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FOR IMMEDIATE RELEASE
INVITRO SALES, CASH INCREASE
AGAIN; MERGER PLANS UPDATE
| IRVINE - July
7, 1998 - InVitro International, (OTC: INVI) announced that
its quarter ended June 30, 1998, produced revenues of $138,600.
This is the Company's third consecutive quarter in which revenues
and cash have grown. President and CEO, W. Richard Ulmer,
stated "INVI's unaudited cash and revenues in the most recent
quarter once again met budget and showed a small increase.
Profit and loss results are not yet available, however, exclusive
of non-cash charges, our fiscal quarter should be near break
even. These results reinforce management's view that the Company
has made good progress toward being able to stand alone and
make us an even more attractive merger prospect."
Regarding possible merger, Ulmer revealed that INVI's
target company, Miragen, has continued steps toward commercializing
its patented Antibody Profiling identification technology.
Recently, Miragen signed a licensing agreement with Ag Research
of New Zealand, a combined private and government organization,
to commit in excess of half a million dollars over the next
twelve months to gather data in support of the antibody
profile technology. The objective of this investment is
to establish traceability of New Zealand sheep and cattle.
Currently, Miragen's head of science, Dr. Thomas Unger,
is in Calgary, Canada as an invited speaker to the Beef
Improvement Federation. He is addressing the potential application
of the antibody profile technology for use in identifying
and tracing beef sold in North America. Despite these encouraging
signs, any finalization of merger between Miragen and InVitro
must await completion of either company's planned financing.
InVitro International is engaged in the development, manufacture,
and sale of proprietary, non-animal toxicity testing products
and services that ensure the safekeeping of humans and the
environment, and that minimize animal testing in commercial
and academic enterprise.
Certain information in this document includes "forward-looking
statements" within the meaning of applicable securities
laws. In addition, from time to time the Company or its
executive officers have made or may make forward-looking
statements, orally or in writing, that involve substantial
risks and uncertainties. Actual results could differ materially
from those projected or suggested by forward-looking statements
as a result of a variety of factors and conditions including,
but not limited to, the ability of the Company to continue
as a going concern, market acceptance of new products and
technologies, economic, competitive, governmental, and technological
factors affecting the Company's operations, markets, services,
and prices, Year 2000 issues, litigation costs, unanticipated
events and various other factors. The reader is specifically
referred to disclosures contained in this document and in
prior documents publicly disseminated by the Company.
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