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Innovex Completes Debt Restructuring

PLYMOUTH, Minn. -- Innovex (Nasdaq: INVX) today announced that on June 23, 2008 it completed the restructuring of the Companys long-term debt facilities with the Company’s Thai banking partners, Bank of Ayudhya Public Company Limited and TMB Bank Public Company Limited. The debt restructuring will defer all principal payments originally scheduled in the Company’s fiscal 2008 third and fourth quarters, change payments from a quarterly basis to a monthly basis, reduce payments in fiscal 2009 and extend the payment schedule until September 2012. “We believe these changes to our long term debt facilities will benefit our cash flow by approximately $6 million dollars in fiscal 2008 and $9 million dollars in fiscal 2009 and help significantly in stabilizing our balance sheet in the short term,” stated Randy Acres, Innovex’s Chief Financial Officer.

“We are very pleased with the support we have received from our Thai banking partners. The restructuring that has occurred is a significant start in providing the additional working capital necessary to grow our business,” said Terry Dauenhauer, Innovex’s Chief Executive Officer. “We are now able to focus our management efforts toward executing our business plan.”

Innovex Inc.