Edmonton, Alberta - TheNewswire - 17 July 2023 - Innovotech Inc. (TSX-V:IOT), a leading Canadian biotechnology company, is pleased to announce the appointment of Dr. Craig Milne as Chief Executive Officer (CEO) effective 1 August 2023.  Dr. Milne first joined IOT as a Board member in July 2019 and has served on the Executive Committee, Audit Committee and as Chief Business Development Officer. "Dr. Milne brings to IOT enthusiasm, energy, vision and more than a decade of leadership experience in rapidly growing technology companies" said Dr. James Timourian, present CEO and Board Chair. Craig has a PhD in Immunology from the University of Toronto and an MBA in Finance from the University of Alberta.

“I’m excited about the opportunity we have in front of us.  Innovotech is recognized by leading medical device companies as their trusted partner in microbiology products and services.  That is a strong base from where we can continue to add value to our business and the industry.” said Dr. Milne.

In his previous role as CEO of Copperstone Technologies, an Edmonton-based robotics company, he led the acquisition of several global mining companies as key clients.  He has worked with companies across a number of industry verticals, developing and executing effective strategies for sales, partnership development and finance.  Dr. Milne will be granted 500,000 incentive stock options vesting over a 4-year period at today’s closing price of $0.10 and expiring in 5 years.  

Dr. Timourian will resign from the CEO position at the end of July and continue supporting the company in his capacity as Director and Board Chair.

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

Director & CFO Innovotech Inc. 604 220-4935 acs@loncap.ca

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.

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