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INVITRO INTERNATIONAL REPORTS OUTSTANDING FY 2015 FINANCIAL RESULTS, AND CORE TECHNOLOGY REGULATORY PROGRESS

InVitro International
Contact: W. Richard Ulmer
330 E. Orangethorpe Ave. Ste. D
(800) 246-8487
Placentia, CA 92870
http://www.invitrointl.com
Placentia, CA February 2, 2016 – Today InVitro International (OTC, Pink Sheets, IVRO) reported audited FY 2015 sales of $994,713, up 45% from FY 2014 comparable period. Net income leapt 774% to $232,100 and cash increased 69%

IVRO CEO & President, W. Richard Ulmer, said “The confluence of several positives in our FY 2015 business made this a special year for our company. First, official U.S. Regulatory implementation of the Global Harmonization System (GHS) continued to benefit our Corrositex test technology here and in Europe. Additionally for the first time, Ocular Irritection sales were positively impacted by GHS acceptance in Europe’s REACH program, which over several years will be re-classifying all chemicals used there. Next, our 2014 company relocation along with several new cost saving measures provided important cash growth in 2015. So now looking forward, we believe the pieces will be in place to support promotion of Ocular Irritection should it receive full OECD Regulatory adoption in the near future. Our submission continues to make solid progress in its regulatory review.”

“At InVitro we feel we are moving ever closer to our major goal of corporate sustainability. The 2015 audited financial statements support this feeling and demonstrate the impact of InVitro’s Quasi Reorganization. Because we met the required five consecutive years of profitability, effective October 2014, U.S. Generally Accepted Accounting Principles (GAAP) permitted elimination of accumulated IVRO historical operating losses; thus InVitro achieved a new financial reporting status. As we begin a new year, we remain a dedicated, determined and disciplined team in pursuit of both company and shareholder goals.”

This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: acceptance of the Company’s technology by customers or regulatory agencies, changes in market conditions and other competitive factors. Any such forward-looking statements are not guarantees of future performance.



CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS


Three months ended
September 30


Twelve months ended
September 30


2015


2014


2015


2014


Revenues


262,302


200,173


994,714


686,118


Costs and expenses


245,296


193,008


768,531


667,865


Income (loss) from operations


 17,006


  7,165


226,183


18,253


Other income (loss)


(2,467)


3,834


5,917


8,933


Net profit (loss)


14,540


10,999


232,100


27,186


Other Comprehensive Income


– 


–  


(11,110)


996


Comprehensive Income


14,540


10,999


220,990


28,182


Profit (loss) per common share


0.001


0.001


0.011


0.001


Weighted average common
shares outstanding


21,953,976


21,866,853


21,953,976


21,886,853

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2015


September 30, 2014


Cash, cash equivalents and marketable securities


650,561


431,763


Other current assets


255,182


223,677


Total current assets


905,743


655,440


Noncurrent assets


65,563


76,400


Total assets


971,306


731,840


Current liabilities


80,230


61,754


Shareholders’ equity


891,076


670,086


Total liabilities and equity


971,306


731,840

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