Innovative Properties Inc.
TSX VENTURE : INR

Innovative Properties Inc.

April 01, 2009 14:03 ET

Innovative Properties Inc.: Financial Results for the First Quarter Ended January 31, 2009

HALIFAX, NOVA SCOTIA--(Marketwire - April 1, 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) reported revenue for the first quarter ended January 31, 2009 of $3,952 compared to revenue for the first quarter ended January 31, 2008 of $2,561. The Corporation reported a loss of $62,082 compared to a loss of $18,453 for the first quarter ended January 31, 2008. This resulted in a loss per share of $0.0035 compared to a loss per share of $0.001 for the first quarter ended January 31, 2008. The results represent the finalization in the first quarter of 2009 of the repositioning of the Corporation for future growth with the acquisition of DIME - Dynamic Integrated Marketing Enterprises Inc. of Halifax, Nova Scotia and its subsidiary. Other operations in the real estate sector, particularly in the areas of property management and development, and the management of real estate with emerging technologies, are being considered. For a complete first quarter ended January 31, 2009 MD&A and financial statements, please refer to www.sedar.com. The Corporation has 24,482,825 issued and outstanding common shares.

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.

Certain statements contained in this news release constitute forward-looking information within the meaning of securities laws.

Implicit in this information, particularly in respect of future operating results and economic performance of the Corporation are assumptions regarding projected revenue and expenses. These assumptions, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Corporation are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected.

Forward-looking information contained in this report is based on management's current estimates, expectations and projections, which management believes are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to do so, we are under no obligation and do not undertake to update this information at any particular time unless required by applicable securities law.

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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