HALIFAX, NS, CANADA - Dec 10, 2009

Innovative Properties Inc. (the "Corporation") (TSX VENTURE:INR) is pleased to announce that it closed today the second and final tranche (the "Second Tranche") of a non-brokered private placement (the "Private Placement") of secured convertible debentures ("Debentures") in the aggregate amount of $127,000. The Private Placement was originally announced by the Corporation on October 27, 2009. The first tranche of the Private Placement (the "First Tranche") closed on November 10, 2009 in the aggregate amount of $473,000. In the aggregate, the First Tranche and the Second Tranche of the Private Placement of Debentures total $600,000. The Debentures bear interest at the rate of fifteen percent (15%) per annum, with interest payable quarterly, and will mature on June 30, 2010 (the "Maturity Date"). Debentureholders may convert the Debentures into common shares of the Corporation ("Shares") at a conversion rate of $0.10 per Share at any time...