IBEX Technologies Inc. (TSX VENTURE: IBT) today reported its financial results for the nine months ended April 30, 2011.

FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2011

Sales for the quarter ended April 30, 2011 totaled $597,074, an increase of 27% as compared to $469,502 in the same period of the prior year. The increase in sales can be attributed to a return to a normal ordering pattern by one of our major customers.

"We are pleased to see a return to more normal selling patterns, however the strong Canadian dollar continues to have a negative impact on our business profitability when compared to year-ago", said Paul Baehr, IBEX President and CEO.

Excluding financial and R&D expenses, operating expenses for the third quarter ended April 30, 2011 decreased 22% from $659,431 to $451,558. A significant portion of this reduction was due to an inventory related accounting gain which will be reversed in the next quarter.

The Company recorded net earnings of $131,577 compared to net earnings of $137,927 for the same period year ago. This decrease in net earnings is principally due to several factors such as:


--  lower currency gains related to forward contracts

--  increase in R&D expenses

--  increase in amortization expenses related to investments in new
    equipment

Due primarily to investment in inventory and capital assets, cash, cash equivalents, and marketable securities decreased 11% during the quarter ended April 30, 2011 to $1,986,434 from $2,231,287 as of January 31, 2011. The Company's working capital was $2,750,754 as at the end of the third quarter ended April 30, 2011 up from $2,598,828 as at the end of the prior quarter ending January 31, 2011. This increase in working capital traces to an increase in current assets such as inventory and accounts receivable.

FINANCIAL RESULTS FOR THE YEAR TO DATE

Reported sales for the nine months ended April 30, 2011 totaled $1,485,699, a decrease of 25% as compared to $1,987,196 for the same period in the prior year. This decrease in sales is principally due to a reduction in orders in both the enzymes and arthritis product lines. The reduction in the enzymes line was due to a temporary adjustment of inventories by our key customers, whose ordering pattern has now returned to normal. The reduction in arthritis assays stemmed from a decrease in the number of arthritis trials conducted by our key customers.

Research and development expenses for the nine months ended April 30, 2011 totaled $225,021 compared to $7,980 in the nine months ending April 31, 2010. In the third quarter of fiscal 2010, the Company hired new scientific specialists to work on its arthritis assays product line and should introduce new assays with financial benefits in Fiscal 2012.

Net loss for the nine months ended April 30, 2011 was $199,641, compared to net earnings of $634,797, for the same period in previous fiscal year. This net loss is mainly due to lower currency gains made on hedging against the US dollar, lower sales, and to the increase in R&D expenses.

Excluding R&D and financial expenses, operating costs for the nine months ended April 30, 2011 decreased to $1,503,945 from $1,762,712, principally due to a higher inventory allocation (the transfer of expenses to the balance sheet as a result of producing in current quarters for sale in future quarters), as well as reduced compensation costs.

Owing primarily to increased investment in inventory and capital assets, cash, cash equivalents, and marketable securities decreased 34% over the nine months ended April 30, 2011 to $1,986,434 from $3,033,556 on July 31, 2010. Working capital decreased to $2,750,754 on April 30, 2011 from $3,278,875 as at July 31, 2010.


Financial Summary for the nine months ending
--------------------------------------------------------------------------
                                            April 30, 2011  April 30, 2010

Revenues                                        $1,485,699      $1,987,196
(Loss) Earnings Before Interests, Tax,
 Depreciation & Amortization                      ($99,730)       $717,180
Depreciation & Amortization                       $117,655         $93,676
Net (Loss) Earnings                              ($199,641)       $634,797
(Loss) Profit per Share                             ($0.01)          $0.03
Cash, Cash Equivalents & Marketable
 Securities                                     $1,986,434      $2,973,894
Working Capital                                 $2,750,754      $3,482,086
Outstanding shares at report date (Common
 Shares)                                        24,703,244      24,703,244

LOOKING FORWARD

Fiscal 2011 looks to be a difficult year for IBEX due to softness in the US business environment and the strong Canadian dollar.

Despite a difficult outlook for Fiscal 2011, we have made two important investments in our future. IBEX has recently completed a project to add additional enzyme-related manufacturing capacity, and has also re-established a small R&D group with the object of adding to our line of arthritis immunoassays and also improving our existing assays. We expect to introduce new assays in calendar 2011, with financial benefits accruing in the second half of Fiscal 2012.

ABOUT IBEX

The Company manufactures and markets a series of proprietary enzymes (heparinases and chondroitinases). These enzymes are used in pharmaceutical research, quality assurance, and in the case of Heparinase I, in diagnostic devices which measure hemostasis in patients.

IBEX also manufactures and markets a series of arthritis assays which are widely used in pharmaceutical research. These assays enable the measurement of both the synthesis and degradation of cartilage components, and are powerful tools in the study of osteo- and rheumatoid arthritis.

For more information, please visit the Company's web site at www.ibex.ca.

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.


