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

"As previously forecast, the second quarter did not produce a profit for IBEX, primarily due to an anticipated reduction in orders from several major customers", said Paul Baehr, President and CEO. "However, we do see signs of a strengthening in demand, as customer orders for the third and fourth quarter have picked up. We are also pleased to note the successful completion of our enzyme-lyophilization production project which will increase our capacity by over 100% and the completion of recruitment in our arthritis assay R&D expansion project".

FINANCIAL RESULTS FOR THE YEAR TO DATE

Sales for the six months ended January 31, 2011 were $888,625 compared to $1,517,693 for the same period in the prior year, representing a decrease of 41%. The net decrease in sales can be traced to softness in both the enzyme and arthritis-assay product lines, as well as the negative effect of a weak US dollar (approximately $83,000).

Research and development expenses for the six months ended January 31, 2011 totaled $140,758, as the Company re-started its efforts to improve the precision of its arthritis assays, and prepare for introduction of new assays. The Company did not incur any research and development expenditures in the same period ended January 31, 2010.

Net loss for the six months ended January 31, 2011 was $331,218, compared to net earnings of $496,870, for the same period in previous fiscal year.

Excluding R&D and Financial Expenses (i.e. foreign exchange, interest revenues and bank charges), Operating Costs for the six months ended January 31, 2011 decreased to $1,051,937 from $1,103,282, principally due to reduced compensation costs.

Cash, cash equivalents, and marketable securities decreased 34% over the six months ended January 31, 2011 to $2,231,387 from $3,033,556 on July 31, 2010. Working capital decreased to $2,598,829 as at January 31, 2011 from $3,278,875 as at July 31, 2010. The reduction in cash and in working capital is attributable to both the reduced sales, and to the now- completed investment in new production capacity for the Company's enzyme diagnostics.

FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2011

Sales for the quarter ended January 31, 2011 totaled $375,650, a decrease of 57% as compared to $871,037 in the same period of the prior year. The decline in sales is mainly attributable to the items mentioned above.

Excluding financial (i.e. foreign exchange etc.) and R&D expenses, Operating Expenses for the second quarter ended January 31, 2011 decreased by $120,987 to $454,401 due to reduced compensation costs.

The Company incurred a Net Loss of $153,280 compared to Net Earnings of $424,993 for the same period year ago. The decrease in Net Earnings, as mentioned above, is principally due to lower sales, an increase in R&D expenses, compounded by the weakening of the US dollar vs. the Canadian dollar (IBEX sells its goods in US dollars).

Cash, cash equivalents, and marketable securities decreased 22% during the quarter to $2,231,287 from $2,853,555. The Company's working capital was $2,598,829 as at the end of the second quarter ended January 31, 2011 down from $3,007,680 as at the end of the prior quarter ending October 31, 2010. As mentioned above, the principal reason for the decrease traces to the net loss in the second quarter, plus the costs associated with the now completed expansion in enzyme related production capacity.

Financial Summary for the six months ending


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                                               January 31,     January 31,
                                                      2011            2010

Revenues                                          $888,625      $1,517,693
(Loss) Earning Before Interests, Tax,
 Depreciation & Amortization                     ($268,816)       $560,481
Depreciation & Amortization                        $67,659         $67,743
Net (Loss) Earnings                              ($331,218)       $496,870
(Loss) Profit per Share                             ($0.01)          $0.02
Cash, Cash Equivalents & Marketable
 Securities                                     $2,231,287      $2,904,889
Working Capital                                 $2,598,828      $3,433,285
Outstanding shares at report date (Common
 Shares)                                        24,703,244      24,703,244

LOOKING FORWARD

Fiscal 2011 looks to be a difficult year for IBEX due to softness in the US business environment. Additionally, the Canadian dollar is forecast to remain strong against the US dollar, which does not work in our favour. We therefore do not expect to have positive net earnings in Fiscal 2011, but expect to return to profitability in Fiscal 2012, as business conditions in the US improve.

Despite a difficult outlook for Fiscal 2011 we will have made two important investments in our future. IBEX has recently completed a project to add additional enzyme-related manufacturing capacity, and has also re-established a small R&D group with the object of improving our existing arthritis immuno assays, and adding to this product line. We expect to introduce new kits in calendar 2011, with financial benefits accruing in Fiscal 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 manufactures and markets a series of arthritis assays which are widely used in pharmaceutical research. These assays enable the measurement of both the synthesis and degradation of cartilage components, and are powerful tools in the study of osteo- and rheumatoid arthritis.

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.


