IBEX Reports First Quarter Fiscal 2012 Results

IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results
for the quarter ended October 31, 2011.


"This has been another good quarter", said Paul Baehr, IBEX President and CEO,
"with advances in sales, net earnings and working capital".


FIRST QUARTER FISCAL 2012 FINANCIAL RESULTS 

Sales for the quarter ended October 31, 2011 totaled $752,464, a net increase of
47% as compared to $512,975 in the same period of the prior year.


The Company recorded net earnings of $144,752 compared to a net loss of $177,888
for the same period year ago. This increase in net earnings is attributable to a
net increase of 47% in sales, as well as to the P&L impact of goods manufactured
in this quarter for sale in subsequent quarters.


Cash, cash equivalents, and marketable securities increased 9% during the
quarter ended October 31, 2011 to $2,425,920 from $2,213,302 in the previous
quarter ended July 31, 2011.


The Company's net working capital was $2,988,091 as at the end of the quarter
ended October 31, 2011 up from $2,818,873 as at the end of the prior quarter
ending July 31, 2011.




Financial Summary for the first quarter ended                               
                                             -------------------------------
                                                 October 31,    October 31, 
                                                        2011           2010 
                                             -------------------------------
Revenues                                            $752,464       $512,975 
Earnings (loss) before interests, tax,                                      
 depreciation & amortization                        $178,828      ($140,652)
Depreciation & Amortization                          $40,457        $35,324 
Net Earnings (loss)                                 $144,752      ($177,888)
Profit (loss) per Share basic and diluted              $0.01         ($0.01)
Cash, Cash Equivalents & Marketable                                         
 Securities                                       $2,425,920     $2,983,555 
Working Capital                                   $2,988,091     $3,007,680 
Outstanding shares at report date (Common                                   
 Shares)                                          24,703,244     24,703,244 



LOOKING FORWARD 

IBEX has recently completed a project to add additional enzyme-related
manufacturing capacity. This new capability will not only serve as a backup to
our existing freeze-drying capabilities, but also provide for a doubling of our
potential capacity.


IBEX has also re-established a small R&D group with the object of adding to our
line of arthritis immunoassays and the improvement of our existing assays. The
first of these new assays was shipped to key customers in November 2011.
Additional new assays will follow in calendar 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 develops, manufactures and markets arthritis assays which are widely
used in pharmaceutical research. These assays enable the measurement of
cartilage synthesis and degradation, and are powerful tools in the study of
osteo and rheumatoid arthritis. The IBEX R&D unit is also working on new assays
which will be marketed over the coming months.


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.
Ibex Technologies (TSXV:IBT)
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