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NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: INNOVOTECH INC. TSX VENTURE SYMBOL: IOT DECEMBER 22, 2004 - 18:30 ET Innovotech Announces Private Placement EDMONTON, ALBERTA--(CCNMatthews - Dec. 22, 2004) - Innovotech Inc (TSX VENTURE:IOT) today announced that it intends to complete a private placement of up to 1,111,111 common shares at $0.18 per share for total proceeds of $200,000 with First Yellowhead Equities Inc., subject to the approval of the TSX Venture Exchange. The proceeds from the private placement will be used to accelerate the growth of MBEC BioProducts Inc., a wholly-owned subsidiary of Innovotech Inc. Mr. Bob Ingram, CEO of First Yellowhead states "MBEC technology could become the standard for diagnostic laboratory testing where biofilms are implicated in infections. Furthermore, the company is aggressively pursuing a new field of antibacterial agents with activity against microbial biofilms. We believe that this represents a substantial opportunity." Innovotech Inc. is a public company focused on acquiring novel technologies or promising technology based companies with an existing or imminent revenue stream. In addition to financial investment in these technologies, Innovotech Inc. provides management and technology commercialization expertise. MBEC BioProducts is the first acquisition of Innovotech. 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. and/or its subsidiary MBEC BioProducts Inc. may differ materially from the results, performance or achievements expressed or implied by such forward-looking statements. -30-FOR FURTHER INFORMATION PLEASE CONTACT:
Innovotech Inc
Dr Gerard Tertzakian
CEO
(780) 448-0585
(780) 424-0941 (FAX)
or
MBEC BioProducts Inc.
Ken Boutilier
President
(780) 425-7717
(780) 424-0941 (FAX)
Email: ken.boutilier@mbec.ca
Website: www.mbec.ca
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.