Innovative Card Technologies Makes Investors Aware of ``Going Concern''

LOS ANGELES--(Business Wire)--
Innovative Card Technologies, Inc. (NASDAQ: INVC), announced that
its 2007 audited financial statements, which were filed on Form 10-KSB
on April 1, 2008, had received a "going concern" qualification from
its independent auditors.

About Innovative Card Technologies

Innovative Card Technologies (NASDAQ: INVC) was founded in 1993 to
add functionalities to payment cards. InCard's suite of ICT
DisplayCards enables dual-factor authentication in a convenient card
form. The cards, which are live and authenticating online banking and
brokerage transactions, and data systems access in deployments in the
U.S. and abroad, can be configured to offer RFID physical access or
payment capabilities, and feature a screen powered by an integrated
battery, circuit, and switch. This screen displays a one-time password
to verify the presence of the card during online and voice
transactions or data systems login. www.incard.com

This press release contains forward-looking statements which are
commonly identified by words such as "would," "may," "will,"
"expects," and other terms with similar meaning. Forward-looking
statements are based on current beliefs, assumptions and expectations
and speak only as of the date of this release and involve risks and
uncertainties that could cause actual results to differ materially
from current expectations. The material factors and assumptions that
could cause actual results to differ materially from current
expectations include, without limitation, the following: ICT
DisplayCard adoption, ICT DisplayCard further testing and
certifications, dependence on a limited number of suppliers and their
capacity, full scale production of the ICT DisplayCard, and limited
capital and liquidity. Innovative Card Technologies, Inc. refers
interested persons to its most recent Annual Report on Form 10-KSB as
amended by Form 10-KSB/A and its other SEC filings for a description
of additional uncertainties and factors that may affect
forward-looking statements. Forward-looking statements are based on
information presently available to senior management, and Innovative
Card Technologies has not assumed any duty to update any
forward-looking statements.

Innovative Card Technologies
Marketing Manager
Stephanie Edwards, 310-312-0700
sedwards@incard.com
or
Public Relations
Susan Roush, 818-222-8330
pr@incardtech.com
or
Investor Relations
Jose Castaneda, 720-733-0052
ir@incardtech.com

Copyright Business Wire 2008