Innovative Properties Inc.
TSX VENTURE : INR

Innovative Properties Inc.

June 26, 2009 16:01 ET

Innovative Properties Inc.: Financial Results for Q2 Ended April 30, 2009, Additional Director Grant of Stock Options, Non-Brokered Private Placement

HALIFAX, NOVA SCOTIA--(Marketwire - June 26, 2009) - THIS RELEASE IS NOT FOR DISSEMMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.

Innovative Properties Inc. (the "Corporation")(TSX VENTURE:INR) reports revenue for the second quarter ended April 30, 2009 of $118,689 (April 30, 2008 - revenue of $435). The Corporation reported a loss for the second quarter ended April 30, 2009 of $114,718 (April 30, 2008 - loss of $91,982). This resulted in a loss per share of $0.005 for the second quarter ended April 30, 2009 compared to a loss per share of $0.006 for the second quarter ended April 30, 2008. These results represent the first quarter of consolidated results including the newly acquired subsidiary, DIME - Dynamic Integrated Marketing Enterprises Inc. of Halifax, Nova Scotia and its subsidiary, Line4 Communications Inc.

The Corporation also reported additional closing adjustments to the DIME subsidiary purchase agreement. The consideration paid for the subsidiary by DIME has been reduced from $440,000 to $73,102. For complete second quarter ended April 30, 2009 MD&A and financial statements, please refer to www.sedar.com. This will result in the cancellation of 1,000,000 shares of the Corporation.

The Corporation is also pleased to announce its shareholders at its Annual General Meeting held on May 11, 2009 elected the Hon. Stewart McInnes, QC of Halifax, Nova Scotia as an additional Director. By way of introduction; Mr. McInnes is a former Member of Parliament for Halifax and a former Minister of Supply and Services as well as Public Works. He practiced law with the law firm McInnes Cooper for 40 years in Halifax and has been associated with a large number of charitable and community initiatives. He is the chairman of Trade Center Limited, a director of Renewable Energy Services Ltd., and on the Advisory Board of Marsh Canada Ltd. He is a former director of Western Keltic Mines Inc. (TSX:BEV). He is an arbitrator, mediator and a director of a number of other non-profit organizations. Mr. McInnes will also Chair the Corporate Governance Committee.

The Corporation also wishes to announce it has granted a total of 1,000,000 stock options with an exercise price of $0.10 for a period of 5 years from June 25, 2009 to June 25, 2014 to its directors and officers pursuant to its existing Stock Option Plan, subject to TSX Venture Exchange approval and the execution of stock option agreements accordingly. The Corporation has 24,537,825 issued and outstanding common shares prior to cancellation of the 1,000,000 shares referred to above.

On behalf of the Board of Directors:

ABOUT INNOVATIVE PROPERTIES INC. AND SUBSIDIARIES

Innovative Properties Inc. is a publicly traded Canadian corporation involved in property management and the development and management of real estate and real estate related technologies. The Corporation and its two subsidiaries' business is providing property management products and services to residential and commercial property owners.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release. Innovative Properties Inc. seeks safe harbour.

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