Edmonton, Alberta – TheNewswire - November 16th, 2021 – Innovotech Inc. (TSXV:IOT) is pleased to report financial results for the three and nine months ended September 30th, 2021. Revenue declined over the 3 months to September 30th (Q3) by 33% from $351,476 in the prior year to $236,757 in the current period. As a result of the decline in revenue and a modest increase in net operating expenses offset by increased interest income a loss of $21,472 was incurred. We do note that $76,140 of work not completed in Q3 has been  deferred into an already strong  4th quarter.

Third quarter comparative financial information: ($)

Nine-month results generated $1,025,549 of revenue breaking the $1 million mark for the first time, Gross profit, at a 75% gross profit margin generated EBITDAS of $192,207 and a net profit of $164,453. Interest income of $11,901 was a meaningful contributor to the result.

Net operating expenses of $770,559 rose by 30% reflecting higher 9-month contract research sales, additional laboratory space acquired and a higher employee count.

Nine-month comparative financial information: ($)

We are seeing active interest in our proprietary InnovoSIL™-1 compound on the part of prospective partners, and our Collaboration Agreement partner continues research advancing the prospects for this novel anti-microbial.

 About Innovotech Inc.

Innovotech is a Canadian biotechnology company owning proprietary intellectual property, conducting

contract research, and owning and providing proprietary devices for testing in multiple applications in

microbiology and can be found online at www.innovotech.ca.

“Alan Savage”

Alan C. Savage

Director & CFO,

Innovotech Inc.

604 220-4935

This document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company’s reliance on a small number of customers including government organizations; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; uncertainty related to intellectual property protection and potential costs associated with its defense; the Company’s exposure to lawsuits and other matters beyond the control of management. Should known or unknown risks or uncertainties materialize, or should management’s assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly make or update any forward-looking statements, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.