Innovotech Announces Completion of Private Placement

Innovotech Inc. (TSX VENTURE:IOT) is pleased to announce that, further to its
press release of April 26, 2012, it has received final acceptance from the TSX
Venture Exchange for a non brokered private placement of 1,630,194 units
("Units") at a price of $0.32 per Unit (the "Offering") for gross proceeds of
approximately $521,660. Each Unit is comprised of one (1) common share ("Common
Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant
entitles the holder to purchase one (1) additional Common Share at a price of
$0.40 per Common Share for a period of three (3) years following the date of
closing, provided that if the trading volume of the Common Shares on the
principal market on which such shares trade is equal to or exceeds 100,000
Common Shares in any given thirty (30) consecutive days prior to the expiration
date of the Warrants (the "Acceleration Period") and on each day the shares
trade the closing price is $0.60 per Common Share or greater, then the Warrant
shall automatically accelerate to expire fourteen (14) days following the last
day of the Acceleration Period.


Innovotech intends to use the proceeds from the Offering for to support
marketing of its veterinary and human test kits and to support efforts to gain
regulatory approval of its agricultural industry products.


The participation in the private placement by a director of Innovotech may be
considered a "related party transaction" (the "Related Party") as defined under
Multilateral Instrument 61-101 ("MI 61-101"). Innovotech has determined that
exemptions from the formal valuation and minority shareholder approval
requirements under MI 61-101 are available. In particular, Innovotech has
determined that the exemptions set out in paragraphs (a) and (b) in section 5.5
of MI 61-101 are applicable since the aggregate consideration to be paid by the
Related Party does not exceed 25% of the market capitalization of Innovotech as
at June 8, 2012 and Innovotech is not listed on the Toronto Stock Exchange but
only on the TSX Venture Exchange. In addition, in reviewing the minority
shareholder approval exemptions, the independent directors determined that the
exemption set out in paragraph (1)(b) in section 5.7 of MI 61-101 is applicable.


The securities issued pursuant to the Offering are subject to a hold period
expiring on October 12, 2012.


About Innovotech Inc.

Innovotech Inc. is a pioneer in the field of biofilm product development,
focused on providing innovative and practical solutions to medical, agricultural
and industrial problems caused by microbial biofilms. Biofilms are organized
communities of microorganisms that exist in virtually every natural environment
and are responsible for a host of diseases in human health, animal health and
agriculture. There are few products or regulatory standards, aside from those of
Innovotech, designed specifically for biofilm-forming organisms. 


Innovotech has a broad range of products that address the issue of biofilms
within a number of different industries, including commercially available
products in three market segments; the MBEC Assay(TM), bioFILM PA(TM),
InnovoSCEPT-Human and InnovoSCEPT-Veterinary tests. The MBEC Assay(TM) is a high
throughput biofilm growth device that was recently approved as an ASTM
International standard. bioFILM PA(TM) and InnovoSCEPT-Human are the first
diagnostic tests to assist physicians in the selection of the most effective
antibiotic treatment for patients with biofilm-based chronic infections, while
the InnovoSCEPT veterinary tests are designed to determine the most effective
antibiotic treatment for chronic infections in both large and small animals. 


Innovotech also has two products in advanced stages of development; Agress(R) is
a unique, environmentally friendly seed treatment and plant spray designed to
protect crops against both bacterial and fungal infections and AgreGuard(TM) is
a unique antimicrobial for coating medical devices such as catheter.


Website: www.innovotech.ca

Blog: www.cf-test.ca

Twitter: www.twitter.com/innovotech

Facebook: www.facebook.com/innovotech