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Innovotech Inc
Symbol IOT
Shares Issued 38,909,612
Close 2021-08-20 C$ 0.15
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Innovotech earns $163,690 in Q2, adds Nadworny as CSO

2021-08-24 17:27 ET - News Release

Mr. Alan Savage reports

INNOVOTECH REPORTS SIX-MONTH RESULTS TO JUNE 30, 2021

Innovotech Inc. has released financial results of its 2021 first half to June 30.

  • Revenue increased 71 per cent over the same period in the prior year.
  • Net profit and working capital increased significantly over prior year.
  • Laboratory space, equipment, staff and management have expanded.
  • Chief scientific officer appointed to oversee resumed R&D (research and development) operations.
  • Upward revenue trend maintained.

The significant increase in 2021 first half revenue is consistent with, although stronger than, the trend of rising revenues over the past two years. The company expects that trend to be maintained in the remainder of 2021. The results are a testament to the energy and efforts of the company's management and staff.

In the first six months revenue of $788,792 increased by $328,501 over the same period in the prior year producing a net profit of $185,925. Working capital rose to $768,086 from $595,623 as of Dec. 31, 2020.

Second quarter revenue of $480,217 increased from $333,904 in the prior year and generated a profit of $163,690 versus $121,974 in the second quarter of the prior year. The increase in second quarter revenues and profits drove the significant six-month net income.

The results were achieved during a time in which the company acquired additional laboratory space, installed and calibrated new equipment, upgraded the acquired space, and hired and began training two additional microbiologists.

Interim report on research and development

Innovotech's board of directors has appointed Dr. Patricia Nadworny, BSc, PhD, PEng, as chief scientific officer as it announces a new, disciplined commitment to exploiting and developing its technological expertise.

Dr. Nadworny obtained her undergraduate degree (BSc, chemical engineering with distinction, first in class) in 2004 at the University of Alberta in the department of chemical and materials engineering. She earned her PhD in chemical and materials engineering and biomedical engineering at the University of Alberta's Faculties of Engineering and Medicine and Dentistry, respectively, with a focus on biological activity of nanostructured silver.

In her new position as chief scientific officer, Dr. Nadworny will be responsible for bringing new life to the company R&D (research and development) program. Additionally, Dr. Nadworny will continue to oversee quality assurance and safety operations.

Innovotech has an extensive knowledge base regarding the InnovoSIL family of antimicrobials that it believes can be developed for novel applications, to augment the potential of the initial member of the family, InnovoSIL-1 antimicrobial silver, which has attracted interest from potential industry partners.

The company is continuing work to explore the technology represented by the Nou Life patent it controls.

Scientific R&D costs are expensed as incurred. Innovotech understands that R&D expenditures can have a negative effect on net income from operations. The company fully intends to remain profitable and to that end will be disciplined regarding the funds allocated and will work to leverage its R&D costs through government grants or industry joint venture participation. Innovotech is truly excited to have Dr. Nadworny lead the reinitiated R&D activities.

More detail is provided in the June 30, 2021, financial statements and accompanying management discussion and analysis dated Aug. 24, 2021, both of which have been filed on SEDAR and on the company's website.

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 on-line.

We seek Safe Harbor.

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