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PRESS RELEASE
FOR IMMEDIATE
RELEASE
CONTACT
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Invitro International
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Contact: W. Richard Ulmer
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17751 Sky Park East, Suite G
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(800) 2-INVITRO
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Irvine, CA 92614
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http://www.invitrointl.com
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INVITRO INTERNATIONAL'S Y2K RESULTS FEATURE
ADDED GLOBAL GOVERNMENT SUPPORT
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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.
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CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS
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Three months ended
September 30
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Twelve months ended
September 30
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2000
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1999
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2000
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1999
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Revenues
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161,745
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169,806
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648,487
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648,517
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Costs and expenses
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155,411
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153,599
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627,379
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600,513
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Income (loss) from operations
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6,334
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16,207
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21,108
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48,004
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Other income (loss)
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3,360
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(4,406)
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(113,010)
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12,880
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Net income (loss)
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9,694
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11,801
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(91,902)
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60,884
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Income (loss) per common share
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0.001
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0.001
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(0.006)
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0.004
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Weighted average common
shares outstanding
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14,507,304
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14,453,300
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14,507,304
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14,453,300
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CONDENSED CONSOLIDATED
BALANCE SHEET
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September 30, 2000
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September 30, 1999
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Cash, cash equivalents and marketable securities
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177,106
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104,593
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Other current assets
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199,686
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217,126
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Total current assets
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376,792
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321,719
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Noncurrent assets
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60,587
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202,249
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Total assets
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437,379
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523,968
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Current liabilities
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37,030
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34,930
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Shareholders' equity
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400,349
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489,038
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Total liabilities and equity
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437,379
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523,968
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# # #
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
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