IBEX Reports Third Quarter Fiscal 2009 Results

  IBEX Technologies Inc. (TSX VENTURE: IBT), today reported its financial results for the third quarter ended April 30, 2009.

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, 2009 month-end rate C$1.00 equals US$ 0.8382. 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.

HIGHLIGHTS FOR THE QUARTER:

- Record sales of over million dollars in the quarter.

- Sales increased 51% vs. year ago and 8% vs. the previous quarter.

- Net earnings, exclusive of foreign exchange, increased 18% vs. year ago.

- Working capital increased 7% vs. previous quarter

"IBEX had another excellent quarter in both profits and sales" said Paul Baehr, IBEX CEO "with sales driven by real growth and a favourable foreign currency exchange rate".

FINANCIAL RESULTS FOR THE THIRD QUARTER

Sales for the quarter ended April 30, 2009 totaled $1,072,603 (US$899,056) an increase of 51% as compared to $712,997 to the same period in the prior year, and representing an increase of 8% vs. the previous quarter.

Sales of enzymes increased by 30% vs. the previous year, although down by 6% vs. the very strong previous quarter. Most of this increase traces to continued strong demand for the point of care disposables sold by IBEX customers, but gains are also seen in the use of our enzymes in manufacturing quality control.

Sales of arthritis assays increased by 125% vs. year ago, and increased 56% vs. the previous quarter.

Net earnings for the quarter ended April 30, 2009 were $242,582 (US$203,332), or $0.01 per share, compared to net earnings of $259,269, or $0.01 per share, for the same period year ago, (a decrease of 6%) with increasing revenues offset by a $117,725 negative charge to the foreign exchange account.

Net earnings for the third quarter declined 16% versus the second quarter, however, excluding foreign exchange swings, net earnings were $360,307, up 18% over year ago, 8% versus the second quarter and up 135% when compared with first quarter. The two first quarters benefited from a $168,617 gain in foreign exchange due to the increased strength of the US currency, while the current quarter recorded a foreign exchange loss of $117,725 due to a decline in the value of the US dollar vs. the last quarter.

Expenses during the quarter increased 22% vs. year-ago but decreased by 11% vs. the previous quarter. This increase is mainly attributable to the increase in the level of business activity vs. year ago.

Cash, Cash Equivalents, and Marketable Securities increased 15% during the quarter to $2,118,086. The Company's working capital was $2,557,888 as at the end of the third quarter ended April 30, 2009 and up from $2,390,884 as at the end of the prior quarter ending January 31, 2009.

Financial Summary for the quarters ending

                                                   April 30,     April 30,
                                                       2009          2008
Revenues                                         $1,072,603      $712,997
Earning Before Interests, Tax, Depreciation
 & Amortization                                    $265,103      $266,932
Depreciation & Amortization                         $26,470       $15,763
Net Earnings                                       $242,582      $259,269
Profit per Share                                      $0.01         $0.01
Cash, Cash Equivalents & Marketable Securities   $2,118,086    $1,398,745
Working Capital                                  $2,557,888    $1,629,408
Outstanding shares at report date (Common
 Shares)                                         24,703,244    24,703,244

LOOKING FORWARD

IBEX has been successful in bringing its existing business to profitability and is now turning its attention to pursuing growth opportunities, including further growing its base business, and maximizing shareholder value through strategic initiatives with companies where increased market strength and synergies might be obtained.

While the Company expects the last quarter of Fiscal 2009 to be profitable, it will not benefit from the same level of foreign exchange gains, nor will it see the same level of sales (the third quarter was an exceptionally good quarter, the fourth quarter is typically the smallest quarter).

ABOUT IBEX

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

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

For more information, please visit the Company's web site at www.ibex.ca.

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
                                                   April 30       July 31,

UNAUDITED                                              2009          2008
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                                                          $             $
ASSETS
Current assets
Cash and cash equivalents                         2,118,086       372,096
Marketable securities (note 3)                            -     1,195,168
Accounts receivable                                 792,302       337,621
Inventories                                         235,403       292,755
Prepaid expenses                                     96,186        90,206
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Sub-total current assets                          3,241,977     2,287,846
Property and equipment                              383,773       238,809
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Total assets                                      3,625,750     2,526,655
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LIABILITIES
Current liabilities
Accounts payable and accrued liabilities            680,042       455,354
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Total liabilities                                   680,042       455,354
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SHAREHOLDERS' EQUITY

