IOT Innovotech Inc

Innovotech Inc. (TSX VENTURE:IOT) announced its unaudited financial and
operational results for the three and six-month period ended June 30, 2008.


Highlights

- Solid cash position from increased revenue and exercised warrants. 

- Significant advances in product milestones with Agress(TM) and bioFILM PA(TM).

- Increased Research and Development spending.

"The first half of 2008 saw a significant increase in Research and Development
spending, resulting in a loss compared to a breakeven position in the same
period of 2007. The spending was mainly driven by development costs for
Agress(TM), the company's novel seed treatment agent which is on track for
regulatory approval in Canada and the US in 2009. The global seed treatment
market is valued at USD$1.2 billion. The research is directed at expanding the
usefulness of Agress(TM) and other agents to other crops and agricultural
diseases. bioFILM PA, the company's breakthrough susceptibility test, hit a
major milestone with the announcement in July of a clinical study developed by
the Hospital for Sick Children and St. Michael's Hospital, both world leaders in
cystic fibrosis treatment. Strong contract research revenue coupled with
exercise of warrants and stock options, ensured that the company's cash reserves
remained essentially unchanged during the period," said James Timourian, Chief
Financial Officer.




Financial Summary

----------------------------------------------------------------------------
                   Three-month    Three-month      Six-month      Six-month
                  period ended   period ended   period ended   period ended
                 June 30, 2008  June 30, 2007  June 30, 2008  June 30, 2007
----------------------------------------------------------------------------
Revenues               289,989        379,436        718,275        601,683
----------------------------------------------------------------------------
G&A                    204,040        178,867        445,816        341,742
----------------------------------------------------------------------------
R&D                    161,539         61,892        264,945        154,856
----------------------------------------------------------------------------
Net income (loss)     (214,051)        63,472       (310,776)         7,858
----------------------------------------------------------------------------



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.


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.

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