InnoTek Limited

(Formerly known as Magnecomp International Limited)

1 Finlayson Green, #15-02, Singapore 049246. Tel: (65) 6535 0689 Fax: (65) 6533 2680
2680 Reg. No. 199508431Z

InnoTek Posts Marginal 6.1% Decline

In FY08 Revenue; Proposes 5 Cents
Dividend
§ Reports loss of S$7.0 million largely due to one-time charges of
approximately S$8.6 million coupled with lower sales and margins for
wholly owned subsidiary MSF

§ Remains in healthy financial position with positive operating cash flow and
a net cash position of approximately S$27.6 million

§ Received S$24.4 million subsequent to year end upon completion of the

disposal of the entire interest in Magnecomp Precision Technology Public
Company Limited (MPT). Proposed final dividend payout of 5 cents per
share from proceeds received.

S$ Mil FY’08 FY’07 Change Change %

Continuing Operations
MSF Turnover 421.5 448.9 (27.4) (6.1)
MSF Profit/ (Loss) (6.1) 19.4* (25.5) NM
Corporate (0.9) (4.1) 3.2 NM
Group Net Profit/ (Loss) (7.0) 15.3* (22.3) NM
Basic EPS (cents) (3.00) 6.39* (9.39) NM

* Excludes one-time gain of S$1.4 million or 0.58 cents per ordinary share, net of minority interest, from the acquisition of
Exerion
NM Not meaningful
MSF Mansfield Manufacturing Company Limited & its subsidiaries

SINGAPORE, 24 February 2009 – Mainboard Listed InnoTek Limited (“InnoTek” or “the

Group”) today reported that its sales for the fiscal year ended 31 December 2008
(“FY08”) declined 6.1% year-on-year to S$421.5 million as order flows from customers
slowed with lower global demand for flat screen TVs in the wake of a sudden global
economic downturn.

The Group’s wholly-owned precision metal components business, Mansfield

Manufacturing Company Limited (“MSF”) incurred a net loss of S$6.1 million mainly due
to one-time charges of approximately S$8.6 million, which includes write-off for early
 Media Release – InnoTek Posts Marginal 6.1% Decline in FY08 Revenue
24 February 2009
Page 2 of 3
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termination of certain China facilities, impairment on investments, write-off of fixed

assets and provision for costs relating to the relocation of a subsidiary’s production
facility in the Czech Republic and deferred tax assets. MSF was also affected by lower
margins as a result of higher material prices, depreciation expenses with enlarged
operations and operating costs with increased labor wages in China and a stronger
Renminbi during the period under review.

The Group’s corporate division incurred a loss of S$0.9 million mainly due to foreign
exchange loss in 1H08 as a result of the weakening of the US currency, which affected
proceeds from the sale of its subsidiary, Magnecomp Precision Technology Public
Company Limited (MPT). This is offset by fair value gains in re-measurement of
investment securities, reversal of warranties pursuant to disposal of MPT and higher
interest income.

As a result of the above factors, the Group reported a net loss from continuing
operations of S$7.0 million.

The Group remained in a healthy financial position, having generated S$28.6 million of
positive operating cash inflow in FY08. As at 31 December 2008, the Group has a cash
balance of approximately S$93.1 million with total borrowings of S$65.5 million,
amounting to a net cash position of S$27.6 million.

Subsequent to the year end, the Group received S$24.4 million from the sale of its
remaining 10.0% stake in the paid-up capital of its former subsidiary MPT. With the
proceeds, the Directors have proposed a first and final dividend of 5 cents per share for
FY2008.

The Directors believe that the healthy balance sheet and liquidity position will open up
more opportunities for the Group in today’s weakened global economy and turbulent
financial markets. It will continue to pursue its merger and acquisition growth strategy
with a focus on earnings-accretive businesses that can provide synergies and
complement its precision metal manufacturing business.

2
 Media Release – InnoTek Posts Marginal 6.1% Decline in FY08 Revenue
24 February 2009
Page 3 of 3
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The Group will continue to manage costs and improve operational efficiency. It will
undertake a review of its operations and will consider consolidating its manufacturing
facilities and scaling down its operations to improve profitability. The Directors are of the
view that these measures will enable the Group to tide over this period of difficulty and
be ready to capitalise on any improvement in the economic conditions.

In the medium-term, the Directors expect the macro operating environment to remain
challenging and as such, wishes to advise shareholders that the Group is not expected
to be profitable in Q1’09.
~ End ~

About InnoTek Limited

Singapore Exchange MainBoard-listed, InnoTek Limited (together with its subsidiaries

“the Group”) is a precision metal components manufacturer, serving the consumer
electronics, office automation and automotive industries.

With over 10 manufacturing facilities across China and Europe, the Group’s wholly
owned subsidiary, Mansfield Manufacturing Company Limited (“MSF”), provides
precision metal stamping, commercial tool and die fabrications, sub-assembly work and
frame manufacturing services to a strong and diversified base of Japanese and
European end-customers.

For more information, visit: www.innotek.com.sg.

InnoTek Limited contact:

InnoTek Ltd
1 Finlayson Green,
#15-02, Singapore 049246
Tel: (65) 6535 0689, Fax: (65) 6533 2680
Linda Sim, lindasim@innotek.com.sg
Yong Kok Hoon, khyong@innotek.com.sg

Investor relations contact:

WeR1 Consultants Pte Ltd

29 Scotts Road
Singapore 228224
Tel: (65) 6737 4844, Fax: (65) 6737 4944
Lai Kwok Kin, laikkin@wer1.net
Roger Ng, rogerng@wer1.net