FOR IMMEDIATE RELEASE
W. Richard Ulmer
REPORTS THIRD QUARTER RESULTS
Company Announces Lowest Quarterly Loss and
Expands Merger Options
Irvine, CA, August 15, 1997 -- InVitro International (Symbol INVI)
today reported results for its third quarter ended June 30, 1997.
The net loss for the quarter was $198,000 ($0.02 per share), a 42%
decrease compared to $341,000 ($0.03 per share) reported for the
same period last year. Revenues for the quarter were $181,000 compared
to $327,000 for the same quarter in fiscal 1996.
On Friday, June 13, 1997, the U.S. Environmental Protection Agency
(EPA) issued the final approval for CORROSITEX® in the
Federal Register as Solid Waste Method 1120. This method lists CORROSITEX
as an approved test for characterizing dermal corrosivity for solid
waste (40 CFR Parts 260, 264, 265, and 266). CORROSITEX is an in
vitro test system that mimics the effect of corrosives on living
skin while lowering testing costs and providing quicker results
when compared to in vivo.
During the first five months of 1997, the Company announced it
had entered into letters of intent to pursue merger negotiations
with two other business entities. Negotiations as to the first proposed
merger were terminated by mutual agreement and activities relating
to a proposed merger with Miragen Inc. have been suspended unless
Miragen obtains additional financing.
The Company’s management is currently negotiating a proposed
merger with another business engaged primarily in the development
and sale of natural gas resources, but a definitive merger proposal
has not been executed. Management plans to pursue merger negotiations
with any suitable prospective candidate.
The Company’s management anticipates that existing cash resources
of InVitro are adequate to sustain its current business operations
only through the end of September 1997, and that increases in internal
sales revenue and /or additional capital investment, neither of
which can be predicted at present, will be required for InVitro
to have sufficient resources to sustain its operations thereafter.
The Company’s management has determined that InVitro will be
forced to cease active business operations, other than ongoing efforts
to market Guardian DNA products held in inventory, should the Company
fail to enter into a letter of intent or other agreement to merge
with another business enterprise by approximately the end of August
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.
The statements made in this press release contain certain
forward looking statements within the meaning of section 27a of
the Securities Act of 1933 and section 21E of the Securities Exchange
Act of 1934 that involve a number of risks and uncertainties, including
the risk that InVitro may be unable to complete the proposed transaction.
Actual events or results may differ from InVitro's expectations.
In addition, investors should be apprised of risk factors discussed
from time to time in the Company's filings with the Securities and
Exchange Commission, including without limitation information set
forth in Exhibit 99.1 filed with the Company's Annual Report on
Form 10-KSB for the fiscal year ended September 30, 1996.
Statement of Operations
17751 Sky Park East, Suite G
Irvine, CA 92614
949-851-8356 (International callers)
949- 851-4985 Fax