Disposal of Fishmore Hall

    Innobox Plc                                  

                                (the "Company")                                

16 April 2007

                           Disposal of Fishmore Hall                           

The Company announces that its 75.01% owned subsidiary, I F Hotels Limited
("IFHL"), has today exchanged and completed on the disposal of its freehold
property investment known as Fishmore Hall, Ludlow.

IFHL has completed the disposal at an agreed price of £635,000 less associated
sales costs. In order to complete the disposal IFHL agreed to defer £40,000 of
the sales proceeds to be paid in five years time. This deferment will be
treated as a loan to the purchasers on which interest will be paid on a
quarterly basis at a rate of 2% above the Bank of England base rate. The
proceeds from the disposal will be firstly used to satisfy the first legal
charge mortgage of £352,625 that was secured on the freehold property.

As stated in the annual report for the year ended 30 April 2006 and interim
results for the period ended 31 October 2006, the freehold property had been
reclassified as a current asset investment whilst the Company carried out the
disposal. The carrying value of this investment as per the annual report for
the year ended 30 April 2006 was £627,260 and therefore the disposal represents
a profit, before costs, of £7,740.

Commenting on the disposal, Russell Stevens, Chief Executive of the Company,
said: "We are disappointed that we were not able to complete our planned
redevelopment of Fishmore Hall into a luxury hotel. We have encountered a
number of problems since acquiring the site in March 2005, namely the council
announcing that an adjacent site was being considered for a gypsy encampment
and also an attempt by the council to list the building. Following these
problems and coupled with an increase of the expected development costs our
joint venture partners advised us that they no longer wished to proceed and as
a result the decision to sell the property was made."

Enquiries:

Russell Stevens                         07860 562621                           
                                                                               
Chief Executive                         [e-mail]                  
                                                                               
Tim Feather / Matthew Johnson           0113 246 2610                          
                                                                               
Hanson Westhouse Limited                [e-mail]      



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