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NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: INNOVOTECH INC. TSX VENTURE SYMBOL: IOT NOVEMBER 29, 2004 - 16:18 ET Innovotech Announces Third Quarter Results EDMONTON, ALBERTA--(CCNMatthews - Nov. 29, 2004) - Innovotech Inc (TSX:IOT) today announced financial and operational results for the third quarter ended September 30, 2004. "We completed our Qualifying Transaction with the acquisition of MBEC BioProducts Inc., a leading biotechnology company with expertise and technology in growth, testing and eradication of organized colonies of microorganisms, commonly called biofilms. MBEC is a wholly owned subsidiary of Innovotech whose revenue substantially supports a promising research and development effort in drug and biocide discovery." said Dr. James Timourian, CFO of Innovotech. Innovotech's consolidated net loss for the three months ended September 30, 2004 was $224,622 or ($.02 ) per share compared to a consolidated net profit of $2,416 or $.00 per share for the three months ended September 30, 2003. The loss for the three month period was primarily due to the one-time expensing of deferred and current acquisition costs as a result of the Qualifying Transaction in the amount of $110,441, increased administration expenses of $38,402, and research and development in the amount of $66,914. Innovotech incurred a net loss of $322,683 for the nine months ended September 30, 2004 or ($.04 ) per share compared to a net profit of $88,675 or $ .02 per share for the nine months ended September 30, 2003. The loss for the nine month period ended September 30, 2004 includes a $12,500 write down of a note receivable, and research and development in the amount of $212,183. Innovotech's consolidated revenue for the three months ended September 30, 2004 was $123,925 compared to $99,632 for the same period in 2003. For the nine months ended September 30, 2004 consolidated revenue was $368,966 compared to $359,407 for the same period in 2003. The increases came from increased contract research, and the market introduction of the MBEC Assay. At September 30, 2004 period end, Innovotech had $605,408 cash on hand. 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 provides management and technology commercialization expertise. 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
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.