Innovotech Inc.

Innovotech Inc.

March 13, 2008 14:40 ET

Innovotech Inc. Announces Audited Financial Statements for the Year-Ended December 31, 2007

EDMONTON, ALBERTA--(Marketwire - March 13, 2008) - Innovotech Inc. (TSX VENTURE:IOT) today announced its audited financial and operational results for the year - ended December 31, 2007.


- Revenue more than doubling to $1.36M, driven by a substantial increase in Contract Research revenue.

- Successful completion of a $1.8M financing.

- Consolidation of operations in a new facility in the Edmonton Research Park.

"Increased revenue from Contract Research allowed Innovotech to be nearly self supporting during 2007, an outstanding achievement given the one time expense of consolidating research and development operations from the University of Calgary campus to a newly renovated facility in the Edmonton Research Park. The private placement of $1.8 million will insure that Innovotech has the resources to quickly exploit and expand our two technology platforms, the Agress™ seed treatment product and the bioFIM PA™, a diagnostic susceptibility kit" said Dr. James Timourian, CFO of Innovotech.

Financial Summary

Year ended December 31, 2007 Year ended December 31, 2006
Revenues 1,364,780 611,348
G&A 814,654 639,337
R&D 437,233 382,480
Net Income (Loss) (120,644) (507,167)

About Innovotech Inc:

Innovotech is a product development company focusing on the development of solutions to medical, agricultural and industrial problems caused by microbial biofilms. Biofilms are protected communities of microorganisms which are very common and very difficult to treat due to their inherent resistance. They have been implicated in a host of devastating infections in agriculture, human health and industry. No diagnostics or antibiotics are currently approved for use in infections involving biofilms.

Certain information contained in this document is forward-looking and is subject to unknown risks or uncertainties. The actual results, performance or achievements of Innovotech Inc may differ materially from the results, performance or achievements expressed or implied by such forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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