IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results
for the nine months ended April 30, 2012. 


"We are encouraged by the robust sales in the third quarter and year to date,
and the accompanying effect on profitability", said IBEX President & CEO, Paul
Baehr. "The fourth quarter however, will be a challenge, with possibly lower
sales and higher year end expenses".


"We are also pleased that on May 15, 2012, the Quebec Superior Court allowed the
IBEX claim against Jean Francois Gareau and Garvinci Inc. to proceed with a
trial date set for April 2014" said Mr. Baehr. 


FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2012 

Sales for the quarter ended April 30, 2012 totaled $794,701, an increase of 33%
as compared to $597,074 in the same period of the prior year. The increase in
sales can be attributed to a return to a normal ordering pattern for our enzymes
products. 


The Company recorded net earnings of $217,438 in its third quarter ended April
30, 2012, an increase of 65% compared to net earnings of $131,577 for the same
period year ago. 


Expenses increased to $577,264 from $465,497. Cash, cash equivalents, and
marketable securities remained unchanged during the quarter ended April 30, 2012
at $2,415,874 from $2,436,587 as of January 31, 2012. The Company's working
capital increased to $3,238,081 compared to $2,951,373 on January 31, 2012. This
increase in net working capital is mainly attributable to an increase in
accounts receivable as well as an increase in inventory. 


FINANCIAL RESULTS FOR THE YEAR TO DATE 

Sales for the nine months ended April 30, 2012 totaled $2,139,593, an increase
of 44% as compared to $1,485,699 for the same period in the prior year. As
mentioned previously, this increase in sales is principally due to a return to a
normal pattern in orders in the enzymes product lines. 


Net earnings for the nine months ended April 30, 2012 were $303,624, compared to
a net loss of $199,641, for the same period in previous fiscal year. Expenses
for the nine months ended April 30, 2012 increased 9%, to $1,835,969 from
$1,685,340. 




Financial Summary for the nine months ending                                
--------------------------------------------------------------------------- 
                                                   April 30,      April 30, 
                                                        2012           2011 
                                               ---------------------------- 
Revenues                                       $   2,139,593   $  1,485,699 
Earnings (Loss) Before Interests, Tax,                                      
 Depreciation & Amortization                   $     395,726   $    (99,730)
Depreciation & Amortization                    $     116,568   $    117,655 
Net earnings (Loss)                            $     303,624   $   (199,641)
Earnings (Loss) per Share                      $        0.01   $      (0.01)
Cash, Cash Equivalents & Marketable Securities $   2,415,874   $  1,986,434 
Working Capital                                $   3,238,081   $  2,750,754 
Outstanding shares at report date (Common                                   
 Shares)                                          24,703,244     24,703,244 



LOOKING FORWARD 

Despite the return to relative normalcy in the enzyme line, sales in the
arthritis line remain volatile. In the current quarter IBEX introduced the first
of its improved osteoarthritis assays, with more to come over the upcoming
quarters. These assays will be more suitable for use by our customers in
pre-clinical and clinical osteoarthritis studies. As there is a significant lag
time between a product introduction and sales, we do not expect to see financial
benefit until the later part of 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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