Innovative Properties Inc. - Letter of Intent to Acquire Property Management Development Firm Executed



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

    HALIFAX, July 21 /CNW/ - Innovative Properties Inc. ("INR") (TSX-V: INR)
is pleased to announce that it has executed a Letter of Intent to purchase all
of the issued and outstanding shares of the property management firm Dynamic
Integrated Marketing Enterprises Inc., of Halifax, Nova Scotia ("DIME"). INR
proposes to pay $450,000 for all of the common shares of DIME with a
combination of shares of INR, cash, and a convertible debenture. The common
shares of INR shall be issued to the DIME shareholders at a value of $0.10 per
common share. The transaction's final terms and conditions are to be contained
in a Purchase Agreement to be negotiated with a targeted closing date of
August 15, 2008. The transaction is also subject to normal due diligence.
    DIME is a privately held Atlantic Canadian company. It is a leading
provider of digital signage and advertising media and provides media
distribution through narrowcasting. DIME developed and owns a unique property
management system called HomeVue. The system is an electronic platform, which
utilizes closed circuit television and the Internet to enable property owner-
managers to communicate with tenants, residents, and guests. HomeVue provides
numerous benefits to owner-managers of commercial and residential real estate
including new sources of revenue. The system has broad applicability to office
complexes, apartment buildings, condominiums, rental communities, senior's
living facilities, and hotels. As part of the proposed acquisition the
owner-managers of DIME will become employees and shareholders of INR.
    The DIME acquisition presents immediate revenue opportunities for INR
together with long-term strategic advantages for use in future real estate
related acquisitions. The DIME acquisition presents an opportunity to
reposition INR following the disposition of its real estate assets and
subsidiaries in 2007. DIME has proven the benefits of its HomeVue system with
installations for customers such as Killam Properties Inc. (TSX - KMP). DIME
is providing similar technology solutions to Bell-Aliant, (TSX-BA.UN) in
Eastern Canada.
    DIME's President Steven Morrison said "INR's property management and
business development expertise is a great fit for our company and we're
enthusiastic about the potential in working with them. Our combined abilities
should provide rapid growth for our respective shareholders in property
management and related real estate services."
    The offering is subject to TSX Venture Exchange approval and all other
required approvals including the approval of the final Purchase Agreement by
INR's Board of Directors.

    On behalf of the Board of Directors, Gordon Neal, Secretary.

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




For further information:

For further information: Head Office: Gordon Neal, Secretary, (902)
209-9466, Fax: (902) 405-3572, gordon.neal@gmail.com,
www.innovativeproperties.com

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INNOVATIVE PROPERTIES INC.

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