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NEWS RELEASE TRANSMITTED BY CCNMatthews FOR: INNOVOTECH INC. TSX VENTURE SYMBOL: IOT.P APRIL 16, 2004 - 13:02 ET Innovotech Inc. Announces Results of Shareholders Meeting EDMONTON, ALBERTA--(CCNMatthews - Apr 16, 2004) - Innovotech Inc. (the "Corporation"), a CPC listed on the TSX Venture Exchange (the "Exchange"), announces, further to its press release of March 31, 2004, that at the Corporation's Combined Annual and Special Meeting (the "Meeting") held on April 8, 2004 the Shareholders approved a resolution allowing the Corporation to issue a sufficient number of common shares to the shareholders of MBEC BioProducts Inc. in exchange for all MBEC BioProducts Inc. shares held by those shareholders such that the Corporation, on the date of the Qualifying Transaction, becomes the 100% shareholder of MBEC BioProducts Inc. at a cumulative value for the MBEC BioProducts Inc. shares of $1,000,000.00 with a share price which is based on the average of the trading prices of the Corporation's shares for the 5 days prior to the Meeting. Also approved at the Meeting was the election of Dr. Gerard Tertzakian, Dr. Wolfgang H. Muhs, Bruce D. Hirsche Q.C., Kerry Brown, Zenon Potoczny, Richard N. Edgar, Dr. Antoine Noujaim and Dr. James Timourian to the Corporation's board of directors and a resolution to implement a Stock Option Plan, in accordance with the policies of the Exchange. In particular, the terms of the Stock Option Plan allow for a maximum of 10% of the issued and outstanding listed common shares of the Corporation to be reserved for issuance under the stock option plan at the date of completion of the Qualifying Transaction, provided that the number of listed securities that may be reserved for issuance under stock options granted to any one individual or insiders of the Corporation shall not exceed five percent (5%) of the Corporation's issued and outstanding listed securities. About MBEC BioProducts Inc. MBEC is a private company that specializes in the assessment and eradication of microbial biofilms. Microbial biofilms are the leading cause of most chronic human infections. Biofouling problems found in industry, and many infestations in both animal and plant agriculture are also mainly the result of microbial biofilm formation. MBEC develops products and conducts contract research towards the prevention and eradication of these serious and costly problems. The MBEC Assay(TM) is a patented accurate and high-throughput screening system for in vitro growth of biofilms and subsequent testing of their susceptibility to antibiotics and biocides. It has application with pharmaceutical and biocide manufacturers in the discovery of new compounds, and in research. The company conducts contract research for the world's leading manufacturers of catheters and other implanted medical devices. As well, MBEC contracts with other industries affected by microbial biofilms including the aviation industry, municipal water systems, health regions, dental supply companies and wound healing companies. This press release is available on MBEC's web site at www.mbec.ca. MBEC Assay(TM) is a trademark of MBEC Bioproducts, Inc. -30-FOR FURTHER INFORMATION PLEASE CONTACT:
Innovotech, Inc.
Gerard Tertzakian
CEO
(780) 448-0585
or
MBEC BioProducts Inc.
Ken Boutilier
President
(780) 452-8687
Website: www.mbec.ca.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this Release.