Innovative Properties Inc.
TSX VENTURE : INR

Innovative Properties Inc.

September 29, 2009 15:08 ET

Innovative Properties Inc.: Financial Results for Q3 Ended July 31, 2009 and Resignation of Director D Sperry

HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 29, 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 third quarter ended July 31, 2009 of $77,563 (July 31, 2008 - revenue of $300). The Corporation reported a loss for the third quarter ended July 31, 2009 of $161,006 (July 31, 2008 - loss of $43,841). This resulted in a loss per share of $0.007 for the third quarter ended July 31, 2009 compared to a loss per share of $0.003 for the third quarter ended July 31, 2008.

For complete third quarter ended July 31, 2009 MD&A and Financial Statements, please refer to www.sedar.com. The Corporation has 23,537,825 issued and outstanding common shares.

The Corporation also reports that Drew Sperry of Dartmouth, Nova Scotia has tendered his resignation as a Director of INR following a lengthy illness. The Corporation thanks Mr. Sperry for his valuable contributions over many years.

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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