RE: STOCK IS GETTING HOTInnovotech Revenues Increase 92% in First Quarter 2008
EDMONTON, ALBERTA, May 21, 2008 (Marketwire via COMTEX News Network) --
Innovotech Inc. (TSX VENTURE:IOT) today announced its unaudited financial and operational results for the three month period ended March 31, 2008.
Highlights
- Revenue almost doubled in the First Quarter 2008, compared to same period in previous year.
- Increase in cash reserves to support continued development of seed treatment product, Agress(TM).
"With increased revenue from Contract Research, Innovotech was able to significantly reduce the operational loss for the Quarter compared to the same period in 2007, although this fact is hidden by an expense in the current period attributable to stock options granted to employees and directors ($74,443 in Q1 2008 compared to $4,333 in Q1 2007). In addition, the cash reserves of the Company improved to over $ 2.1 M through the exercise of options and warrants ($418,570 in Q1 2008 compared to $0 in Q1 2007), which will support the continued development of Agress(TM)," said James Timourian, Chief Financial Officer.
Financial Summary
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Three month period Three month period
ended March 31, 2008 ended March 31, 2007
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Revenues 428,286 222,247
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G&A 241,777 162,873
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R&D 103,406 92,964
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Net Loss (96,726) (55,614)
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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.
SOURCE: Innovotech Inc.
Innovotech Inc. Dr. Wolfgang Muhs CEO (780) 448-0585 (780) 424-0941 (FAX) Email: wolfgang.muhs@innovotech.ca Innovotech Inc. Ken Boutilier President (780) 448-0585 (780) 424-0941 (FAX) Email: ken.boutilier@innovotech.ca Website: www.innovotech.ca