iPerceptions - Customer Satisfaction Measurement

NEW YORK--(BUSINESS WIRE)--iPerceptions Inc. (TSX-V:IPE), a leading provider of web-focused Voice of Customer analytics, has completed today its private placement financing of convertible debentures valued at $3,650,000 from investors Mr. Skuli Mogensen, Telesystem Ltd. and 3 others. The convertible debentures are not guaranteed, bear an annual interest rate of 10% and mature on November 26, 2011. The capital and accrued interest shall be convertible into common shares of the Corporation, any time at the option of the holder at a price of $0.11 per common share of the Corporation if conversion occurs within two years following the issuance date and at price of $0.13 per common share during the third year following issuance date. The Corporation expects to use the net proceeds of the private placement to meet future working capital requirements and implement its commercialization plan.

Part of this private placement has been deposited in escrow with the Corporation’s legal counsel, to be released upon final approval of the TSX Venture Exchange.

The company will additionally use the investment to continue to expand into new global markets and reach new customers through focused sales and marketing initiatives for its enterprise offerings and new 4Q website survey solution.

Both Mr. Mogensen and Telesystem Ltd. bring a proven track record in identifying high-growth businesses. Skuli Mogensen was most recently founder and Chairman of Oz Communication, a mobile email and instant messaging provider that was acquired by Nokia in October 2008. Canadian-based Telesystem Ltd. is a private company that focuses on profit-oriented growth enterprises in the digital economy.

A number of company insiders have participated in this private placement by subscribing to debentures. Participation of these insiders would constitute a “related party transaction” within the meaning of Regulation 61-101 – Protection of Minority Securityholders in Special Transactions (the “Regulation”). However, the transaction is not subject to evaluation and approval by minority shareholders, because, at the time the transaction was agreed to, the securities of the Corporation were not listed or quoted on one of the exchanges or markets specifically identified in the Regulation; neither the fair market value of the securities to be distributed in the transaction nor the consideration to be received for those securities, insofar as the transaction involves interested parties, exceeds $2,500,000; the Corporation has several independent directors who are not employees of the Corporation; and, at least, two thirds of said independent directors approve the transaction, as per sections 5.5 and 5.7 of the Instrument. The Corporation was not able to provide a notice of material change within a minimum of 21 days before the closing of the placement, as stipulated in the Instrument, given the timeliness specified for moving forward with the placement.

Nomination of 2 new directors
The corporation has appointed 2 new directors to its Board of Directors. Mr. Skuli Mogensen and Mr. François-Charles Sirois.

Mr. Mogensen co-founded OZ Communications in 1990 and was CEO until July 2007 when he became Chairman of the Corporation. OZ delivers innovative and standards-based solutions that provide rich and fully integrated messaging experiences on millions of mobile devices. In October of 2008, the company was sold to Nokia. Mr. Mogensen was also a co-founder of Arctic Ventures, a Scandanavian based Venture Capital firm. In 1998 Mr. Mogensen co founded Islandssimi now Tal, which today is the 2nd largest Mobile Operator in Iceland and publicly listed on the Iceland market.

Mr. Francois-Charles Sirois is currently Vice-President, Corporate Development for Telesystem Ltd., a Canadian private corporation devoted to the creation, acquisition, financing and management of companies in the field of information and communication technologies (ICTs) around the world. Mr. Francois-Charles Sirois is currently a director of Telesystem Ltd., Zone 3 Inc., Stingray Digital Inc. and Plexo Inc.

“Our two new board members will bring to iPerceptions a very deep understanding of current and evolving areas of the industry,” said Jerry Tarasofsky, President and CEO of iPerceptions. “Their varied experiences will serve us well as iPerceptions pursues its expansion strategy.”

About iPerceptions
iPerceptions is one of North America's leading web-focused Voice of Customer analytics providers. Its webValidator Continuous Listening solution and Proprietary iPerceptions 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, LG Electronics, Choice Hotels International, BMW and Monster Worldwide. iPerceptions has offices in New York, Toronto, Montreal and London.