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INVITRO INTERNATIONAL’S Y2K RESULTS FEATURE

ADDED GLOBAL GOVERNMENT SUPPORT
Irvine, CA January 30, 2001 — InVitro International (OTC,IVRO) announced today that its fiscal year ending September 30, 2000 sales results were $648,487, level with 1999 revenues of $648,517; operating income was $21,108 before the $118,078 write-off of a related party receivable resulting in a net loss of $91,902 or $.006 per share. IVRO CEO & President, W. Richard Ulmer said: “The fiscal year 2000 was one of substantial achievement for InVitro International: for the 2nd consecutive year we recorded operating income after several years of losses, and we significantly improved gross margins; our cash jumped nearly 70% while advertising spending went higher; and finally, we gained several significant government approvals and acceptances for our non-animal corrosion testing product/market leader, Corrositex. We believe that IVRO is now, perhaps more than ever, an attractive company for a related enterprise to combine themselves with, in a strategic relationship to enhance each company’s financial position and future.”
InVitro International’s Corrositex was recently granted U.S. Federal Government approvals or acceptances by the Consumer Product Safety Commission, the FDA, OSHA, and the EPA. Additionally, in September 2000, Corrositex’ future prospects also were brightened by California Governor Davis’ signing legislation which banned the use of animals for corrosion testing within the state. Today, only Corrositex meets government regulations for such testing, in place of animals.
And finally, in January 2001, Canadian Transport of Dangerous Goods Regulations changed to fully recognize Corrositex as a replacement for animals when performing corrosion testing in Canada.
This press 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

 


2000


1999


2000


1999


Revenues


161,745


169,806


648,487


648,517


Costs and expenses


155,411


153,599


627,379


600,513


Income (loss) from operations


6,334


16,207


21,108


48,004


Other income (loss)


3,360


(4,406)


(113,010)


12,880


Net income (loss)


9,694


11,801


(91,902)


60,884


Income (loss) per common share


0.001


0.001


(0.006)


0.004


Weighted average common
shares outstanding


14,507,304


14,453,300


14,507,304


14,453,300

 



CONDENSED CONSOLIDATED
BALANCE SHEET

 

 

 


September 30, 2000


September 30, 1999


Cash, cash equivalents and marketable securities


177,106


104,593


Other current assets

 

 


199,686


217,126


Total current assets

 

 


376,792


321,719


Noncurrent assets

 

 


60,587


202,249


Total assets

 

 


437,379


523,968


Current liabilities

 

 


37,030


34,930


Shareholders’ equity

 

 


400,349


489,038


Total liabilities and equity

 

 


437,379


523,968

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