IBEX Reports Fiscal 2008 3rd Quarter Results

IBEX Technologies Inc. (TSX VENTURE: IBT), today reported its financial results for the third quarter and nine months ended April 30, 2008.

FINANCIAL RESULTS

Solely for the convenience of the reader, selected financial results expressed in Canadian dollars on the financial statements, have been translated into U.S. dollars at the April 30, 2008 month-end rate C$1.00 equals US$ 0.9928. This translation should not be construed as an application of the recommendations relating to the accounting for foreign currency translation, but rather as supplemental information for the reader.

Results for the Quarter

Sales for the three-month period ended April 30, 2008 totaled $712,997 (US$707,860) compared to $551,768 in the third quarter of fiscal 2007, representing an increase of 29%.

Net profit for the third quarter of fiscal 2008 was $259,269 (US$257,400) or $0.01 per share, compared to a net loss of $815,603 or ($0.04) per share for the same period in fiscal 2007.

In addition to sales gains, the Company's profit improvement can be traced to significantly reduced operating costs, from $1,367,765 in the prior year to $453,752 in the current quarter, due to a cost reduction program which included, among other things, the decision to terminate the research and development activities related to its arthritis and cancer programs.

"The results for the quarter were enhanced by the recent industry crisis regarding heparin, leading to an increase in sales of the Company's heparinase products useful in the identification of heparin contaminants" said Paul Baehr, President and CEO.

The heparin contamination issue presents a unique opportunity for the use of IBEX pure recombinant enzymes and as a result IBEX has commenced development of an easy-to-use enzyme-based assay to measure chondroitin contamination.

Results for the Nine Months

Sales for the nine-month period ended April 30, 2008 totaled $1,816,800 (US$1,803,720) compared to $1,454,113 for the same period in the prior year, representing an increase of 25%.

Net profit for the nine-months ended April 30, 2008 was $158,622 (US$157,480) or ($0.01) per share compared to a net loss of $1,900,938 or ($0.08) per share for the same period in fiscal 2007.

A significant contributor to the year to date profit (versus the net loss same period of the prior year) is a reduction of the company's operating expenses from $3,567,237 to $1,655,261 due to the previously mentioned cost reduction program.

Working Capital

The Company's working capital was $1,629,408 as at the end of the quarter, in-line with the guidance provided at the time of the restructuring announcement and up from $1,338,625 as at the end of the prior quarter ending January 31, 2008 (and compared to $1,403,321 as at July 31, 2007).

LOOKING FORWARD

IBEX has been successful in bringing its existing business to profitability and is now turning its attention to growth opportunities, including opportunities to maximize shareholders' value through discussions with companies interested in the IBEX infrastructure and its accumulated tax loss carry-forwards.

ABOUT IBEX

The Company markets a series of proprietary enzymes (heparinases and chondroitinases) for research use, as well Heparinase I, which is used in many leading hemostasis monitoring devices.

IBEX also markets a series of arthritis assays which are widely used in pharmaceutical research. These assays are based on the discovery of a number of specific molecular biomarkers associated with collagen synthesis and degradation.

Safe Harbor Statement

All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.