IBEX Technologies Inc. (TSX VENTURE:IBT), today reported its financial results
for the third quarter ended April 30, 2010.


FINANCIAL RESULTS FOR THE THIRD QUARTER

IBEX noted that during the third quarter of fiscal year 2010, the average
exchange rate for USD, the currency-of-sale, dropped to $1.03 vs. $1.25 in the
third quarter ended April 30, 2009.


Partially as a result of this decline in our currency-of-sale, reported sales in
Canadian dollars for the quarter ended April 30, decreased 56% as compared to
the exceptional quarter year-ago, and decreased 46% vs. the previous quarter. 


Additionally, the year-ago quarter benefited from a large one time order
pertaining to an arthritis study which is no longer running. Also contributing
to the decline in this quarter vs. year ago was a reduction in orders by one of
our major customers of diagnostic enzymes. This customer has now returned to
their regular order pattern.


Net earnings for the quarter ended April 30, 2010 were $137,927 or $0.01 per
share, compared to net earnings of $242,582, or $0.01 per share, for the same
period year ago, representing a decrease of 43%. This decrease is mainly
attributable to the decline in sales for the quarter, rather than increasing
costs.


Excluding foreign exchange, expenses during the quarter decreased by 4% versus
vs. year-ago and also by 19% vs. the previous quarter. Foreign exchange gains of
$353,029 were recorded in the quarter vs. a loss of $117,725 in the same period
year ago.


Cash, cash equivalents, and marketable securities increased 12% during the
quarter to $2,973,894 and are up 40% vs. the same period year ago.


The Company's working capital was up 47% to $3,482,086 as at the end of the
third quarter ended April 30, 2010 as compared to $2,390,884 as at the end of
the quarter ending April 30, 2009.


"As anticipated, the Company saw a sales decline due to a declining US dollar
(which will effect us in the next quarter as well), said Paul Baehr, IBEX
President & CEO, however we are encouraged by our increasing cash and working
capital levels."




Financial Summary for the quarters ending                                 
--------------------------------------------------------------------------
                                                    April 30,    April 30,
                                                         2010         2009
Revenues                                             $469,502   $1,072,603
Earning Before Interests, Tax, Depreciation &                             
 Amortization                                        $156,700     $265,103
Depreciation & Amortization                           $25,935      $26,470
Net Earnings                                         $137,927     $242,582
Net Earnings per Share                                  $0.01        $0.01
Cash, Cash Equivalents & Marketable Securities     $2,973,894   $2,118,086
Net Working Capital                                $3,482,086   $2,390,884
Outstanding shares at report date (Common                                 
 Shares)                                           24,703,244   24,703,244



LOOKING FORWARD

IBEX has been successful in bringing its existing business to profitability and
is now turning its attention to pursuing growth opportunities, including further
growing its base business, and maximizing shareholder value through strategic
initiatives with companies where increased market strength and synergies might
be obtained. 


Looking forward, we are investing in production capacity to meet increasing
demand for enzyme-based products, and we are also adding modestly to our assay
development team to accelerate the development of a number of new assays.


On a quarter to quarter basis the Company expects that it will see large
fluctuation in sales as a result in the volatility of the Canadian dollar,
however, it expects that on average, cash flow will increase steadily due to
strong fundamentals and the Company's hedging strategy which is more fully
explained in the MD&A.


ABOUT IBEX

The Company manufactures and markets a series of proprietary enzymes
(heparinases and chondroitinases) for use in pharmaceutical research by our
customers, as well Heparinase I, which is used in many leading hemostasis
monitoring devices. 


IBEX also manufactures and markets a series of arthritis assays which are widely
used in pharmaceutical research by our customers. These assays are based on the
discovery and increasing role of a number of specific molecular biomarkers
associated with collagen synthesis and degradation. 


For more information, please visit the Company's web site 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.




                                                                          
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CONSOLIDATED BALANCE SHEETS                                               
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                                                  April 30       July 31, 
UNAUDITED                                             2010           2009 
------------------------------------------------------------------------- 
                                                         $              $ 
ASSETS                                                                    
Current assets                                                            
Cash and cash equivalents                        2,973,894      2,260,344 
Accounts receivable                                553,645        996,830 
Inventories                                        327,327        321,922 
Prepaid expenses                                   102,728         63,258 
------------------------------------------------------------------------- 
Sub-total current assets                         3,957,594      3,642,354 
Long term deposit                                    8,650          8,650 
Property and equipment                             634,556        530,544 
------------------------------------------------------------------------- 
Total assets                                     4,600,800      4,181,548 
------------------------------------------------------------------------- 
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LIABILITIES                                                               
Current liabilities                                                       
Accounts payable and accrued liabilities           475,508        761,208 
------------------------------------------------------------------------- 
Total liabilities                                  475,508        761,208 
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SHAREHOLDERS' EQUITY                                                      
Capital stock                                   52,660,078     52,660,078 
Contributed surplus                                471,708        401,553 
Deficit                                        (49,006,494)   (49,641,291)
------------------------------------------------------------------------- 
Total shareholders' equity                       4,125,292      3,420,340 
------------------------------------------------------------------------- 
Total liabilities and shareholders' equity       4,600,800      4,181,548 
------------------------------------------------------------------------- 
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CONSOLIDATED STATEMENTS OF DEFICIT               April 30,      April 30, 
                                                      2010           2009 
------------------------------------------------------------------------- 
                                                         $              $ 
                                                                          
