INO Innobox

    Innobox Plc                                  

                                (the "Company")                                

                    Increase in shareholding in subsidiary                     

The Company is pleased to announce that it has increased its shareholding in
its subsidiary I M Hotels Limited ("IMHL"), which owns the Royal Oak Hotel,
Leominster, Herefordshire, to 90 per cent. on 1 June 2005.

The Company's shareholding in IMHL has been increased following the acquisition
of 2,255 ordinary shares in IMHL ("Ordinary Shares"), equal to 22.55 per cent.
of the issued share capital of IMHL, from the management couple and the
subsequent sale of 1,000 Ordinary Shares, equal to 10 per cent. of the issued
share capital of IMHL, to a third party investor for �75,000, which was paid in
cash. The Company has made a profit on the disposal of the 1,000 Ordinary
Shares of �74,000. The Company has used the majority of the sale proceeds to
make a loan to IMHL, which has enabled IMHL to repay the outstanding loan to
the management couple. The management couple have now exited IMHL in terms of
both their investment and their operational involvement in the running of the
Royal Oak Hotel. The assistant manager at the Royal Oak Hotel has been promoted
to manager and he has a good knowledge of the running of the hotel.

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  
                                                                               



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