Innovaro CEO Resigns

TAMPA -Innovaro announced that Douglas Schaedler, its Chief Executive Officer, has resigned from his position as Chief Executive Officer of the Company and from his position as a member of the Board of Directors, effective as of August 16, 2010. In place of Schaedler, the Company’s Board of Directors appointed Asa Lanum as Interim Chief Executive Officer. The Company’s Board of Directors will engage in a search for a permanent Chief Executive Officer and, as part of such search, will identify and evaluate Chief Executive Officer candidates from within and outside the Company.

Lanum was formerly Managing Principal and Senior Technology Principal within The CTO Group and prior to that he was President and Chief Executive Officer of FORTEL Inc. an independent software vendor specializing in service level management. Mr. Lanum has served the IT community for over 35 years and has been responsible for establishing IT strategy, enterprise architectures and SDLC processes for global IT organizations.

“I have enjoyed my six-year affiliation with Innovaro. Since becoming Chief Executive Officer, my goal has been to strengthen the Company’s balance sheet and re-position it for growth in the software industry, and I believe that has been accomplished. My departure has been amicable,” commented Mr. Schaedler.

“Innovaro is grateful for Mr. Schaedler’s contributions to the Company. We plan to continue our current strategy and we believe we are now positioned for growth in the software industry under the leadership of a new Chief Executive Officer with significant software industry experience. We wish Mr. Schaedler well in his future endeavors. Mr. Schaedler’s departure has been amicable,” said Charlie Pope, Chairman of the Board of Directors on behalf of Innovaro.