SOURCE: iPerceptions Inc.

September 13, 2007 12:32 ET

iPerceptions Bi-Weekly Status Update

MONTREAL--(Marketwire - September 13, 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"). The Company did not fail to fulfill its stated intentions in such Notice of Default, notably 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. Any other material information concerning the affairs of the Company has also been properly disclosed.

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 remains 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 September 28, 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 assume any responsibility as for the relevance or exactitude 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