Capital stock                                    52,660,078    52,660,078
Contributed surplus                                 401,553       396,252
Deficit                                         (50,115,923)  (50,985,029)
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Total shareholders' equity                        2,945,708     2,071,301
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Total liabilities and shareholders' equity        3,625,750     2,526,655
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CONSOLIDATED STATEMENTS OF DEFICIT
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For the nine months ended April 30 (unaudited)         2009          2008
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                                                          $             $

Balance - Beginning of period                   (50 985 029)  (51,328,637)
Transition adjustment on adoption of financial
 instrument standard  (note 2)                            -        (4,711)
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Restated balance - Beginning of period          (50,985,029)  (51,333,348)

Net earning for the period                          869,106       158,622
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Balance - End of period                         (50,115,923)  (51,174,727)
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CONSOLIDATED STATEMENTS OF EARNING AND COMPREHENSIVE INCOME
                          Three months ended            Nine months ended
UNAUDITED                           April 30                     April 30
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                          2009          2008           2009          2008
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                             $             $              $             $

Revenue              1,072,603       712,997      2,680,591     1,816,800
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Operating expenses
  Net research and
   development
   expenditure
   (note 7)                  -        39,427              -        39,427
  Selling, general
   and
   administrative
   expenses and
   cost of goods
   sold               (688,335)     (466,525)    (1,825,255)   (1,661,519)
  Amortization of
   property and
   equipment           (26,470)      (15,763)       (58,488)      (49,677)
  Other interest
   and bank charges     (3,223)       (3,266)       (14,434)       (7,703)
  Foreign exchange
   gain (loss)        (117,725)      (15,749)        50,892       (22,646)
  Gain on sale of
   assets                1,783             -         12,172             -
  Investment income      3,949         8,124         23,628        36,857
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Total operating
 expenses             (830,021)     (453,752)    (1,811,485)   (1,665,261)
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Net earning before
 Income tax            242,582       259,245        869,106       151,540
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Current income tax           -           (24)             -        (7,082)
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Net earning and
 other comprehensive
 income                242,582       259,269        869,106       158,622
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Net earning and other
 comprehensive income
 per share
  Basic and diluted      $0.01         $0.01          $0.04         $0.01
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See accompanying notes



CONSOLIDATED CASH FLOW STATEMENTS
                          Three months ended            Nine months ended
                                    April 30                     April 30
-------------------------------------------------------------------------
UNAUDITED                 2009          2008           2009          2008
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                             $             $              $             $
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Cash flows provided by
 (used in):
Operating activities
Net profit for the
 period                242,582       259,269        869,106       158,622
Items not affecting
 cash -
  Amortization of
   property and
   equipment            26,470        15,763         58,488        49,678
  Stock-based
   compensation costs      349        17,150          5,300        24,824
  Gain on disposal
   of property and
   equipment            (1,783)            -        (12,172)            -
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Cash flow relating
 to operating
 activities            267,618       292,182        920,722       233,124
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Net changes in
 non-cash working
 capital items -
  Decrease (increase)
   in accounts
   receivable           (6,637)       26,770       (454,687)      155,371
  Decrease (increase)
   in inventories       93,307       (58,963)        57,353        (8,737)
  Decrease (increase)
   in prepaid expenses (30,460)      (45,903)        (5,979)        1,949
  Increase (decrease)
   in accounts payable
   and accrued
   liabilities          41,888       119,689        224,693      (429,061)
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Net changes in
 non-cash working
 capital balances
 relating to operations 98,098        41,593       (178,620)     (280,478)
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Cash flow relating
 to operating
 activities            365,716       333,775        742,102       (47,354)
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Investing activities
Additions to
 marketable securities       -             -       (209,207)    1,099,673
Proceeds on disposal
 of marketable
 securities                  -        (1,400)     1,404,375        (2,326)
Additions to
 property and
 equipment             (98,349)            -       (203,452)            -
Proceeds on disposal
 of property and
 equipment               1,783             -         12,172             -
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Cash flow relating
 to financing
 activities            (96,566)       (1,400)     1,003,888     1,097,347
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Increase in cash and
 cash equivalents
 during the quater     269,150       332,375      1,745,990     1,049,993
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Cash and cash
 equivalents
 - Beginning of
 period              1,848,936     1,066,370        372,096       348,752
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Cash and cash
 equivalents
 - End of period     2,118,086     1,398,745      2,118,086     1,398,745
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

Contacts: IBEX Technologies Inc. Paul Baehr President & CEO 514-344-4004 x 143