Innovative Properties Inc. - Financial results for year ended October 31, 2007



    /THIS RELEASE IS NOT FOR DISSEMMINATION IN THE UNITED STATES OR FOR
    RELEASE TO U.S. NEWSWIRE SERVICES./

    HALIFAX, Feb. 29 /CNW/ - Innovative Properties Inc. (the "Corporation")
(TSX-V: INR) is pleased to announce its financial results for the year ended
October 31, 2007. The Corporation reported revenue of $2,392,788 compared to
revenue of $1,409,185 for the year ended October 31, 2006. The Corporation
reported net income of $150,803 compared to a loss of $259,528 for the year
ended October 31, 2006 resulting in earnings per share of $0.02 compared to a
loss of $0.02 per share for the year ended October 31, 2006. Results include
losses from discontinued operations of $40,276 compared to losses from
discontinued operations of $18,348 for the year ended October 31, 2006.
    These results reflect the Corporation's fiscal 2007 strategy to dispose
of existing real estate assets which is now complete and to position the
Corporation for future growth and operations in the real estate sector.
    For a complete 2007 MD&A and financial statements, please refer to
www.sedar.com.


    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this Release. Innovative Properties Inc. seeks safe
    harbour.

    Certain statements contained in this news release constitute
forward-looking information within the meaning of securities laws. Implicit in
this information, particularly in respect of future operating results and
economic performance of the Corporation are assumptions regarding projected
revenue and expenses. These assumptions, although considered reasonable by the
Corporation at the time of preparation, may prove to be incorrect. Readers are
cautioned that actual future operating results and economic performance of the
Corporation are subject to a number of risks and uncertainties, including
general economic, market and business conditions and could differ materially
from what is currently expected.

    Forward-looking information contained in this report is based on
management's current estimates, expectations and projections, which management
believes are reasonable as of the current date. You should not place undue
importance on forward-looking information and should not rely upon this
information as of any other date. While we may elect to do so, we are under no
obligation and do not undertake to update this information at any particular
time unless required by applicable securities law.




For further information:

For further information: Head Office: William E. Crandell, CFO and
Director, (902) 463-2639, Fax: (902) 463-9897, target@accesswave.ca,
www.innovativeproperties.com

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INNOVATIVE PROPERTIES INC.

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