Innovotech Closes Majority Stake in Nou Life Skincare Technology

Edmonton, Alberta – TheNewswire – August 25, 2023 – Innovotech Inc. (TSXV:IOT) (the “Company”) has closed on its agreement to earn a 60 undivided equity interest in Nou Life Sciences Inc. (“Nou Life”) following its $100,000 investment in developing Nou Life’s patented skin treatment technology.

“We have successfully demonstrated the Nou Life technology linking two potent skincare antioxidants, alpha lipoic acid and L-carnitine, into one molecule. As part of our biotechnology portfolio, Innovotech will continue developing the technology for skincare product manufacturers seeking methods that may allow such antioxidant benefits to penetrate more deeply to subdermal cells,” said Innovotech CEO Craig Milne.

“Innovotech has proven itself to be the right partner at this stage of Nou Life’s development. Both parties are pleased with the progress of our joint technology development and believe linking these antioxidants will demonstrate enhanced efficacy in skincare treatments,” said David Tam, Director of Nou Life.  

As David Tam is a common director of both the Company and Nou Life, this transaction is considered to be a related party transaction within the meaning of Policy 5.9 of the TSX Venture Exchange that incorporates Multilateral Instrument 61-101 (“MI 61-101”)”); however, this transaction is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101.

The Company received TSX Venture Exchange approval for the transaction in January 2021 and mutually agreed to extend the original two-year timeline.

About Innovotech

Innovotech is a Canadian biotechnology company owning proprietary intellectual property, conducting contract research, and owning and providing proprietary devices for testing in multiple applications in microbiology. Innovotech can be found online at www.innovotech.ca.

Craig Milne, CEO & Director, Innovotech Inc. 1-604-239-1819 craig.milne@innovotech.ca

This document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company’s reliance on a small number of customers including government organizations; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; uncertainty related to intellectual property protection and potential costs associated with its defense; the Company’s exposure to lawsuits and other matters beyond the control of management. Should known or unknown risks or uncertainties materialize, or should management’s assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly make or update any forward- looking statements, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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