IOT Innovotech Inc

Innovotech Inc. ("Innovotech")(TSX VENTURE:IOT) is pleased to announce that it
has received TSX Venture Exchange ("Exchange") final acceptance for a private
placement (the "Private Placement") of 3,000,000 units ("Units") at a price of
$0.60 per Unit for gross proceeds of approximately $1,800,000 as previously
announced on December 6, 2007. Each Unit is comprised of one (1) common share
("Common Share") and one-half ( 1/2) Common Share purchase warrant. Each whole
warrant entitles the holder to purchase one (1) additional Common Share at a
price of $0.75 per Common Share for a period of one (1) year following the date
of closing, provided that if the weighted average per share quoted by the
Exchange for any consecutive fifteen (15) day period prior to the exercise date
of the warrants is equal to or greater than $0.90 per Common Share, then
Innovotech may accelerate the expiry date by notifying the warrantholders who
shall then have fifteen (15) business days to exercise their warrants failing
which the warrant will expire.


The proceeds from the Private Placement will be used for development of its
product lines and for general working capital purposes. No bonus, finder's fee,
commission or agents options were paid in connection with the Private Placement.


Pursuant to the policies of the Exchange and Ontario Securities Commission Rule
61-501 ("OSC Rule 61-501") the Private Placement may be classified as a "related
party transaction" as certain Directors of Innovotech (the "Related Parties")
subscribed for Units.


Innovotech has determined that exemptions from the formal valuation and minority
shareholder approval requirements under OSC Rule 61-501 are available. In
particular, Innovotech has determined that the exemptions set out in paragraphs
2 and 3 in section 5.5 of OSC Rule 61-501 are applicable since the aggregate
consideration to be paid by the Related Parties does not exceed 25% of the
market capitalization of Innovotech as at December 21, 2007 and Innovotech is
not listed on the Toronto Stock Exchange but only on the TSX Venture Exchange.
In addition, in reviewing the minority shareholder approval exemptions, the
independent directors determined that the exemption set out in paragraph 2 in
section 5.7 of OSC Rule 61-501 is applicable.


The securities issued pursuant the Private Placement are subject to a hold
period expiring on April 28, 2008.


About Innovotech Inc:

Innovotech is a product development company focusing on the development of
solutions to medical, agricultural and industrial problems caused by microbial
biofilms. Biofilms are protected communities of microorganisms which are very
common and very difficult to treat due to their inherent resistance. They have
been implicated in a host of devastating infections in agriculture, human health
and industry. No diagnostics or antibiotics are currently approved for use in
infections involving biofilms.

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