HEO H2O Innovation Inc

H2O Innovation (2000) Inc. ("H2O Innovation" or the "Company") (TSX VENTURE: HEO)(ALTERNEXT:MNEMO:ALHEO) announces that it has been instructed to defer to an unspecified date the execution of the contract it has received at end of October 2008 from Petro-Canada Oil Sands Inc. ("PCOSI") on behalf of Fort Hills Energy L.P.

The Company has received written notice on November 21, 2008 to hold off further the execution of the contract. This notice is an outcome of Petro-Canada's announcement on November 17, 2008 to delay until 2009 the final investment decision related to the mining portion of the Fort Hills project. The contract will remain in the Company's sales backlog as the mining portion of the Fort Hills project has been put on hold and has not been cancelled. This postponement will not impact the Company's current operations of fiscal 2008-2009 which follow their course according to the Company's budget prepared at the beginning of the fiscal year.

About H2O Innovation

H2O Innovation's mission is to design, develop, produce and integrate state-of-the-art, environmental friendly products dedicated to the production of drinking water, the treatment of wastewater and industrial processed water, and the reclamation of water.

Prospective disclosures

This press release may contain prospective disclosures representing current expectations of H2O Innovation and are subject to certain risks and uncertainties. For details of these risks and uncertainties please refer to the Company's Annual Information Form dated September 26, 2008 available on SEDAR (www.sedar.com). H2O Innovation rejects any obligation to revise or update the prospective disclosures contained in this press release.

The TSX Venture Exchange and the Alternext Exchange assume no responsibility for the relevance or accuracy of this press release.

Contacts: H2O Innovation (2000) Inc. Guillaume Ducharme Director of Communications 418-688-0170 418-688-9259 (FAX) gducharme@h2oinnovation.com www.h2oinnovation.com