CONSOLIDATED BALANCE SHEETS
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                                              January 31,        July 31,
UNAUDITED                                            2011            2010
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                                                        $               $
ASSETS

Current assets
Cash and cash equivalents                       1,531,287       2,333,556
Marketable securities                             300,000         300,000
Accounts receivable                               309,140         422,761
Inventories                                       289,988         226,364
Prepaid expenses                                   29,965          68,236
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Sub-total current assets                        2,460,380       3,350,917

Long term deposit                                   8,650           8,650

Marketable securities                             400,000         400,000

Property and equipment                          1,150,206         760,384
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Total assets                                    4,019,236       4,519,951
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LIABILITIES

Current liabilities
Accounts payable and accrued liabilities          261,552         472,042
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Total liabilities                                 261,552         472,042
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SHAREHOLDERS' EQUITY

Capital stock                                  52,660,078      52,660,078
Contributed surplus                               563,753         522,760
Deficit                                       (49,466,147)    (49,134,929)
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Total shareholders' equity                      3,757,684       4,047,909
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Total liabilities and shareholders' equity      4,019,236       4,519,951
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CONSOLIDATED STATEMENTS OF DEFICIT            January 31,     January 31,
                                                     2011            2010
--------------------------------------------------------------------------
                                                        $               $

Balance - Beginning of period                 (49,134,929)    (49,641,291)

Net (loss) earnings for the period               (331,218)        496,870
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Balance - End of period                       (49,466,147)    (49,144,421)
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CONSOLIDATED STATEMENTS OF EARNING AND COMPREHENSIVE INCOME

UNAUDITED
                             Three months ended          Six months ended
                                   January 31st              January 31st
--------------------------------------------------------------------------

                             2011          2010        2011          2010
                     -----------------------------------------------------
                                $             $           $             $

Revenue                   375,650       871,037     888,625     1,517,693
--------------------------------------------------------------------------

Operating expenses
  Research and
   Development
   expenses               (83,984)            -    (140,758)            -
  Selling, general
   and administrative
   expenses and cost
   of goods sold         (422,066)     (540,414)   (984,278)   (1,035,539)
  Amortization of
   property and
   equipment              (32,335)      (34,974)    (67,659)      (67,741)
  Other interest and
   bank charges            (2,182)       (3,166)     (4,961)       (6,635)
  Foreign exchange
   gain (loss)              8,242       129,673     (27,444)       84,960
  Investment income         3,345         2,837       5,257         4,132
--------------------------------------------------------------------------
Total operating
 expenses                (528,980)     (446,044) (1,219,843)   (1,020,823)
--------------------------------------------------------------------------

Net (loss) earnings
 and other
 comprehensive income    (153,330)      424,993    (331,218)      496,870
--------------------------------------------------------------------------


Net (loss) earnings
 and other
 comprehensive income
 per share
  Basic and diluted  $      (0.01) $       0.02      ($0.01) $       0.02
--------------------------------------------------------------------------
--------------------------------------------------------------------------


See accompanying notes



CONSOLIDATED CASH FLOW STATEMENTS
                                 Three months ended      Six months ended
                                       January 31st          January 31st
                              --------------------------------------------
UNAUDITED                           2011       2010       2011       2010
--------------------------------------------------------------------------

                                       $          $          $          $
--------------------------------------------------------------------------

Cash flows provided by (used
 in):
Operating activities
Net (loss) profit for the
 period                         (153,330)   424,993   (331,218)   496,870
Items not affecting cash -
  Amortization of property and
   equipment                      32,285     34,974     67,659     67,741
  Stock-based compensation
   costs                          14,287     60,780     40,993     60,780
--------------------------------------------------------------------------

Cash flow relating to
 operating activities           (106,758)   520,747   (222,566)   625,391
--------------------------------------------------------------------------

Net changes in non-cash
 working capital items -
  Decrease (increase) in
   accounts receivable            55,837    170,123    113,622    480,511
  Increase in inventories        (77,993)   (67,136)   (63,624)   (42,451)
  Decrease (increase) in
   prepaid expenses                9,952     33,450     38,272     53,356
  (Decrease) increase in
   accounts payable and
   accrued liabilities          (201,213)  (395,446)  (210,493)  (390,360)
--------------------------------------------------------------------------
Net changes in non-cash
 working capital balances
 relating to operations         (213,417)  (259,009)  (122,223)   101,056
--------------------------------------------------------------------------
Cash flow relating to
 operating activities           (320,175)   261,738   (344,789)   726,447
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Investing activities
Additions to property and
 equipment                      (302,093)   (18,415)  (457,480)   (81,902)
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Cash flow relating to
 financing activities           (302,093)   (18,415)  (457,480)   (81,902)
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(Decrease) Increase in cash
 and cash equivalents during
 the quater                     (622,268)   243,323   (802,269)   644,545
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Cash and cash equivalents -
 Beginning of period           2,153,555  2,661,567  2,333,556  2,260,345
--------------------------------------------------------------------------
Cash and cash equivalents -
 End of period                 1,531,287  2,904,890  1,531,287  2,904,890
--------------------------------------------------------------------------
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts: IBEX Technologies Inc. Paul Baehr President & CEO 514-344-4004 x 143 www.ibex.ca

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