Balance - Beginning of period                  (49 641 291)   (50,985,029)
                                                                          
Net earnings for the period                        634,797        869,106 
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Balance - End of period                        (49,006,494)   (50,115,923)
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CONSOLIDATED STATEMENTS OF EARNING AND                                    
COMPREHENSIVE INCOME                                                      
                                                                          
UNAUDITED                                                                 
                             Three months ended         Nine months ended 
                                       April 30                  April 30 
------------------------------------------------------------------------- 
                               2010        2009         2010         2009 
------------------------------------------------------------------------- 
                                  $           $            $            $ 
Revenue                     469,502   1,072,603    1,987,196    2,680,591 
------------------------------------------------------------------------- 
                                                                          
Operating expenses                                                        
  Selling, general and                                                    
   administrative                                                         
   expenses                                                               
  and cost of goods sold   (641,476)   (688,335)  (1,677,015)  (1,825,255)
  Amortization of                                                         
   property and                                                           
   equipment                (25,935)    (26,470)     (93,676)     (58,488)
  Other interest and                                                      
   bank charges              (3,161)     (3,223)      (9,796)     (14,434)
  Foreign exchange gain                                                   
   (loss)                   353,029    (117,725)     437,989       50,892 
  Gain on sale of assets    (21,194)      1,783      (21,194)      12,172 
  Investment income           7,162       3,949       11,293       23,628 
------------------------------------------------------------------------- 
Total operating expenses   (331,575)   (830,021)  (1,352,399)  (1,811,485)
------------------------------------------------------------------------- 
                                                                          
------------------------------------------------------------------------- 
Net earnings and other                                                    
 comprehensive income       137,927     242,582      634,797      869,106 
------------------------------------------------------------------------- 
                                                                          
                                                                          
Net earnings and other                                                    
 comprehensive income                                                     
 per share                                                                
Basic and diluted            $ 0.01      $ 0.01        $0.03       $ 0.04 
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See accompanying notes                                                    
                                                                          
                                                                          
                                                                          
                                                                          
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CONSOLIDATED CASH FLOW                                                    
 STATEMENTS                    Three months ended       Nine months ended 
                                         April 30                April 30 
------------------------------------------------------------------------- 
UNAUDITED                        2010        2009        2010        2009 
------------------------------------------------------------------------- 
                                   $            $          $            $ 
------------------------------------------------------------------------- 
                                                                          
Cash flows provided by                                                    
 (used in):                                                               
Operating activities                                                      
Net profit for the period    $137,927    $242,582    $634,797    $869,106 
Items not affecting cash -                                                
  Amortization of property                                                
   and equipment               25,935      26,470      93,676      58,488 
  Stock-based compensation                                                
   costs                        9,375         349      70,155       5,300 
  Gain on disposal of                                                     
   property and equipment           -      (1,783)          -     (12,172)
                                                                          
------------------------------------------------------------------------- 
Cash flow relating to                                                     
 operating activities         173,237     267,618     798,628     920,722 
------------------------------------------------------------------------- 
                                                                          
Net changes in non-cash                                                   
 working capital items -                                                  
  Decrease (increase) in                                                  
   accounts receivable        (37,327)     (6,637)    443,184    (454,687)
  Increase in inventories      37,046      93,307      (5,405)     57,353 
  Decrease (increase) in                                                  
   prepaid expenses           (92,826)    (30,460)    (39,470)     (5,979)
  (Decrease) increase in                                                  
   accounts payable and                                                   
   accrued liabilities        104,662      41,888    (285,700)    224,693 
------------------------------------------------------------------------- 
Net changes in non-cash                                                   
 working capital balances                                                 
 relating to operations        11,555      98,098     112,609    (178,620)
------------------------------------------------------------------------- 
Cash flow relating to                                                     
 operating activities         184,792     365,716     911,237     742,102 
------------------------------------------------------------------------- 
                                                                          
Investing activities                                                      
Additions to marketable                                                   
 securities                        -            -          -     (209,207)
Proceeds on disposal of                                                   
 marketable securities             -            -          -    1,404,375 
Additions to property and                                                 
 equipment                   (115,788)    (98,349)   (197,688)   (203,452)
Proceeds on disposal of                                                   
 property and equipment             -       1,783          -       12,172 
------------------------------------------------------------------------- 
Cash flow relating to                                                     
 financing activities        (115,788)    (96,566)   (197,688)  1,003,888 
------------------------------------------------------------------------- 
                                                                          
Increase in cash and cash                                                 
 equivalents during the                                                   
 quater                        69,004     269,150     713,549   1,745,990 
                          ----------------------------------------------- 
Cash and cash equivalents                                                 
 - Beginning of period      2,904,890   1,848,936   2,260,345     372,096 
------------------------------------------------------------------------- 
Cash and cash equivalents                                                 
 - End of period            2,973,894   2,118,086   2,973,894   2,118,086 
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