FOR IMMEDIATE RELEASE
Cheryl Daniel - Investor/Media Relations
INVITRO INTERNATIONAL REPORTS FIRST QUARTER RESULTS
Board Of Directors Defer Decision To Implement 1-For-10
Reverse Stock Split Recently Approved By Shareholders
IRVINE, CA, February 4, 1997 -- InVitro International (NASDAQ
Small Cap; INVI) today reported results for its first quarter
ended December 31, 1996. Revenues for the quarter were $259,000
compared to $225,000 for the first quarter of the prior year,
a 15% increase. The net loss for the current quarter was $506,000
or $.04 per share, compared to a net loss of $522,000 or $.04
per share reported for the same period of the previous year.
During its Annual Shareholders Meeting held on Friday, January
31, 1997, the Company also announced its Board will delay a
decision whether and when to implement a 1-for-10 reverse stock
split authorized at the meeting by a majority of shareholders.
InVitro International’s Board of Directors will defer an implementation
decision until the timing of revised NASDAQ rules are announced
and the Board has had an opportunity to assess initial results
from the GiftPax program for Guardian DNA. (Guardian DNA is
the new three-part infant/child safety system being marketed
directly to 3.7 million new mothers during calendar year 1997
via GiftPax/American Sampling, Inc.) "We should have a preliminary
indication as to the level of sales we can expect from the GiftPax
opportunity by the end of March," stated W. Richard Ulmer, President
and CEO for InVitro International.
InVitro International is engaged in the development, manufacture
and sale of quality, proprietary preventive products and services
to ensure the safekeeping of humans and the environment, and
to minimize animal testing in commercial and academic enterprise.
Except for the historical information contained herein, the
matters discussed in this news release are forward looking statements
that involve risks and uncertainties, including the acceptance
of new products, the impact of competitive products and pricing,
and the management of growth. Please refer to the Company’s
filings with the Securities and Exchange Commission for a summary
of cautionary statements.
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