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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.

For further information: Head Office: Gordon Neal, Secretary, (902)463-2639, Fax: (902) 463-9897, info@innovativeproperties.com;
www.innovativeproperties.com

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