EDMONTON, ALBERTA--(CCNMatthews - Aug. 2, 2006) - Innovotech Inc. (“Innovotech”) (TSX VENTURE:IOT - News) is pleased to announce that, subject to regulatory approval, it intends to complete a non-brokered offering of up to 2,894,737 units (“Units”) at a price of $0.19 (CAD) per Unit for gross proceeds of up to $550,000 (CAD) by way of a private placement (the “Private Placement”). Each Unit is comprised of one (1) common share (“Common Share”) and one Common Share purchase warrant. Each whole warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.28 per Common Share for a period of two (2) years following the date of closing.
