INO Innobox

    Innobox Plc                                  

                         ("Innobox" or the "Company")                          

                              I F Hotels Limited                               

On 16 April 2007 Innobox announced the sale of the freehold property investment
known as Fishmore Hall, Ludlow which was owned by the Company's 75.01%
subsidiary, I F Hotels Limited ("IFHL").

The net proceeds of the sale are insufficient to cover the unsecured connected
and unconnected creditors of IFHL in full. The directors of IFHL have therefore
been liasing with a firm of insolvency practitioners with a view to IFHL
entering into a Company Voluntary Arrangement ("CVA") with the objective of
maximising the distribution of the disposal proceeds between the members and
creditors.

A CVA document has been produced and will be posted to members and creditors of
IFHL later today, with the resultant CVA approval meetings due to be held on 13
July 2007 at the offices of Sanderlings LLP.

Ultimately, under the proposed CVA scheme, both the connected and unconnected
creditors should receive approximately 36.2p in the pound which is likely to be
paid in two distributions, the first distribution being 34.7p. The distribution
to the unconnected creditors will be accelerated within the proposed 60 day CVA
and the responsibility of collecting the �40,000 deferred loan, which was
provided to the purchasers of Fishmore Hall, falls under the responsibility of
the connected unsecured creditors. Therefore if it transpires that the deferred
loan cannot be collected, the total distribution to the connected unsecured
creditors is likely to be approximately 26.0p in the pound.

In addition IFHL has a debtor of �7,680 and it is anticipated that this amount
will be received shortly. However, in the event that this debtor is not
collected it should be noted that the Directors propose to vary the arrangement
by not making the proposed second anticipated distribution of 1.5p in the pound
to both the unsecured connected and non connected creditors. If this should be
the case then the overall distribution to the connected and unconnected
creditors will be reduced to 34.7p in the pound.

Enquiries:

Russell Stevens                         07860 562621                           
Chief Executive                         Russell@innobox.co.uk                  
                                                                
              
Hanson Westhouse Limited                0113 246 2610
Tim Feather / Matthew Johnson           tim.feather@hansonwesthouse.com   



END

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