Innovative Properties Inc.
TSX VENTURE : INR

Innovative Properties Inc.

February 23, 2011 16:20 ET

Innovative Properties Inc. and DIME Inc Announce Transfer of Shares in Satisfaction of Outstanding Debentures

HALIFAX, NOVA SCOTIA, CANADA--(Marketwire - Feb. 23, 2011) - THIS RELEASE IS NOT FOR DISSEMMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.

Innovative Properties Inc. ("INR") (TSX VENTURE:INR) and DIME Inc ("DIME") announced today that 100% of the common shares of DIME ("DIME Shares") have been transferred by INR to the holders (the "Debentureholders") of the $600,000 in principal amount of convertible debentures of INR issued in November 2009 (the "Debentures"), in accordance with the terms and conditions of the Debentures. The DIME Shares had been pledged by INR to the Debentureholders and are being transferred to the Debentureholders in full satisfaction of the principal and accrued interest due under the Debentures. The transaction will reduce INR's consolidated liabilities from approximately $1,300,000 to $300,000. Among the Debentureholders are the Chief Executive Officer, Chief Financial Officer and two directors of INR.

DIME also announces that it has issued additional shares in satisfaction of approximately $300,000 of liabilities so that it will have less than $100,000 of liabilities following the completion of these transactions.

Dime will continue to operate as a private company providing digital signage sales and services. DIME has solid relationships with a number of major customers including Pharmasave Drugs (Atlantic) Ltd and Bell Aliant. Gordon Neal President, CEO and Boyd Hunter, CFO, will continue to serve as officers of DIME and Steven Morrison, the founder of the Corporation, will continue as Chief Technology officer.

INR's management is actively pursuing investment capital to finance operations until a new business opportunity can be undertaken.

ABOUT INNOVATIVE PROPERTIES INC.

Innovative Properties Inc. is a publicly traded Canadian corporation involved in property management related services and technologies. 

ABOUT DIME INC.

DIME Inc (www.dimeinc.com) is Atlantic Canada's premier narrowcaster, providing end to end digital signage products for healthcare, property management, retail, and other sectors.

FORWARD LOOKING STATEMENTS

Certain information regarding the Corporation contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Corporation cautions that actual performance will be affected by a number of factors, many of which are beyond the Corporation's control, and that future events and results may vary substantially from what the Corporation currently foresees. Discussion of the various factors that may affect future results is contained in the Corporation's audited annual financial statements and management discussion and analysis for the year ended October 31, 2008 which were filed to SEDAR on February 25, 2009 and are available at www.sedar.com. The Corporation's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information