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Imagenetix, Inc. Reports Third Quarter and Nine Month Results
Date:2/11/2009

- Third Quarter Revenue Increases by 102% from Prior Year

- Third Quarter After Tax Income Rounds to Break Even

- Nine Month Revenue Increases by 54% From Prior Year

- Nine Month After Tax Income of $786,000

SAN DIEGO, Feb. 11 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for its third fiscal quarter and nine month period ending December 31, 2008. Net sales for the quarter were $2,084,000, an increase of 102% from the reported $1,032,000 for the same period of the prior fiscal year. For the nine month period, net sales increased by 54% to $6,134,000 from $3,988,000 reported in the prior nine month period.

Imagenetix broke-even during the third quarter, ($.00) per share, compared to a loss of ($395,000), ($.04) per share, during the same quarter for the prior fiscal year. For the nine month period, after tax income increased to $786,000, $.07 per share, compared to a loss of ($1,461,000), ($.13) per share, in the previous nine month period.

Commenting on the results for the quarter, Mr. William P. Spencer, Imagenetix's Chief Executive Officer, said, "Increased profit margins for the quarter were attributable to an increase in mass market sales of Inflame Away-Celadrin(R) and was the primary reason for the Company's improved bottom line performance. We also ended the quarter in a debt-free and favorable financial liquidity position."

Imagenetix, based in San Diego, California, is an innovator of scientifically tested, natural-based, proprietary, bioceutical products developed to enhance human health on a global basis. Imagenetix develops and formulates propriety over-the-counter topical creams, skincare products and nutritional supplements to be marketed globally through multiple channels of distribution. In addition, the company develops patentable compounds for entering into licensing agreements with pharmaceutical partners. Imagenetix is the creator of Inflame Away(R)-Celadrin(R). Please visit www.celadrin.com or www.imagenetix.net.

Certain matters in this news release are forward-looking statements which are subject to risks and uncertainties that could cause actual results to vary materially from those projected. Such risks and uncertainties include, but are not limited to, adverse fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, the size and timing of customer contracts, new or increased competition, changes in market demand, and seasonality of purchases of the company's products and services. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in the company's SEC filings, including its Form 10-K for the year ended March 31, 2008.


    Contact  Imagenetix Investor Relations        William P. Spencer
              (858)674-8466                       Chief Executive Officer
                                                  Imagenetix, Inc.
                                                  Tel: (858) 674-8455


                           Imagenetix, Inc.
            Condensed Consolidated Statements of Operations
                              (Unaudited)
                 (In thousands, except per share data)

                                              Three Months     Nine Months
                                                 Ended           Ended
                                              December 31,    December 31,
                                              ------------    ------------
                                              2008    2007    2008     2007
                                              ----    ----    ----     ----

    Net sales                                $2,084  $1,032  $6,134   $3,988
      Cost of sales                           1,019     647   3,380    2,267
                                              -----     ---   -----    -----
    Gross profit                              1,065     385   2,754    1,721
                                              -----     ---   -----    -----
    Gross profit percent                       51.1%   37.3%   44.9%    43.2%

    Operating expenses:
      General and administrative                565     582   1,590    1,916
      Payroll expense                           249     240     842      812
      Consulting expense                        256     230     845      709
                                                ---     ---     ---      ---
    Operating expenses                        1,070   1,052   3,277    3,437

    Operating income (loss)                      (5)   (667)   (523)  (1,716)
      Other income                                5       6      23       28
      Settlement income                           -       -   1,785        -
      Interest expense                            -      (1)     (1)      (4)
                                                 --      --      --       --
    Income (loss) before income taxes             -    (662)  1,284   (1,692)
    Income tax expense (benefit)                  -    (267)    498     (231)
                                                 --    ----     ---     ----

    Net income (loss)                            $-   $(395)   $786  $(1,461)
                                                 --   -----    ----  -------

    Income (loss) per share:
      Basic                                      $-  $(0.04)  $0.07   $(0.13)
      Diluted                                    $-  $(0.04)  $0.07   $(0.13)

    Weighted average common shares
     outstanding:
      Basic                                  11,011  10,953  10,985   10,913
      Diluted                                11,011  10,953  11,009   10,913



                           Imagenetix, Inc.
                 Condensed Consolidated Balance Sheets
                              (Unaudited)
                            (In thousands)


                                                      December 31,  March 31,
                                                          2008       2008
                                                          ----       ----
    Assets:
      Current assets:
        Cash and cash equivalents                        $1,705     $1,023
        Accounts receivable, net                          1,216        766
        Inventories, net                                  1,475      1,110
        Prepaid expenses and other current assets           151        252
        Deferred tax asset                                  321        862
                                                            ---        ---
          Total current assets                            4,868      4,013

      Property and equipment, net                           126        112
      Long-term prepaid expenses                             33         42
      Other assets                                          253        218

                                                         ------     ------
          Total assets                                   $5,280     $4,385
                                                         ------     ------

    Liabilities and stockholders' equity:
      Current liabilities:
        Accounts payable                                   $700       $714
        Accrued liabilities                                  71         72
        Customer deposits                                     3         63
        Contract payable                                     92         46
        Short term license payable                           12         34
                                                             --         --
          Total current liabilities                         878        929

      Long term license payable                               -          3

      Stockholders' equity                                4,402      3,453

                                                         ------     ------
          Total liabilities and stockholders' equity     $5,280     $4,385
                                                         ------     ------


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SOURCE Imagenetix, Inc.
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