Innovative Properties Inc. - Third quarter results



    DARTMOUTH, NS, Oct. 1 /CNW/ - Innovative Properties Inc. (TSX-V: INR)
("Innovative") is pleased to announce its financial results for the third
quarter ended July 31, 2007. Consolidated revenues for the nine month period
ended July 31, 2007 were $2,378,306 (compared to $319,826 for the same period
in 2006) and net income for the nine month period ended July 31, 2007 was
$221,957 (compared to a loss of $162,840 for the same period in 2006). There
were no revenues for the quarter ended July 31, 2007 (compared to $nil for the
same period in 2006) and the net loss for the quarter ended July 31, 2007 was
$31,873 (compared to a loss of $46,270 for the same period in 2006). These
results, for the first nine months of this fiscal year, reflect a substantial
improvement of the financial condition of Innovative.
    In May, 2007, Innovative sold the shares of its wholly-owned subsidiary,
Innovative Real Estate Limited. With this transaction and previous
transactions this fiscal year, Innovative is now positioned to source
additional capital as witnessed by an initial nonbrokered $75,000 private
placement which closed on September 11, 2007. Innovative is now poised to
focus on future developments and is ready for the next stage of its
development.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.




For further information:

For further information: J. Stephen Doiron, (902) 463-2639

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INNOVATIVE PROPERTIES INC.

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