Edmonton – TheNewswire - April 25th, 2023.  Innovotech Inc. (TSXV:IOT) incurred loss of $136,511 on revenue of $1,125,813 in the year ended December 31st, 2022.

The loss was largely driven by a 25% decrease in revenues to $1,125,813 from $1,481,767 in the prior year.  Notably, R&D expenses increased from $34,888 to $110,980, depreciation rose from $70,895 to $114,165 and salaried costs rose from $592,231 in the prior year to $688,245 in the current year.  Gross profit margin declined to 69% from 75%.  EBITDAS for the year was a negative $9,195.

12-month financial results

Innovotech’s 4th quarter loss of $83,409 was consequent on the same factors that brought about the annual loss.

Fourth quarter financial results

About Innovotech

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.  Innovotech can be found online at www.innovotech.ca.

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.