INR

Gordon Neal ("Neal"), President of Innovative Properties Inc. (TSX VENTURE: INR) ("Innovative") announces that Neal has directly acquired in a private placement transaction, for cash consideration, of $25,000 beneficial ownership of a secured convertible debenture of Innovative in the amount of $25,000 ("Neal Debenture"). The Neal Debenture bears interest at the rate of fifteen percent (15%) per annum, with interest payable quarterly, and will mature on June 30, 2010 ("Maturity Date"). Neal may convert the Neal Debenture into common shares of the Corporation ("Shares") at a conversion rate of $0.10 per Share ("Conversion Price") at any time until the Maturity Date. The Neal Debenture is secured by the pledge of the common shares of DIME - Dynamic Integrated Marketing Enterprises Inc. ("DIME"), a wholly-owned subsidiary of the Corporation.

Neal also indirectly acquired in the private placement transaction for cash consideration of $100,000 beneficial ownership of a secured convertible debenture in the amount of $100,000 ("Epworth Debenture"). Similar to the Neal Debenture, the Epworth Debenture bears interest at the rate of fifteen percent (15%) per annum, with interest payable quarterly, and will mature on the Maturity Date. The Epworth Debenture is convertible into Shares at the Conversion Price at any time until Maturity Date. The Epworth Debenture is secured by the pledge of the common shares of DIME.

Following the acquisition, Neal owns an aggregate of 2,280,643 Shares and 930,000 share purchase warrants (the "March 2010 Warrants") exercisable into 930,000 Shares at a purchase price of $0.10 per Common Share until March 6, 2010, 1,070,000 share purchase warrants (the "April 2010 Warrants") exercisable into 1,070,000 Shares at a purchase price of $0.10 per Common Share until April 15, 2010, 280,643 share purchase warrants (the "March 2011 Warrants") exercisable into 280,643 Shares at a purchase price of $0.14 per Common Share until March 2, 2011, 124,285 share purchase options ("Options") exercisable into 124,285 Shares until September 2, 2010 at an exercise price of $0.10, the Neal Debenture convertible into 250,000 Shares and the Epworth Debenture convertible into 1,000,000 Shares. Assuming the exercise of the March 2010 Warrants, the April 2010 Warrants, the March 2011 Warrants and the Options, and the conversion of the Neal Debenture and the Epworth Debenture, Neal would own 5,935,571 Shares or approximately 21.05% of the issued and outstanding Shares, or 15.35% on a fully diluted basis.

Neal indirectly owns all of the issued and outstanding shares of Epworth Marketing Limited, which directly acquired the Epworth Debenture.

The Neal Debenture and the Epworth Debenture were acquired for investment purposes. Neal has not made any determination with respect to future ownership of, or control over, any additional securities of Innovative. Neal may in the future acquire, directly or indirectly, additional Shares or other securities of Innovative in the market or through private or other transactions, sell all or some portion of the shares of Innovative he owns or controls, or enter into derivative or other transactions with respect to such Shares.

Contacts: To obtain a copy of the early warning report: Innovative Properties Inc. Gordon Neal 902-404-3353