IBEX Reports Results for the Second Quarter and the Six Months Ended January 31, 2013

IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results
for the six months ended January 31, 2013.


This period includes one month of results for the newly acquired company
Bio-Research Products Inc. ("BRP"). 


"We are extremely pleased with the robust sales performance of the Company
during this period", said Paul Baehr, IBEX President and CEO. "The favorable
effect on our financial results was however off-set by the one-time transaction
costs associated with the acquisition of BRP, and the non-cash accounting
treatment of lower production of heparinase in the quarter".


FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2013 

Sales for the quarter ended January 31, 2013 totaled $741,666, an increase of
25% compared to the same period year ago. 


Despite this increase in sales, the Company recorded a net loss of $459,993 in
its second quarter ended January 31, 2013 compared to a net loss of $58,566 for
the same period year ago, tracing to the factors reported below. 


Expenses increased to $1,201,659 from $650,994. This increase is mainly
attributable to the inclusion of the operating expenses of the newly acquired
BRP ($119,000), to professional fees related to the purchase of BRP ($164,000),
to the accounting treatment of lower heparinase production compared to the same
period a year ago ($148,000), to an increase in consultant fees related to new
projects ($111,000) and to increased compensation expenses ($131,000). 


Cash, cash equivalents, and short-term investments totalled $1,721,860 during
the quarter ended January 31, 2013 compared to $2,846,909 as of October 31,
2012. The Company's working capital was $2,489,845 versus $2,885,929 as at the
end of the prior quarter ending October 31, 2012.


FINANCIAL RESULTS FOR SIX MONTH ENDED JANUARY 31, 2013 

Sales for the six months ended January 31, 2013 totaled $1,496,004, an increase
of 11% compared the same period in 2012. This result includes one month of sales
from the newly acquired BRP. 


Net loss for the six months ended January 31, 2013 was $391,323 compared to net
earnings of $86,186 in the same period last year. This decrease is mainly
attributable to professional fees related to the purchase of BRP ($164,000) to
the accounting treatment of lower heparinase production compared to the same
period a year ago ($198,000), to an increase in consultant fees related to new
projects ($158,000) and to increased compensation expenses ($130,000).


Total Expenses for the six months ended January 31, 2013 increased to $1,887,327
from $1,258,705, principally due to the factors mentioned above. 




Financial Summary for the six months ending                                 
----------------------------------------------------------------------------
                                                 January 31,     January 31,
                                                        2013            2012
                                             -------------------------------
Revenues                                          $1,496,004      $1,344,892
Earnings (Loss) Before Interests, Tax,                                      
 Depreciation & Amortization                       ($303,995)       $147,786
Depreciation & Amortization                          $96,384         $83,692
Net (loss) earnings                                ($391,323)        $86,186
(Loss) Earnings per Share                             ($0.02)          $0.00
Cash, Cash Equivalents & short-term                                         
 investments                                      $1,721,860      $2,436,587
Working Capital                                   $2,489,845      $2,951,373
Outstanding shares at report date (Common                                   
 Shares)                                          24,703,244      24,703,244



ABOUT IBEX

The Company, through its wholly owned subsidiaries, IBEX Pharmaceuticals Inc.
(Montreal) and Bio-Research Products Inc. (North Liberty, IA), manufactures and
markets a series of proprietary enzymes for use in diagnostic tests and
research. IBEX also manufactures and markets a series of arthritis assays which
are widely used in osteoarthritis research. 


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

The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Paul Baehr
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143
www.ibex.ca
Ibex Technologies (TSXV:IBT)
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