Edmonton – TheNewswire - August 16, 2022.  Innovotech Inc. (TSXV:IOT), a pioneer in the field of biofilm product development, reports sharply reduced 2022 first half revenues of $536,232 vs. $788,792 in the first half of 2021 leading to a loss for the period of $94,794.  Lower revenues combined with general and administrative expenses that reflected a 2021 increase in staffing and laboratory footprint, drove the negative result together with R&D expenses of $45,796 compared with $9,117 in the prior period.

Six Month Results to June 30th - (H1):

Innovotech’s balance sheet remains strong.  Working capital declined to $739,345  from $774,521 at December 31st, 2021. Cash increased to $646,679 following a $271,045 decline in accounts receivable.

Three Month Results to June 30th - (Q2):

Innovotech does not believe that the financial results for the first six-months of 2022 are indicative of the next six months of 2022 based on a considerable increase in the level of signed contract research protocols as of the date of this news release.

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.