SOURCE: iPerceptions Inc.

October 11, 2007 15:55 ET

iPerceptions Bi-Weekly Status Update

MONTREAL, QC--(Marketwire - October 11, 2007) - iPerceptions Inc. (TSX-V: IPE) announced today that it has filed a Default Status Report concerning its inability to file its interim consolidated financial statements and MD&A for the period ended June 30, 2007 by the filing deadline of August 29, 2007 and the restatement of its previously issued financial statements for the financial year ended December 31, 2006, the whole pursuant to the policies of the Canadian Securities Administrators.

Under said Default Status Report, the Company reported that there have been no material developments, nor material change in the information contained in the Notice of Default filed by the Company on August 28, 2007 (the "Notice of Default"), other than for the fact that the Management of the Company has completed its review of the financial statements for the financial year ended December 31, 2006, and has completed the preparation of its interim financial statements and MD&A for the period ended June 30, 2007. The Company also indicated that the restated December 31, 2006 financial statements and June 30, 2007 interim financial statements and MD&A are currently being reviewed and approved by the external auditor and the Company's Audit Committee.

The Company did not fail to fulfill its stated intentions in such Notice of Default, except for its intention to file its 2nd quarter 2007 interim financial statements and MD&A, as well as restated 2006 annual financial statements no later than September 28, 2007, which the Company indicated would not be met. The Company still intends to file its December 31, 2006 restated financial statements and June 30, 2007 interim financial statements and MD&A by the filing deadline of October 29, 2007. Any other material information concerning the affairs of the Company has also been properly disclosed. The Company also did not fail to fulfill its stated intentions in the Default Status Report filed on September 27, 2007.

The Company's external auditor and the Management of the Company have indicated, in the Notice of Default and accompanying materials filed on August 28, 2007, that additional time would be required in order to reevaluate accounting principles and measures concerning revenue recognition and deferred revenues for the financial year ended December 31, 2006. The Company's objective is now 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 the filing deadline of October 29, 2007.

Effective August 30, 2007, the Autorité des marchés financiers (Quebec), under CSA Staff Notice 57-301 - Failing to File Financial Statements on Time - Management Cease Trade Orders, has issued a Management Cease Trade Order that temporarily prohibits trading by directors, officers and certain employees in the securities of iPerceptions.

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 accept responsibility for the adequacy or accuracy of this press release.

Contact Information

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

    Information for investors:

    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