EDMONTON, ALBERTA -- (Marketwired) -- 05/14/13 -- Innovotech Inc. (TSX VENTURE: IOT) ("Innovotech") today announces that Dr. Wolfgang Muhs has resigned as the Chairman of the Board of Innovotech and Kerry Brown has been elected as the new Chairman of the Board. At the Annual General Meeting held on April 30, 2013 all of management's nominees were elected to the Board of Directors. The Board members of Innovotech are Kerry Brown CA, Dr. Gerard Tertzakian, Dr. Wolfgang Muhs, Dr. James Timourian, Bruce Hirsche Q.C., Dr. Lorne Babiuk and Bernard Grobbelaar, CA (and CA (SA)).
In accordance with the policies of the TSX Venture Exchange, the Board of Directors has approved a grant of stock options to directors and employees of Innovotech to purchase an aggregate of 106,000 common shares pursuant to its stock option plan. These options have an exercise price of $0.30 per common share and expire on May 14, 2023.
About Innovotech Inc.:
Innovotech Inc. is a pioneer in the field of biofilm product development, focused on providing innovative and practical solutions to medical, agricultural and industrial problems caused by microbial biofilms. Biofilms are organized communities of microorganisms that exist in virtually every natural environment and are responsible for a host of diseases in human health, animal health and agriculture. There are few products or regulatory standards, aside from those of Innovotech, designed specifically for biofilm-forming organisms.
Innovotech has a broad range of products that address the issue of biofilms within a number of different industries, including commercially available products in a variety of market segments; the MBEC Assay, InnovoSIL, bioFILM PA, InnovoSCEPT-Human and InnovoSCEPT-Veterinary kits. The MBEC Assay is a high throughput biofilm growth device that was recently approved as an ASTM International standard. InnovoSIL is a family of silver-based antimicrobials promising superior performance for medical device coatings, bioFILM PA and InnovoSCEPT-Human are the first diagnostic tests to assist physicians in the selection of the most effective antibiotic treatment for patients with biofilm-based chronic infections, while the InnovoSCEPT veterinary tests are designed to determine the most effective antibiotic treatment for infections for chronic infections in both large and small animals. Agress® and AgreGuard are unique, environmentally friendly seed treatments and plan sprays designed to protect crops against both bacterial and fungal infections. Agress® is entering the regulatory approval stage.
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