Innovative Properties Inc. Announces Private Placement of Up to $600,000 in Secured Convertible Debentures

HALIFAX, NOVA SCOTIA, CANADA, Oct 27, 2009

Innovative Properties Inc. (the "Corporation") (INR) announced today that it proposes to issue up to $600,000 in secured convertible debentures ("Debentures") through a non-brokered private placement (the "Private Placement"), comprised of up to $345,000 in new debt and the conversion of $255,000 in existing debt The Debentures will 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 until the Maturity Date. The Debentures will be secured by the pledge of the common shares of DIME - Dynamic Integrated Marketing Enterprises Inc., a wholly-owned subsidiary of the Corporation.

Approximately $252,500 of the Debentures is anticipated to be issued to insiders of the Corporation, including the Chief Executive Officer, Chief Financial Officer and two of the Corporation's directors. The funds raised from the Private Placement will be used for repayment of debt, general corporate purposes and the advancement of the development activities of the Corporation.

The Private Placement is expected to close by mid-November 2009, subject to receipt of TSX Venture Exchange approval and all other required approvals. The Corporation has 24,537,825 issued and outstanding Shares.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Innovative Properties Inc. in any jurisdiction.

ABOUT INNOVATIVE PROPERTIES INC.

Innovative Properties Inc. is a publicly traded Canadian corporation involved in property management related services and technologies.

Innovative Properties Inc.
Gordon Neal, President, CEO
902-209-9466
866-546-7302 (FAX)
Gordon.Neal@innovativeproperties.com
www.innovativeproperties.com