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IBEX Reports Results for the Third Quarter and the Nine Months Ended April 30, 2014

MONTREAL, QUEBEC -- (Marketwired) -- 06/25/14 -- IBEX Technologies Inc. (TSX VENTURE: IBT) today reported its financial results for the nine months ended April 30, 2014.

"While we are pleased to report positive net earnings, improved cash flow and net earnings in the current quarter, we do not expect this to continue over the next several quarters due to continued sales shortfalls in the IBEX Pharma and Bio-Research Products businesses" said Paul Baehr, IBEX President and CEO. "We expect this situation to continue well into calendar 2015 unless certain business initiatives come to pass".


Sales for the quarter ended April 30, 2014 totaled $1,140,228 compared to $922,007 in the previous quarter and $1,268,908 in the same period of the prior year.

Earnings for the period were $148,844 compared to a loss of $2,922 in the previous quarter and a loss of $122,030 in the year-ago period.

Cash and cash equivalents increased by $49,863 during the quarter (as compared to the previous quarter) while net working capital increased by $224,254.


Sales for the nine months ended April 30, 2014 totaled $2,941,351, an increase of 6% compared to the same period in 2013 ($2,764,912). IBEX Pharma sales were $2,008,337 compared to $2,391,550 in the year-ago period. BRP sales were $933,014 compared to $373,362 in the year-ago period, however this result includes nine months of sales from BRP compared to four months of sales for the same period a year ago.

The Company recorded a net loss of $258,097 compared to a net loss of $521,637 for the same period of the prior year. The principal part of this loss derived from BRP which had an operating loss of $408,234.

Operating Summary for the Nine Months            April 30,        April 30,
 Ended                                                2014             2013
Revenues                                   $     2,941,351  $     2,764,912
Earnings (loss) before interests, tax,
 depreciation & amortization               $        68,367  $      (289,191)
Depreciation & amortization                $       297,846  $       226,794
Net (loss)                                 $      (258,097) $      (521,637)
(Loss) per share basic and diluted         $         (0.01) $         (0.02)

Cash and cash equivalents decreased by $140,514 and net working capital increased by $24,951 during the nine months ended April 30, 2014.

Balance Sheet Summary as at                      April 30,          July 31,
                                                      2014              2013
Cash and cash equivalents                  $     1,439,125   $     1,579,639
Working capital                            $     2,537,858   $     2,512,907
Outstanding shares at report date
 (Common shares)                                24,703,244        24,703,244


The balance of Fiscal 2014, and Fiscal 2015, will be challenging for the Company. As previously announced, there is a hiatus in sales from one of our major customers (due to excess inventory on its side) resulting in a cut back in its purchases which may well continue into Fiscal 2015. In the event the Company is not able to replace the sales from this major customer with new contracts, it is not expected to be cash flow positive in Fiscal 2014, nor possibly in Fiscal 2015.

The Company has been working on a number of projects, some of which it hopes will result in significant revenue in Fiscal 2015. However, we cannot give any assurances that any of these projects will come to fruition and produce revenues.

Management believes that the Company has sufficient funds to meet its obligations and planned expenditures for the ensuing twelve months as they fall due. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period.


IBEX, through its wholly owned subsidiaries IBEX Pharmaceuticals Inc. (Montreal, QC) and Bio-Research Products, Inc. (North Liberty, IA), manufactures and markets proteins for biomedical use. IBEX Pharmaceuticals Inc. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts 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, as they are based on the current assessment or 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, changes to the competitive environment due to consolidation or otherwise, IBEX's reliance on a few key products and customers, the loss of any of which could have a material effect on its profitability, IBEX's cash position, and its ability to meet its obligations as they become due. 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, except if required by applicable laws.

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

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