EDMONTON, ALBERTA--(Marketwire - Jan. 3, 2008) - Innovotech Inc. (“Innovotech”)(TSX VENTURE:IOT) is pleased to announce that it has received TSX Venture Exchange (“Exchange”) final acceptance for a private placement (the “Private Placement”) of 3,000,000 units (“Units”) at a price of $0.60 per Unit for gross proceeds of approximately $1,800,000 as previously announced on December 6, 2007. Each Unit is comprised of one (1) common share (“Common Share”) and one-half ( 1/2) Common Share purchase warrant. Each whole warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.75 per Common Share for a period of one (1) year following the date of closing, provided that if the weighted average per share quoted by the Exchange for any consecutive fifteen (15) day period prior to the exercise date of the warrants is equal to or greater than $0.90 per Common Share, then Innovotech may accelerate the expiry date by notifying the warrantholders who shall then have fifteen (15) business days to exercise their warrants failing which the warrant will expire.
