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INVITRO INTERNATIONAL RECORDS HEALTHY FY 2008 SALES & PROFIT RESULTS

InVitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA January 13, 2009 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2008 sales of $696,560 and net profits of $67,431. These results followed FY 2007 sales of $741,714 and profits of $69,273. IVRO CEO & President, W. Richard Ulmer, observed: “Although FY 2008 sales were 6% lower than those of ’07, we feel that comparison does not reflect much of our true progress in the last year. For example, we had significant yearend sales activity which carried over to make the first Quarter FY 2009 our best first Quarter since 1996. In additional significant FY 2008 activity, InVitro and our European partner (ResPharma) completed the preparation, review, and submission of our Irritection Assay System (Ocular) formal European Regulatory package at the very end of the year. And importantly, InVitro continued its increased Research & Development spending while also increasing operating margins. In summary, FY 2008 added to our level of excitement about our competitive position as well as the future of invitro testing throughout the world.”

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


2008


2007


2008


2007


Revenues


213,386


244,979


696,561


741,714


Costs and expenses


200,493


236,697


640,362


680,310


Income (loss) from operations


12,892


8,282


56,199


61,404


Other income (loss)


2,310


1,938


8,948


7,869


Net profit (loss)


15,203


10,220


65,147


69,273


Profit (loss) per common share


0.001


0.001


0.004


0.004


Weighted average common
shares outstanding


16,824,809


16,824,809


16,824,809


16,824,809

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2008


September 30, 2007


Cash, cash equivalents and marketable securities


332,665


270,868


Other current assets


201,949


178,636


Total current assets


534,614


449,504


Noncurrent assets


47,814


53,369


Total assets


582,428


502,873


Current liabilities


74,371


62,245


Shareholders’ equity


508,057


440,628


Total liabilities and equity


582,428


502,873

INVITRO INTERNATIONAL POSTS FISCAL YEAR 2007 SOLID SALES GAIN & RECORD PROFITS

Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA December 10, 2007 – InVitro International (OTC, Pink Sheets, IVRO) today reported Fiscal Year 2007 sales of $741,714 and net profits of $69,273. These results compare to Fiscal Year 2006 sales of $608,920 and profits of $15,387, respectively. IVRO President/CEO, W. Richard Ulmer, said: “We are delighted to report our highest company sales since 1996, an advance of 21% over the prior year; an all time high in profits, as well as profits for the 4th year in our last five; a near doubling of sales in Latin America to more than 12% of company sales; approximately a two-thirds increase in European sales, sparked in great part by our wonderful investing Italian partner, ResPharma/INT.E.G.RA; and finally our U.S. sales advanced more than 18%. When we examine sales by technology, it was pleasing to see Irritection advance nearly 30% while Corrositex jumped 16% following its formal European acceptance published late in 2006. Similar Regulatory acceptance for Irritection is progressing per normal government review schedules.”

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


2007


2006


2007


2006

Revenues

244,979

129,402

741,714

608,920

Costs and expenses

236,697

163,606

680,310

598,344

Income (loss) from operations

  8,282

(34,204)

61,404

10,576

Other income (loss)

1,938

2,070 

7,869

4,681

Net profit (loss)

10,220

(32,134)

69,273

15,257

Profit (loss) per common share

0.001

(0.002)

0.004

0.001

Weighted average common
shares outstanding

16,824,809

16,824,809

16,824,809

16,824,809

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

September 30, 2007

September 30, 2006

Cash, cash equivalents and marketable securities

270,868

226,023

Other current assets

178,636

148,437

Total current assets

449,504

374,460

Noncurrent assets

53,369

35,183

Total assets

502,873

409,643

Current liabilities

62,245

38,288

Shareholders’ equity

440,628

371,355

Total liabilities and equity

502,873

409,643

INVITRO INTERNATIONAL POSTS FISCAL YEAR 2007 SOLID SALES GAIN & RECORD PROFITS

Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA December 10, 2007 – InVitro International (OTC, Pink Sheets, IVRO) today reported Fiscal Year 2007 sales of $741,714 and net profits of $69,273. These results compare to Fiscal Year 2006 sales of $608,920 and profits of $15,387, respectively. IVRO President/CEO, W. Richard Ulmer, said: “We are delighted to report our highest company sales since 1996, an advance of 21% over the prior year; an all time high in profits, as well as profits for the 4th year in our last five; a near doubling of sales in Latin Americal to more than 12% of company sales; approximately a two-thirds increase in European sales, sparked in great part by our wonderful investing Italian partner, ResPharma/INT.E.G.RA; and finally our U.S. sales advanced more than 18%. When we examine sales by technology, it was pleasing to see Irritection advance nearly 30% while Corrositex jumped 16% following its formal European acceptance published late in 2006. Similar Regulatory acceptance for Irritection is progressing per normal government review schedules.”

