Edmonton, Alberta, April 20th, 2021 – Innovotech Inc. (TSX-V, IOT) (“Innovotech” or “the Company”), is pleased to report its first profitable year ever following two years of successive 20%+ increases in revenue. In 2020, the Company earned $106,317 off revenues of $1,193,382. compared with losses incurred in the 2018 and 2019 years as tabled below.
The 2020 year provided cash from operating activities of $175,998, which, added to the $375,000 proceeds from a unit private placement during the year combined to strengthen our balance sheet.
Looking ahead to the 2021 year, with a stronger balance sheet and our now profitable operations, we are better able to represent ourselves to customers to grow our laboratory contract research business. With our newly appointed COO, Dr. Tyler Boone, we will continue to focus on our laboratories and contract research to maintain the high quality of work that has become consistent with our reputation. With this focus we will seek to maintain and work to improve on our two year revenue trend through the 2021 year.
Externally, the Company will continue to be alert for opportunities that may arise to further increase our revenues.
