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INVITRO INTERNATIONAL REPORTS FIRST QUARTER PROFITABLE

Sales & Cash Increase 5th Consecutive Quarter
Irvine, CA February 9, 1999 — Invitro International (Bulletin Board Symbol “INVI”) announced revenues of $162,000 in its first fiscal quarter ended December 31, 1998; this is a 22% increase in sales over the comparable quarter last year. The Company also reported a profit of $18,000 in its first quarter 1999, or $.001 per share, which continues the recent INVI trend in positive results after many years of consistent losses. The second consecutive quarter of profit, although small in absolute dollars, combined with a fifth quarter consecutively of increased sales and cash, prompted INVI President, W. Richard Ulmer to say, “We are a determined team at INVI which has made steady progress toward profitability in our core business. Now, in addition to our internal efforts, we intend to increase our presence globally through a partnering or external strategy. We plan to continue profitable and growing so that we can more suitably structure opportunities in such areas as marketing and sales alliances, merger (as mentioned in prior releases), and even co-licensing our existing technologies”.

In other Company news INVI reported that after nearly three and one half years of U.S. Government process, the Inter-agency Committee for the Validation of Alternative Methods (rather that testing with animals) held a one day review January 21, 1999 to consider extending the Company’s Corrositex applications and acceptances beyond current DOT and EPA regulated areas. Results will be announced later in 1999. InVitro management remains hopeful that the “tiered testing” approach which mandates the use of animals under conditions frequently encountered in industry, and which has surfaced in several government sponsored work groups both in Europe and in the United States, will not appear in final committee reports. InVitro International asks each of its website and regular-form press release readers, as well as its shareholders, to be alert to developments in this area of corrosive testing regulations. Various animal welfare groups are prepared to help if necessary.



CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS


           
Three months ended December 30
 

 


 


1998


1997

Revenues

 


 


162,076


133,272

Costs and expenses

 


 


144,278


190,486

Income (loss) from operations

 


 


17,817


(57,215)

Other income (loss)

 


 


337


(207)

Net income (loss)

 


 


18,155


(57,421)

Income (loss) per common share

 


 


0.001


(0.004)

Weighted average common
shares outstanding

 


 


14,169,968


14,023,300

 



CONDENSED
CONSOLIDATED BALANCE SHEET

     

Dec 30, 1998


Dec 30, 1997

 

(UNAUDITED)

 
Cash, cash equivalents
and marketable securities

63,086


59,960

Other current assets    

316,562


268,571

Total current assets    

379,648


328,531

Noncurrent assets    

133,119


154,479

Total assets    

512,767


483,010

Current liabilities    

63,005


54,856

Shareholders’ equity    

449,761


428,154

Total liabilities and equity
   

512,766


483,010

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