Innovative Properties Inc. – Financial Results for Q3 ended July 31, 2009 and Resignation of Director D Sperry

Halifax, Nova Scotia – September 29, 2009

Innovative Properties Inc. (the “Corporation”) (TSXV:INR) reports revenue for the third quarter ended July 31, 2009 of $77,563 (July 31, 2008 – revenue of $300). The Corporation reported a loss for the third quarter ended July 31, 2009 of $161,006 (July 31, 2008 - loss of $43,841). This resulted in a loss per share of $0.007 for the third quarter ended July 31, 2009 compared to a loss per share of $0.003 for the third quarter ended July 31, 2008.

For complete third quarter ended July 31, 2009 MD&A and Financial Statements, please refer to www.sedar.com. The
Corporation has 23,537,825 issued and outstanding common shares.

The Corporation also reports that Drew Sperry of Dartmouth, Nova Scotia has tendered his resignation as a Director of
INR following a lengthy illness. The Corporation thanks Mr. Sperry for his valuable contributions over many years.
On behalf of the Board of Directors:

ABOUT INNOVATIVE PROPERTIES INC. AND SUBSIDIARIES
Innovative Properties Inc. is a publicly traded Canadian corporation involved in property management and the
development and management of real estate and real estate related technologies. The Corporation and its two
subsidiaries’ business is providing property management products and services to residential and commercial property
owners.