NEWS RELEASE TRANSMITTED BY Marketwire
FOR: INNOVOTECH INC.
|
Innovotech Inc. Announces Unaudited Financial Statements for the First Quarter Ended March 31, 2007
MAY 18, 2007 - 11:45 ET
EDMONTON, ALBERTA--(CCNMatthews - May 18, 2007) - Innovotech Inc (TSX VENTURE:IOT) today announced its unaudited financial and operational results as at May 16, 2007.
Highlights
- Revenues increased 64% over comparative period in fiscal 2006.
- Company receives contract from Advancing Canadian Agriculture and Agri-Food ("ACAAF") valued at $220,000 to be completed over fourteen months.
- Manufacturing process development trials of the Company's lead agricultural product successfully concluded.
"The increase in revenues for the three month period compared to last year and securing a longer term contract point to increasing awareness of biofilm issues in various industry segments" said Dr. James Timourian, CFO of Innovotech. "The strong financial performance in Quarter 1 supports the Company in its current product development efforts."
Financial Summary
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Three Month period ended Three Month period ended
March 31, 2007 March 31, 2006
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Revenues 222,247 135,307
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G&A 167,206 186,800
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R&D 92,964 87,095
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Net loss and comprehensive
loss (55,614) (160,141)
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Innovotech stock trades on the TSX Venture Exchange as IOT. It closed on May 16, 2007 at 0.38 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Innovotech Inc.
Dr. Wolfgang Muhs
CEO
(780) 448-0585
(780) 424-0941 (FAX)
Email: wolfgang.muhs@innovotech.ca
or
Innovotech Inc.
Ken Boutilier
President
(780) 425-7717
(780) 424-0941 (FAX)
Email: ken.boutilier@innovotech.ca
Website: www.innovotech.ca
