Innovotech Inc.
TSX VENTURE : IOT

Innovotech Inc.

August 17, 2007 12:25 ET

Innovotech Inc. Announces Unaudited Financial Statements for the Second Quarter Ended June 30, 2007

EDMONTON, ALBERTA--(Marketwire - Aug. 17, 2007) - Innovotech Inc. (TSX VENTURE:IOT) today announced its unaudited financial and operational results as at August 16, 2007

Highlights

- Record Contract Revenues result in profitable Quarter and Half Year

- Steady progress in US and Canadian regulatory filing of the Company's two lead products

"As a result of strong performance of its Contract Research business, the Company recorded positive cash flow in the second quarter and half year. Industry awareness for biofilm related problems is increasing rapidly and Innovotech is perfectly positioned to benefit from this trend." said Dr. James Timourian, CFO of Innovotech. "Internal cash flow supports continued development of the Company's products for the Health Care and Agricultural industries"



Financial Summary

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Three Month Three Month Six Month Six Month
period ended period ended period ended period ended
June 30, 2007 June 30, 2006 June 30, 2007 June 30, 2006
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Revenues 379,436 148,362 601,683 283,669
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G&A 178,867 202,287 346,075 389,088
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R&D expense 61,892 94,095 154,856 181,190
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Net income (loss)
and comprehensive
income (loss) 63,472 (134,058) 7,858 (294,201)
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Innovotech stock trades on the TSX Venture Exchange as IOT. Trading closed on June 29, 2007 at 0.42 cents per share.

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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