Innovotech Inc.

Innovotech Inc.

August 02, 2006 18:07 ET

Innovotech Inc. Makes Private Placement

EDMONTON, ALBERTA--(CCNMatthews - Aug. 2, 2006) - Innovotech Inc. ("Innovotech") (TSX VENTURE:IOT) is pleased to announce that, subject to regulatory approval, it intends to complete a non-brokered offering of up to 2,894,737 units ("Units") at a price of $0.19 (CAD) per Unit for gross proceeds of up to $550,000 (CAD) by way of a private placement (the "Private Placement"). Each Unit is comprised of one (1) common share ("Common Share") and one Common Share purchase warrant. Each whole warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.28 per Common Share for a period of two (2) years following the date of closing.

No bonus, finder's fee, commission or agents options will be paid in connection with the Private Placement.

Innovotech intends to use the proceeds from the Private Placement for development of its product lines and for general working capital purposes.

Innovotech uses its MBEC Assay which is a patented technology to develop antimicrobial products and diagnostic tests to treat biofilm infections and infestations. Innovotech also conducts contract research for companies with biofilm problems.

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

Contact Information

  • Innovotech Inc.
    Dr. Wolfgang Muhs
    (780) 448-0585
    (780) 424-0941 (FAX)
    Innovotech Inc.
    Ken Boutilier
    President & COO
    (780) 425-7717
    (780) 424-0941 (FAX)