Innovative Properties Inc. Announces Closing $127,000 Second Tranche of Private Placement of $600,000 in Secured Convertible Deb

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U.S. NEWSWIRE SERVICES.


Innovative Properties Inc. (the "Corporation") (TSX VENTURE:INR) is pleased to
announce that it closed today the second and final tranche (the "Second
Tranche") of a non-brokered private placement (the "Private Placement") of
secured convertible debentures ("Debentures") in the aggregate amount of
$127,000. The Private Placement was originally announced by the Corporation on
October 27, 2009. The first tranche of the Private Placement (the "First
Tranche") closed on November 10, 2009 in the aggregate amount of $473,000. In
the aggregate, the First Tranche and the Second Tranche of the Private Placement
of Debentures total $600,000. The Debentures bear interest at the rate of
fifteen percent (15%) per annum, with interest payable quarterly, and will
mature on June 30, 2010 (the "Maturity Date"). Debentureholders may convert the
Debentures into common shares of the Corporation ("Shares") at a conversion rate
of $0.10 per Share at any time until the Maturity Date. The Debentures are
secured by the pledge of the common shares of DIME - Dynamic Integrated
Marketing Enterprises Inc., a wholly-owned subsidiary of the Corporation. The
original announcement stated that $255,000 of existing debt would be converted
in this Debenture however no debt has been converted.


A total of $270,000 of the placement was subscribed for by insiders of the
Corporation, including the Chief Executive Officer, Chief Financial Officer and
two of the Corporation's directors. $45,000 of the $270,000 subscribed for by
insiders of the Corporation is being held in escrow pursuant to the TSX Venture
Exchange conditional approval of the Private Placement.


The funds raised from the Private Placement will be used for repayment of debt,
general corporate purposes and the advancement of the development activities of
the Corporation.


The Debentures and the Shares issuable on the conversion of the Debentures are
subject to a four (4) month hold period. The hold period for the First Tranche
Debentures expires on March 10, 2010, and the hold period for the Second Tranche
Debentures expires on April 10, 2010. The Private Placement is subject to
receipt of final TSX Venture Exchange approval. The Corporation has 24,537,825
issued and outstanding Shares.


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities of Innovative Properties Inc. in any
jurisdiction.


ABOUT INNOVATIVE PROPERTIES INC.

Innovative Properties Inc. is a publicly traded Canadian corporation involved in
property management related services and technologies.


FORWARD LOOKING STATEMENTS

Certain information regarding the Corporation contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements of
fact. Although the Corporation believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. The Corporation cautions that
actual performance will be affected by a number of factors, many of which are
beyond the Corporation's control, and that future events and results may vary
substantially from what the Corporation currently foresees. Discussion of the
various factors that may affect future results is contained in the Corporation's
audited annual financial statements and management discussion and analysis for
the year ended October 31, 2008 which were filed to SEDAR on February 25, 2009
and are available at www.sedar.com. The Corporation's forward-looking statements
are expressly qualified in their entirety by this cautionary statement.