PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

W. Richard Ulmer
(800) 2-INVITRO
INVITRO INTERNATIONAL
Irvine

or

Glenn Bertolini
(619) 525-0800
COMPASS POINT GROUP, INC.
 



INVITRO INTERNATIONAL POSTS 3RD CONSECUTIVE PROFITABLE QUARTER
Company also receives Corrositex endorsement from government sponsored science panel


Irvine, CA August 3, 1999 -- Invitro International (OTC IVRO) announced that its third quarter ended June 30, 1999 produced sales revenues of $150,060 and net income of $5,700. Fiscal 1999 year to date sales of nearly $479,000 are 17½% ahead of 1998 with the income total of $49,083 comparing favorably to a loss of $184,073 in the prior year.

In other important company news, InVitro announced that it had received an endorsement for its product Corrositex from a federally appointed panel of scientists (National Institute of Environmental Health Sciences) for use in evaluating potential skin corrosivity and irritation from chemicals and chemical formulations. Corrositex is the first such non-animal test method product endorsed by a U.S. government body. The panel review suggests that Corrositex testing can fully replace the use of animals for testing corrosiveness and irritation in some cases, while in others a tiered testing approach may be employed, thus having the potential to reduce considerably the numbers of laboratory animals used. This approach also has the potential to lower industry testing costs. IVRO President & CEO, W. Richard Ulmer, said "We are delighted and proud that our Corrositex test method can lead the way to lowering chemical, cosmetic, and other industry costs, save these companies time in their new product development cycles, and offers a bit of a good feeling for everyone when fewer animals are used in testing overall. We know that over 2000 new chemicals are introduced each year, and of course there are even more new cosmetic and over the counter personal products; our task now is to use our added new credibility to inform these manufacturers of how InVitro's several non-animal test methods can help them."






CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
  Three months ended June 30

Nine months ended June 30

 

1999

1998

1999

1998

Revenues

150,060

138,557

478,711

407,574

Costs and expenses

152,074

230,170

446,914

593,148

Income (loss) from operations

(2014)

(36,000)

31,797

(185,574)

Other income (loss)

7,751

950

17,286

1,501

Net income (loss)

5,737

(90,663)

49,083

(184,073)

Income (loss) per common share

0.0004

(0.0100)

0.0034

(0.0131)

Weighted average common
shares outstanding

14,453,300

14,023,300

14,453,300

14,023,300

 


CONDENSED CONSOLIDATED BALANCE SHEET
     

June 30, 1999

Sep 30, 1998

 

(UNAUDITED)

 
Cash, cash equivalents and marketable securities

75,050

59,960

Other current assets    

223,302

268,571

Total current assets    

298.352

328,531

Noncurrent assets    

203,641

154,479

Total assets    

501,993

483.010

Current liabilities    

21,678

54,856

Shareholders' equity    

480,315

428,154

Total liabilities and equity    

501,993

483,010



InVitro International
17751 Sky Park East, Suite G
Irvine, CA 92614

800-2-INVITRO (800-246-8487)
949-851-8356 (International callers)
949- 851-4985 Fax

invitro@invitrointl.com

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