MONTREAL, QUEBEC -- (Marketwire) -- 12/19/12 -- IBEX Technologies Inc. (TSX VENTURE:IBT) today reported its financial results for the quarter ended October 31, 2012.

"We are pleased to start the year with strong revenues and a positive cash flow", said Paul Baehr, IBEX President and CEO. "Revenues were equal to a very strong quarter year ago, and our balance sheet strengthened compared to the previous quarter. Cash, cash equivalents, and marketable securities increased by 6%."

FIRST QUARTER FISCAL 2013 FINANCIAL RESULTS

Sales for the quarter ended October 31, 2012 totaled $754,338 compared to $752,464 in the same period of the prior year.

The Company recorded net earnings of $68,670 compared to $144,752 for the same period year ago. This decrease in net earnings is attributable to a lower inventory allocation which is the impact of goods manufactured for sale in subsequent quarters.

Cash, cash equivalents, and marketable securities increased 6% during the quarter ended October 31, 2012 to $2,846,909 from $2,677,276 in the previous quarter ended July 31, 2012.

The Company's net working capital was $2,885,929 as at the end of the quarter ended October 31, 2012 up from $2,790,395 as at the end of the prior quarter ending July 31, 2012.

Financial Summary for the first quarter ended                               
                                                  October 31,    October 31,
                                                         2012           2011
                                              ------------------------------
Revenues                                             $754,338       $752,464
Earnings before interests, tax, depreciation &                              
 amortization                                        $100,243       $192,152
Depreciation & Amortization                           $40,467        $41,019
Net Earnings                                          $68,670       $144,752
Profit per Share basic and diluted                      $0.00          $0.01
Cash, Cash Equivalents & Marketable Securities     $2,846,909     $2,425,920
Working Capital                                    $2,885,929     $2,988,091
Outstanding shares at report date (Common                                   
 Shares)                                           24,703,244     24,703,244

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 develops, manufactures and markets arthritis assays which are widely used in pharmaceutical research. These assays enable the measurement of cartilage synthesis and degradation, and are powerful tools in the study of osteo and rheumatoid arthritis. The IBEX R&D unit is also working on new assays which will be marketed over the coming months.

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.

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.