Enter Our Monthly Contest!
 

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

Invitro International

Contact: W. Richard Ulmer

17751 Sky Park East, Suite G

(800) 2-INVITRO

Irvine, CA 92614

http://www.invitrointl.com


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


# # #

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

pink sheets quote
Stock Quote, Chart, News

 

 

Recent News
 
Order Products Directly!

Purchase Corrositex Database Test Results Online!