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


2007


2006


2007


2006


Revenues


244,979


129,402


741,714


608,920


Costs and expenses


236,697


163,606


680,310


598,344


Income (loss) from operations


  8,282


(34,204)


61,404


10,576


Other income (loss)


1,938


2,070 


7,869


4,681


Net profit (loss)


10,220


(32,134)


69,273


15,257


Profit (loss) per common share


0.001


(0.002)


0.004


0.001


Weighted average common
shares outstanding


16,824,809


16,824,809


16,824,809


16,824,809

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2007


September 30, 2006


Cash, cash equivalents and marketable securities


270,868


226,023


Other current assets


178,636


148,437


Total current assets


449,504


374,460


Noncurrent assets


53,369


35,183


Total assets


502,873


409,643


Current liabilities


62,245


38,288


Shareholders’ equity


440,628


371,355


Total liabilities and equity


502,873


409,643

INVITRO INTERNATIONAL POSTS FY ’05 PROFIT ON SOLID SALES GAIN

Irvine, CA February 6, 2006- InVitro International (OTC, Pink Sheets, IVRO) today reported a 12% sales gain for Fiscal Year ’05 vs. Fiscal Year ’04, to $671,068. IVRO also recorded net profit of $14,655 compared to a loss of $34,614 last year. IVRO President, W. Richard Ulmer said: “We felt very encouraged about our financial progress in ’05: sales reached their highest level in 8 years, and we earned a small profit while investing in new assay technology. Our non-animal testing methods are being more accepted globally because they’re faster, less expensive, easier to use, and can be kept on the shelf for later use when convenient. Meanwhile we continue to work for European Regulatory Acceptance well ahead of the 2009 marketing ban on new cosmetics if tested on animals.”

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

 


2005


2004


2005


2004


Revenues


183,477


125,811


671,068


596,123


Costs and expenses


216,569


167,835


660,463


632,298


Income (loss) from operations


(33,092)


(42,023)


10,605


(36,175)


Other income (loss)


997


9,677


4,050


1,561


Net profit (loss)


(32,095)


(32,346)


14,655


(34,614)


Profit (loss) per common share


(0.002)


(0.002)


0.001


(0.002)


Weighted average common
shares outstanding


16,824,809


15,836,562


16,824,809


15,836,562

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2005


September 30, 2004


Cash, cash equivalents and marketable securities


158,694


124,922


Other current assets

 

 


207,444


201,927


Total current assets

 

 


366,138


326,849


Noncurrent assets

 

 


38,881


38,596


Total assets

 

 


405,019


365,445


Current liabilities

 

 


48,921


24,002


Shareholders’ equity

 

 


356,098


341,443


Total liabilities and equity

 

 


405,019


365,445

INVITRO INTERNATIONAL SALES ADVANCE MODESTLY BUT FY ’04 LOSSES DISAPPOINT

Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com

Irvine, CA February 2, 2005 – InVitro International (OTC, Pink Sheets, IVRO) today reported a 4% annual sales gain (’04 vs.’03) to $596,123, and a net loss of $34,614 compared to profit of $11,014 in ’03. IVRO President, W. Richard Ulmer said: “We are disappointed that InVitro could not generate revenue gains large enough to cover the added costs associated with our physical relocation last year. This was a very difficult year for InVitro, and it’s people. However, a bright spot was our partnership with INT.E.G.RA, and it’s parent organization, Res Pharma, in Europe. As always, we will work toward better company results in the upcoming year.

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

 


2004


2003


2004


2003


Revenues


125,811


173,580


596,123


571,512


Costs and expenses


167,8351


152,691


632,298


563,743


Income (loss) from operations


(42,023)


20,889


(36,175)


7,769


Other income (loss)


9,677


1,170


1,561


3,245


Net profit (loss)


(32,346)


22,059


(34,614)


11,014


Profit (loss) per common share


(0.002)


(0.001)


(0.002)


(0.001)


Weighted average common
shares outstanding


15,836,562


15,255,059


15,836,562


15,255,059

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2004


September 30, 2003


Cash, cash equivalents and marketable securities


124,922


148,274


Other current assets

 

 


201,927


199,895


Total current assets

 

 


326,849


348,169


Noncurrent assets

 

 


38,596


50,244


Total assets

 

 


365,445


398,413


Current liabilities

 

 


24,002


37,359


Shareholders’ equity

 

 


341,443


361,057


Total liabilities and equity

 

 


