008) - Empirical Inc. - The Dialogue Architects (TSX VENTURE:EM) (the "Company" or "Empirical") is pleased to announce the closing of a non-brokered private placement of unsecured convertible debentures (the "Convertible Debentures") which raised gross proceeds of $425,000. The private placement was conducted in two tranches, the first closed on February 27, 2008 and the second closed today. As the offering documents contemplate raising gross proceeds of up to $1.25 million, the Company intends to continue to raise additional proceeds and close one or more further tranches over the next several weeks. The Company intends to use the proceeds raised from this transaction for a number of purposes, including funding its future working capital requirements.

The Convertible Debentures bear interest at a rate of 10% per annum, payable quarterly. Such Convertible Debentures are convertible, at the option of the purchasers, at a conversion price of $0.10 per share. Each Convertible Debenture matures 18 months from the date issued.

Up to 12,500,000 common shares have been reserved for issuance upon conversion of the Convertible Debentures. The Convertible Debentures and any securities issued upon conversion of the Convertible Debentures will be subject to a hold period expiring on June 28, 2008 and on July 13, 2008 for the securities issued on February 27, 2008 and today, respectively.

A commission of 8% of the gross proceeds raised was paid to eligible registered representatives by way of 5% in cash and 3% in fully paid common shares. The total number of common shares issued as part of the commission was 127,500.

Finally, as an update to the Company's press release that was issued on February 6, 2008, Mediamix Marketing Group Inc. and Empirical are still in the process of finalizing certain of the documentation to close the acquisition of Mediamix by Empirical and it is anticipated that such transaction will close before the end of the month. In addition, as an update to the Company's press release that was issued on February 15, 2008, the options granted to Investor Cubed Inc. have a term of 5 years from the date of the grant.

Empirical is a technology enabled marketing solutions company serving Brands that care about meaningful dialogue with their customers. The Company integrates web technology and 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.

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