INO Innobox

    Innobox Plc                                  

                                (the "Company")                                

17 March 2005

                         Acquisition of Fishmore Hall                          

Further to the announcement issued on 4 February 2005, the Company's 75.01%
subsidiary, I F Hotels Limited ("IFHL"), has completed the purchase of the
Fishmore Hall, Ludlow, Shropshire.

In the announcement made by the Company on 4 February 2005 upon the exchange of
contracts, it was stated that the mortgage would be financed by Barclays Bank
Plc. However, following negotiations, Bank of Scotland was able to offer more
favourable terms and therefore the decision was made to accept this offer.

The balance of funds to complete the acquisition, which was due on completion,
was obtained by a mortgage of �349,084 from Bank of Scotland, a loan of �6,080
from the Company, a loan of �60,000 from the management couple and a loan of �
125,000 from the co investor. The Company has loaned a total of �33,580 to IFHL
to fund the acquisition.

Commenting on the completion of the acquisition, Russell Stevens, Chief
Executive of the Company, said: "We are delighted to have completed the
acquisition of Fishmore Hall and we have already commenced work on implementing
the development plans for this site, which we believe, once finished, will
significantly enhance capital value of the investment and provide a site of
high standards which will subsequently have a positive impact on trading
performance."

Enquiries:

Russell Stevens                         07860 562621                           
                                                                               
Chief Executive, Innobox Plc            russell@innobox.co.uk                  
                                                                               
David Simmons                           0161 838 9140                          
                                                                               
Westhouse Securities LLP                david.simmons@westhousesecurities.com  
                                                                               



END

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