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CONSOLIDATED BALANCE SHEETS
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                                                April 30,        July 31,
UNAUDITED                                            2011            2010
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                                                        $               $
ASSETS
Current assets
Cash and cash equivalents                       1,286,434       2,333,556
Marketable securities                                   -         300,000
Accounts receivable                               410,154         422,761
Inventories                                       452,229         226,364
Prepaid expenses                                  101,730          68,236
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Sub-total current assets                        2,250,547       3,350,917
Long term deposit                                  10,500           8,650
Marketable securities                             700,000         400,000
Property and equipment                          1,128,007         760,384
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Total assets                                    4,089,054       4,519,951
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--------------------------------------------------------------------------

LIABILITIES
Current liabilities
Accounts payable and accrued liabilities          199,793         472,042
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Total liabilities                                 199,793         472,042
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SHAREHOLDERS' EQUITY
Capital stock                                  52,660,078      52,660,078
Contributed surplus                               563,753         522,760
Deficit                                       (49,334,570)    (49,134,929)
--------------------------------------------------------------------------
Total shareholders' equity                      3,889,261       4,047,909
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Total liabilities and shareholders' equity      4,089,054       4,519,951
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CONSOLIDATED STATEMENTS OF DEFICIT              April 30,       April 30,
                                                     2011            2010
--------------------------------------------------------------------------
                                                        $               $

Balance - Beginning of period                 (49,134,929)    (49,641,291)

Net (loss) earnings for the period               (199,641)        634,797
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Balance - End of period                       (49,334,570)    (49,006,494)
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CONSOLIDATED STATEMENTS OF EARNING AND COMPREHENSIVE INCOME

UNAUDITED
                               Three months ended       Nine months ended
                                         April 30                April 30
--------------------------------------------------------------------------
                                 2011        2010        2011        2010
--------------------------------------------------------------------------
                                    $           $           $           $

Revenue                       597,074     469,502   1,485,699   1,987,196
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Operating expenses
  Research and Development
   expenses                   (84,263)     (7,980)   (225,021)     (7,980)
  Selling, general and
   administrative expenses
  and cost of goods sold     (401,562)   (633,496) (1,385,840) (1,669,035)
  Amortization of property
   and equipment              (49,996)    (25,935)   (117,655)    (93,676)
  Other interest and bank
   charges                     (2,370)     (3,161)     (7,331)     (9,796)
  Foreign exchange gain        60,207     353,029      32,763     437,989
  Writteoff of property
   and equipment                    -     (21,194)          -     (21,194)
  Investment income            12,487       7,162      17,744      11,293
--------------------------------------------------------------------------
Total operating expenses     (465,497)   (331,575) (1,685,340) (1,352,399)
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Net earnings (loss) and
 other comprehensive
 income                       131,577     137,927    (199,641)    634,797
--------------------------------------------------------------------------


Net earnings (loss) and
 other comprehensive
 income per share
  Basic and diluted            $ 0.01      $ 0.01      ($0.01)     $ 0.03
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See accompanying notes



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CONSOLIDATED CASH FLOW
 STATEMENTS                    Three months ended       Nine months ended
                                         April 30                April 30
                          ------------------------------------------------
UNAUDITED                        2011        2010        2011        2010
--------------------------------------------------------------------------
                                    $           $           $           $
--------------------------------------------------------------------------

Cash flows provided by
 (used in):
Operating activities
Net earnings (loss) for
 the period                   131,577     137,927    (199,641)    634,797
Items not affecting cash -
  Amortization of property
   and equipment               49,996      25,935     117,655      93,676
  Stock-based compensation
   costs                            -       9,375      40,993      70,155
  Gain on disposal of
   property and equipment                       -                       -

--------------------------------------------------------------------------
Cash flow relating to
 operating activities         181,573     173,237     (40,993)    798,628
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Net changes in non-cash
 working capital items -
  (Increase) decrease in
   accounts receivable       (101,014)    (37,327)     12,607     443,184
  (Increase) decrease in
   inventories               (162,241)     37,046    (225,865)     (5,405)
  (Increase) in prepaid
   expenses                   (73,615)    (92,826)    (35,344)    (39,470)
  (Decrease) increase in
   accounts payable and
   accrued liabilities        (61,757)    104,662    (272,249)   (285,700)
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Net changes in non-cash
 working capital balances
 relating to operations      (398,627)     11,555    (520,851)    112,609
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Cash flow relating to
 operating activities        (217,054)    184,792    (561,844)    911,237
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Investing activities
Additions to property and
 equipment                    (27,799)   (115,788)   (485,280)   (197,688)
                                                -                       -
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Cash flow relating to
 financing activities         (27,799)   (115,788)   (485,280)   (197,688)
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(Decrease) Increase in
 cash and cash equivalents
 during the quater           (244,853)     69,004  (1,047,124)    713,549
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Cash and cash equivalents
 - Beginning of period      2,231,287   2,904,890   3,033,558   2,260,345
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Cash and cash equivalents
 - End of period            1,986,434   2,973,894   1,986,434   2,973,894
--------------------------------------------------------------------------
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Paul Baehr President & CEO IBEX Technologies Inc. 514-344-4004 x 143

Ibex Technologies (TSXV:IBT)
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