MINNEAPOLIS - Net Perceptions, Inc. (Nasdaq: NETP) announced that it had received various proposals in response to the Company's previously announced procedures for the submission of best and final acquisition proposals, including the previously announced agreement submitted by Obsidian Enterprises, Inc. proposing an acquisition of the Company for the same consideration offered by Obsidian in its pending exchange offer, with certain additional conditions. The Company's board of directors carefully considered and reviewed with its financial and legal advisors the financial and other material terms and conditions of the transactions proposed in those submissions which the board determined reflected a good faith effort to comply with the previously announced procedures or otherwise merited further consideration and review.

Based on this process and such consideration and review, the board unanimously determined that implementation of the plan of liquidation, rather than pursuing and entering into any of such transactions, was the course most likely to obtain the highest value reasonably available to stockholders. Accordingly, the Company intends to continue at this time to seek stockholder approval of, and implement, the plan of liquidation. The Company is working diligently to complete the SEC review process with respect to its preliminary proxy statement relating to a special meeting of stockholders at which the plan of liquidation would be voted upon, and expects to refile with the SEC as soon as possible revised preliminary proxy materials which will include a full description of the acquisition proposal process and the reasons for the board's decision to proceed with the plan of liquidation. Once the SEC review process has been completed, the Company will promptly set and announce a date for the special meeting.

Additional Information About the Plan of Liquidation and Where to Find It

In connection with the proposed plan of complete liquidation and dissolution, on January 6, 2004, the Company filed with the SEC revised preliminary forms of, and expects to file with the SEC further revised and definitive forms of, a proxy statement and other relevant materials. SECURITY HOLDERS OF THE COMPANY SHOULD READ THE APPLICABLE PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PLAN OF LIQUIDATION. Investors and security holders may obtain a copy of the applicable proxy statement and such other relevant materials (when and if they become available), and any other documents filed by the Company with the SEC, for free at the SEC's web site at www.sec.gov, or at no charge from the Company by directing a request to: Net Perceptions, Inc., 7700 France Avenue South, Edina, Minnesota 55435, Attention: President.

The Company and its executive officers and directors may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the proposed plan of complete liquidation and dissolution. Information regarding the direct and indirect interests of the Company's executive officers and directors in the proposed plan of complete liquidation and dissolution is included in the revised preliminary form of, and will be included in any definitive form of, the proxy statement filed with the SEC in connection with such proposed plan.

CONTACT: Tom Donnelly
President and Chief Financial Officer
Net Perceptions, Inc.
952-842-5400
tdonnelly@netperceptions.com