IBT Ibex Technologies Inc

Solely for the convenience of the reader, selected financial results expressed in Canadian dollars on the financial statements, have been translated into U.S. dollars at the October 31, 2008 month-end rate C$1.00 equals US$ 0.8302. This translation should not be construed as an application of the recommendations relating to the accounting for foreign currency translation, but rather as supplemental information for the reader.

Highlights for the Quarter:

- Sales increased 20% vs. previous quarter and10% versus year ago

- Net profit increased 78% vs. previous quarter (compares to loss year ago)

- Working capital increased 18% vs. previous quarter

"We are pleased that we continue to increase sales and profitability" said Paul Baehr, IBEX CEO. This quarter marks our fourth consecutive profitable quarter and looking forward, this trend should be positively impacted by the continuing favourable currency climate".

Financial Results for the First Quarter

Sales for the quarter ended October 31, 2008 totaled $612,430 (US$508,452) compared to $554,887 for the same period in the prior year, representing an increase of 10%. Sales increased 20% vs. the previous quarter. Sales of enzymes increased by 48% vs. the previous year, and by 25% vs. the previous quarter, tracing to continued strong demand for the point of care disposables sold by IBEX customers. Sales of arthritis assays decreased 47% vs. year ago, but increased 10% vs. the previous quarter, due to the influence in the year-ago quarter of a large clinical-trial related shipment, that will not be repeated this year.

Net profit for the quarter ended October 31, 2008 was $337,414 (US$280,128) or $0.01 per share compared to a net loss of $188,174 or ($0.01) per share for the year-ago quarter. Profit increased by 78% over the previous quarter.

Expenses during the quarter were decreased 63% vs. year-ago and 14% vs. the previous quarter, reflecting the continuing benefits from the 2007 re-organization.

Cash and Working Capital. The Company's Cash, Cash Equivalents, and Marketable Securities increased 7% during the quarter to $1,676,039.

The Company's working capital was $2,163,018 as at the end of the first quarter ended October 31, 2008 and up from $1,832,492 as at the end of the prior quarter ending July 31, 2008.

Financial Summary for the quarters ending

                                      October 31, 2008  October 31, 2007

Revenues                                      $612,430          $554,887
Earning Before Interests, Tax,
 Depreciation & Amortization                  $338,165         ($186,141)
Depreciation, Amortization & Write-Downs       $15,200           $16,182
Net Profit (Loss)                             $337,414         ($188,174)
Profit (Loss) per Share                          $0.01            ($0.01)
Cash, Cash Equivalents & Marketable
 Securities                                 $1,676,039        $1,041,472
Working Capital                             $2,163,018        $1,231,669
Outstanding shares at report date
 (Common Shares)                            24,703,244        24,703,244

INVESTOR RELATIONS

During the quarter IBEX retained the services of Renmark Financial Communications to assist the Company in its investor relations activities. The particulars of the Renmark contract may be found on SEDAR.

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.

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.

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.

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 147 www.ibex.ca

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