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Innovaro, Inc. Reports Financial Results For The Three And Nine Months Ended September 30, 2012

Innovaro, Inc. (NYSE MKT: INV) today announced that total revenue from continuing operations was $190,000 for the quarter ended September 30, 2012 as compared to $61,000 for the quarter ended September 30, 2011 and loss from continuing operations for the quarter ended September 30, 2012 was ($796,000) as compared to ($1.1) million for the quarter ended September 30, 2011.

Third Quarter 2012 Financial Results Summary from Continuing Operations

  • Intelligence and Insights revenue increased by 210% over third quarter 2011.
  • Total expenses from continuing operations decreased to $1.0 million for the three months ended September 30, 2012 from $1.2 million for the three months ended September 30, 2011.
  • Loss from continuing operations for the three months ended September 30, 2012 was ($796,000), which included $247,000 in non-cash depreciation and amortization expense, Loss from continuing operations for the three months ended September 30, 2011 was ($1.1 million), which included $262,000 in non-cash depreciation and amortization expense.

Nine Months 2012 Financial Results Summary from Continuing Operations

  • Intelligence and Insights revenue increased by 32% over the nine months ended September 30, 2011.
  • Total expenses from continuing operations decreased to $3.4 million for the nine months ended September 30, 2012 from $4.0 million for the nine months ended September 30, 2011.
  • Loss from continuing operations for the nine months ended September 30, 2012 was ($2.8 million), which included $758,000 in non-cash depreciation and amortization. While loss from continuing operations for the nine months ended September 30, 2011 was ($3.9 million), which included $868,000 in non-cash depreciation and amortization.

Discontinued Operations

Pharmalicensing, Global Licensing, Pharma Transfer and Knowledge Express operating divisions

The Company sold the Pharmalicensing, Global Licensing, Pharma Transfer and Knowledge Express operating divisions to IP Technology Exchange, Inc. (“IP TechEx”) effective as of August 31, 2012, pursuant to an asset purchase agreement dated September 12, 2012.

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