Mr. Ken Boutilier reports

INNOVOTECH ANNOUNCES COMPLETION OF PRIVATE PLACEMENT

Innovotech Inc. has received, further to its press release of April 26, 2012, final acceptance from the TSX Venture Exchange for a non-brokered private placement of 1,630,194 units at a price of 32 cents per unit for gross proceeds of approximately $521,660. Each unit comprises of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of 40 cents per common share for a period of three years following the date of closing, provided that if the trading volume of the common shares on the principal market on which such shares trade is equal to or exceeds 100,000 common shares in any given 30 consecutive days prior to the expiration date of the warrants and on each day the shares trade the closing price is 60 cents per common share or greater, then the warrant shall automatically accelerate to expire 14 days following the last day of the acceleration period.

Innovotech intends to use the proceeds from the offering to support marketing of its veterinary and human test kits and to support efforts to gain regulatory approval of its agricultural industry products.

The participation in the private placement by a director of Innovotech may be considered a related party transaction, as defined under Multilateral Instrument 61-101. Innovotech has determined that exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101 are available. In particular, Innovotech has determined that the exemptions set out in paragraphs a and b in Section 5.5 of MI 61-101 are applicable, since the aggregate consideration to be paid by the related party does not exceed 25 per cent of the market capitalization of Innovotech as at June 8, 2012, and Innovotech is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange. In addition, in reviewing the minority shareholder approval exemptions, the independent directors determined that the exemption set out in paragraph 1b in Section 5.7 of MI 61-101 is applicable.

The securities issued pursuant to the offering are subject to a holding period expiring on Oct. 12, 2012.