365,445


398,413

INVITRO INTERNATIONAL SALES ADVANCE IN ITS PROFITABLE FY 2003

NEW GLOBAL PARTNERSHIP BEGINS
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA., November 18, 2003—-InVitro International (Over the Counter, pink sheets, IVRO) today reported a 5% annual sales increase (’03 vs. ’02) to $571,510, with a net profit of $ 11,214. Comparable FY ’02 figures were $546,104 in sales, with a net loss of $58,539. IVRO President & CEO, W. Richard Ulmer, said: ” We are pleased that for the second time in three years, & only the second time in our company’s history, we achieved a profit. However, we are even more excited & proud to announce our new Global Business Relationship with INT.E.G.RA, a partner of Res Pharma S.A. in Milan, Italy. Res Pharma is now, & has been for 25 years, a leading Cosmetics Raw Materials Supplier in Europe & throughout the world. INT.E.G.RA, its laboratory testing business unit, has re-introduced InVitro International’s Irritection Assay System dermal & ocular non-animal irritation testing methods over the past 2 1/2 years in Italy & selected other markets. Now together, we will partner in 23 countries across the globe. In addition, we are working with the European Regulatory Authority, ECVAM (European Centre for the Validation of Alternative Methods), to gain approval as an invitro broad screen topical irritancy test method. We expect to gain that approval as Europe approaches the self imposed ’09 deadline banning animal testing on cosmetic products. Separately, InVitro International announced that it has agreed to terms with INT.E.G.RA/Res Pharma regarding an equity position in IVRO. No details of that investment were released at this time.

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

 


2003


2002


2003


2002


Revenues


173,580


137,762


571,511


546,105


Costs and expenses


152,691


155,386


558,120


606,960


Income (loss) from operations


20,889


(17,624)


11,213


(60,855)


Other income (loss)


1,170


159


4,245


2,314


Net profit (loss)


22,059


(17,465)


15,458


(58,541)


Profit (loss) per common share


0.0014


(0.0012)


0.0010


(0.0040)


Weighted average common
shares outstanding


15,842,809


14,508,972


15,824,809


14,508,972

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2003


September 30, 2002


Cash, cash equivalents and marketable securities


148,274


146,480


Other current assets

 

 


230,125


187,840


Total current assets

 

 


378,399


334,320


Noncurrent assets

 

 


20,014


39,469


Total assets

 

 


398,413


373,789


Current liabilities

 

 


37,359


30,198


Shareholders’ equity

 

 


361,055


343,591


Total liabilities and equity

 

 


398,413


373,789

INVITRO INTERNATIONAL PROFITABLE IN FIRST

QUARTER 2003, FOLLOWING A DISAPPOINTING 2002
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA January 28, 2003-In Vitro International (OTC, IVRO) today reported sales for fiscal year 2002 (ended 9/30/02) of $546,104, with a net loss of $58,539. Comparable fiscal 2001 figures were sales of $567,754 with a profit of $2,695. IVRO President and CEO, W. Richard Ulmer, said: “Financial results for the middle six months of fiscal 2002 were very poor. However, we saw a fourth quarter improvement, preceding our first quarter fiscal year 2003 where profits reached $27,713 on sales of $152,770. These are the best quarterly earnings in my eight years with In Vitro and may be our best ever. When we couple this with a recently announced European Union (EU) 2009 marketing ban on cosmetic products whose ingredients (or finished product) were tested on animals, we view the remainder of ’03 with genuinely renewed optimism.”

In separate announcements, In Vitro International said that it has nearly finalized an agreement with a major U.S. university to license new invitro testing technology. It expects to do so in the current quarter and then to release more information later in the year.

And finally, the company’s new OTC symbol, IVRO, came into existence 1/21/03 as the result of the National Association of Securities Dealers (NASD) replacing the old symbol without notice of any kind to the company.



CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS

 


Three months ended
September 30


Twelve months ended
September 30

 


2002


2001


2002


2001


Revenues


137,762


130,529


546,105


567,754


Costs and expenses


155,386


139,081


606,960


573,342


Income (loss) from operations


(17,624)


(8,552)


(60,855)


(5,588)


Other income (loss)


159


755


2,314


8,283


Net income (loss)


(17,465)


(7,797)


(58,541)


2,695


Income (loss) per common share


(0.0012)


(0.0005)


(0.0040)


0.0002


Weighted average common
shares outstanding


14,508,972


14,508,972


14,508,972


14,508,972

 

CONDENSED CONSOLIDATED
BALANCE SHEET


 


 


 


Sept 30, 2002


Sept 30, 2001


Cash, cash equivalents and marketable securities


146,480


157,172


Other current assets

 

 


187,840


214,894


Total current assets

 

 


334,320


372,066


Noncurrent assets

 

 


39,470


49,306


Total assets

 

 


373,790


421,372


Current liabilities

 

 


30,197


20,137


Shareholders’ equity

 

 


343,593


401,235


Total liabilities and equity

 

 


373,790


421,372




CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 



Three months ended
Dec 31

 




2002


2001


Revenues




152,770


172,280


Costs and expenses




125,227


178,779


Income (loss) from operations




27,543


(6,499)


Other income (loss)




170


139


Net income (loss)




