IBEX Reports Fiscal 2008 3rd Quarter Results

IBEX Technologies Inc. (TSX VENTURE:IBT), today reported its financial results
for the third quarter and nine months ended April 30, 2008.


FINANCIAL RESULTS

Solely for the convenience of the reader, selected financial results expressed
in Canadian dollars on the financial statements, have been translated into U.S.
dollars at the April 30, 2008 month-end rate C$1.00 equals US$ 0.9928. This
translation should not be construed as an application of the recommendations
relating to the accounting for foreign currency translation, but rather as
supplemental information for the reader.


Results for the Quarter

Sales for the three-month period ended April 30, 2008 totaled $712,997
(US$707,860) compared to $551,768 in the third quarter of fiscal 2007,
representing an increase of 29%.


Net profit for the third quarter of fiscal 2008 was $259,269 (US$257,400) or
$0.01 per share, compared to a net loss of $815,603 or ($0.04) per share for the
same period in fiscal 2007.


In addition to sales gains, the Company's profit improvement can be traced to
significantly reduced operating costs, from $1,367,765 in the prior year to
$453,752 in the current quarter, due to a cost reduction program which included,
among other things, the decision to terminate the research and development
activities related to its arthritis and cancer programs.


"The results for the quarter were enhanced by the recent industry crisis
regarding heparin, leading to an increase in sales of the Company's heparinase
products useful in the identification of heparin contaminants" said Paul Baehr,
President and CEO.


The heparin contamination issue presents a unique opportunity for the use of
IBEX pure recombinant enzymes and as a result IBEX has commenced development of
an easy-to-use enzyme-based assay to measure chondroitin contamination.


Results for the Nine Months

Sales for the nine-month period ended April 30, 2008 totaled $1,816,800
(US$1,803,720) compared to $1,454,113 for the same period in the prior year,
representing an increase of 25%.


Net profit for the nine-months ended April 30, 2008 was $158,622 (US$157,480) or
($0.01) per share compared to a net loss of $1,900,938 or ($0.08) per share for
the same period in fiscal 2007.


A significant contributor to the year to date profit (versus the net loss same
period of the prior year) is a reduction of the company's operating expenses
from $3,567,237 to $1,655,261 due to the previously mentioned cost reduction
program.


Working Capital

The Company's working capital was $1,629,408 as at the end of the quarter,
in-line with the guidance provided at the time of the restructuring announcement
and up from $1,338,625 as at the end of the prior quarter ending January 31,
2008 (and compared to $1,403,321 as at July 31, 2007).


LOOKING FORWARD

IBEX has been successful in bringing its existing business to profitability and
is now turning its attention to growth opportunities, including opportunities to
maximize shareholders' value through discussions with companies interested in
the IBEX infrastructure and its accumulated tax loss carry-forwards.


ABOUT IBEX

The Company markets a series of proprietary enzymes (heparinases and
chondroitinases) for research use, as well Heparinase I, which is used in many
leading hemostasis monitoring devices.


IBEX also markets a series of arthritis assays which are widely used in
pharmaceutical research. These assays are based on the discovery of a number of
specific molecular biomarkers associated with collagen synthesis and
degradation.


Safe Harbor Statement

All of the statements contained in this news release, other than statements of
fact that are independently verifiable at the date hereof, are forward-looking
statements. Such statements, based as they are on the current expectations of
management, inherently involve numerous risks and uncertainties, known and
unknown. Some examples of known risks are: the impact of general economic
conditions, general conditions in the pharmaceutical industry, changes in the
regulatory environment in the jurisdictions in which IBEX does business, stock
market volatility, fluctuations in costs, and changes to the competitive
environment due to consolidation or otherwise. Consequently, actual future
results may differ materially from the anticipated results expressed in the
forward-looking statements. IBEX disclaims any intention or obligation to update
these statements.




CONSOLIDATED BALANCE SHEETS
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                                                     April 30,     July 31,
unaudited                                                2008         2007
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                                                            $            $
ASSETS

Current assets
Cash and cash equivalents                           1,398,745      348,752
Marketable securities (note 3)                              -    1,099,673
Accounts receivable                                   345,138      500,509
Inventories                                           173,121      164,384
Prepaid expenses                                      133,065      135,014
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Sub-total Current Assests                           2,050,069    2,248,332
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Property and equipment                                255,919      303,271
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TOTAL ASSETS                                        2,305,988    2,551,603
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LIABILITIES

Current liabilities
Accounts payable and accrued liabilities              420,661      845,011
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Sub-total Current Liabilities                         420,661      845,011
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TOTAL LIABILITIES                                     420,661      845,011
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SHAREHOLDERS' EQUITY