27,713


(6,360)


Income (loss) per common share






0.0019


(0.0004)


Weighted average common
shares outstanding




14,508,972


14,508,972

 


CONDENSED CONSOLIDATED BALANCE SHEET


 


 


 


Dec 31, 2002


Sept 30, 2002


Cash, cash equivalents and marketable securities


136,121


146,480


Other current assets

 

 


229,561


187,839


Total current assets

 

 


365,682


334,319


Noncurrent assets

 

 


37,507


39,470


Total assets

 

 


403,189


373,789


Current liabilities

 

 


31,659


30,198


Shareholders’ equity

 

 


371,530


343,591


Total liabilities and equity

 

 


403,189


373,789

INVITRO INTERNATIONAL FINISHES FY 2001 WITH SMALL PROFIT FOLLOWING A DISAPPOINTING 2002

Sales jump in First Quarter 2002
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com

Irvine, CA January 31, 2002-InVitro International (OTC, IVRO) today reported fiscal year ending September 30, 2001 sales of $567,754 (-12% versus fiscal 2000 revenues) with net income of $2,694 (versus a net loss of $91,902 last year). IVRO President and CEO, W. Richard Ulmer, said: “Clearly, we are disappointed with fiscal 2001 results. We believe in our core business technology and have several bright new opportunities as a result of our increased advertising presence. We did manage to record a small net profit in this very difficult year, and we are determined to deliver better results in 2002.”

In other company news, IVRO said first quarter 2002 sales jumped 33% compared to the same quarter in 2001. Quarter ending December 31, 2001 sales exceeded $170,000.

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

 


2001


2000


2001


2000


Revenues


130.529


161,745


567,754


648,487


Costs and expenses


139,082


155,411


573,342


627,379


Income (loss) from operations


(8,553)


6,334


(5,588)


21,108


Other income (loss)


755


3,360


8,283


(113,010)


Net income (loss)


(7,798)


9,694


2,695


(91,902)


Income (loss) per common share


(0.0005)


0.0007


0.0002


(0.0063)


Weighted average common
shares outstanding


14,507,304


14,507,304


14,507,304


14,507,304

 

CONDENSED CONSOLIDATED
BALANCE SHEET


 


 


 


September 30, 2001


September 30, 2000


Cash, cash equivalents and marketable securities


157,172


177,106


Other current assets

 

 


214,894


199,686


Total current assets

 

 


372,066


376,792


Noncurrent assets

 

 


49,306


60,587


Total assets

 

 


421,372


437,379


Current liabilities

 

 


20,137


37,030


Shareholders’ equity

 

 


401,235


400,349


Total liabilities and equity

 

 


421,372


437,379

INVITRO INTERNATIONAL’S 1st HALF FY 2001 PRODUCES NET PROFIT VS. PRIOR YEAR LOSS

Website Data Base Sales To Start Soon
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA May 1, 2001- InVitro International (OTC, IVRO) reported today that first six months sales results were $297,858, 11% under the same period in FY 2000. However, net profit for first half 2001 of $9,370 compared favorably to a net loss of $$95,249 a year ago. IVRO CEO & President, W. Richard Ulmer said:”We bounced back from a financially disappointing first fiscal quarter with second quarter sales results as strong as any since 1996. That allowed us to post a small net profit with increased prospects for a strong second half. Our cash remains strong; we’re debt free; we’ve increased our advertising spend; and we just completed a program in China where we were invited to speak to nearly 50 prospect companies and a university, all of whom were interested in minimizing animal testing there.”

In other company news, InVitro announced previously that Transport Canada has fully accepted Corrositex as a replacement for animal testing. This recent approval (Jan ’01) combines well with the company’s plans to expand its e-commerce capabilities by offering a significant portion of the Corrositex data base on its website. Each should help increase Corrositex global sales volume in the coming months.

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.
Irvine, CA May 1, 2001- InVitro International (OTC, IVRO) reported today that first six months sales results were $297,858, 11% under the same period in FY 2000. However, net profit for first half 2001 of $9,370 compared favorably to a net loss of $$95,249 a year ago. IVRO CEO & President, W. Richard Ulmer said:”We bounced back from a financially disappointing first fiscal quarter with second quarter sales results as strong as any since 1996. That allowed us to post a small net profit with increased prospects for a strong second half. Our cash remains strong; we’re debt free; we’ve increased our advertising spend; and we just completed a program in China where we were invited to speak to nearly 50 prospect companies and a university, all of whom were interested in minimizing animal testing there.”

In other company news, InVitro announced previously that Transport Canada has fully accepted Corrositex as a replacement for animal testing. This recent approval (Jan ’01) combines well with the company’s plans to expand its e-commerce capabilities by offering a significant portion of the Corrositex data base on its website. Each should help increase Corrositex global sales volume in the coming months.

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.

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