Capital stock (note 4)                             52,660,078   52,660,078
Contributed surplus (note 4)                          399,975      375,151
Profit (Deficit)                                  (51,174,727) (51,328,637)
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TOTAL SHAREHOLDER'S EQUITY                          1,885,327    1,706,592
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TOTAL LIABILITIES & SHAREHOLDER'S EQUITY            2,305,988    2,551,603
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CONSOLIDATED STATEMENTS OF DEFICIT
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For the nine months ended April 30 (unaudited)           2008         2007
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                                                            $            $

Balance - Beginning of period                     (51,328,637) (43,918,975)
Transition adjustment on adoption of financial
 instrument standard (note 2)                          (4,711)           -
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Restated balance - Beginning of period            (51,333,348) (43,918,975)

Net profit (Net loss) year to date                    158,622   (7,409,662)
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Balance - End of period                           (51,174,727) (51,328,637)
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CONSOLIDATED STATEMENTS OF EARNING (LOSS)
                              Three months ended         Nine months ended
                                      April 30th                April 30th
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(unaudited)                     2008        2007         2008         2007
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                                   $           $            $            $
Revenue                      712,997     551,768    1,816,800    1,454,113
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Operating expenses
 Cost of good solds         (200,821)   (228,527)    (735,318)    (643,542)
 Net research and
  development expenditure
  (note 7)                    39,427    (372,938)      39,427     (986,805)
 Selling, general and
  administrative expenses   (265,704)   (723,584)    (926,200)  (1,925,728)
 Amortization of property
  and equipment              (15,763)    (33,497)     (49,677)    (100,409)
 Amortization of
  identifiable intangible
  assets                           -        (809)           -       (2,427)
 Other interest and bank
  charges                     (3,266)     (8,435)      (7,703)     (24,266)
 Foreign exchange loss
  (note 6)                   (15,749)    (48,872)     (22,646)     (27,785)
 Investment income             8,124      48,897       36,857      143,725
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Total operating expenses    (453,752) (1,367,765)  (1,665,261)  (3,567,237)
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                             259,245    (815,997)     151,540   (2,113,124)
Current Income taxes             (24)       (394)      (7,082)    (212,186)
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Net profit (loss)            259,269    (815,603)     158,622   (1,900,938)
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Net profit (loss) per
 share
 Basic and diluted             $0.01      $(0.04)       $0.01       $(0.08)
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CONSOLIDATED CASH FLOW STATEMENTS
                                 Three months ended      Nine months ended
                                         April 30th             April 30th
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(unaudited)                        2008        2007       2008        2007
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                                      $           $          $           $
Cash flows provided by
 (used in):
Operating activities
Net profit (loss) for the
 period                         259,269    (815,603)   158,622  (1,900,938)
 Items not affecting cash -
  Amortization of property and
   equipment                     15,763      42,270     49,678     126,726
  Amortization of identifiable
   intangible assets                  -      71,308          -     213,922
  Stock-based compensation
   costs                         17,150       4,520     24,824      21,040
  Accretion of interest on
   balance of payments                -       4,550          -      13,650
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Cash flow relating to
 operating activities           292,182    (692,955)   233,124  (1,525,600)
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Net changes in non-cash
 working capital items -
 Decrease in accounts
  receivable                     26,770      52,917    155,371     109,845
 Decrease (increase) in
  inventories                   (58,963)     22,595     (8,737)     63,790
 (Increase) decrease in
  prepaid expenses              (45,903)    (48,174)     1,949     (19,932)
 (Decrease) increase in
  accounts payable and
  accrued liabilities           119,689     358,827   (429,061)     56,117
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Net changes in non-cash
 working capital balances
 relating to operations           41,593     386,165   (280,478)   209,820
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Cash flow relating to
 operating activities            333,775    (306,790)   (47,354)(1,315,780)
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Investing activities
Additions to marketable
 securities                           -  (2,001,239)         -  (5,640,573)
Proceeds on disposal of
 marketable securities                -   4,290,850  1,099,673   9,315,062
Additions to property and
 equipment                       (1,400)       (550)    (2,326)     (8,573)
Increase in other assets              -    (360,371)         -  (1,000,000)
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Cash flow relating to
 financing activities            (1,400)  1,928,690  1,097,347   2,665,916
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Increase in cash and cash
 equivalents during the year    332,375   1,621,900  1,049,993   1,350,136

Cash and cash equivalents -
 Beginning of period          1,066,370     544,688    348,752     816,452
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Cash and cash equivalents -
 End of period                1,398,745   2,166,588  1,398,745   2,166,588
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