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PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT:
Cheryl Daniel - Investor/Media Relations
(800) 2-INVITRO
INVITRO INTERNATIONAL TO REACH NEARLY 4 MILLION NEW MOTHERS
IN 1997 WITH GUARDIAN DNA
$1.8 Million In INVI Sales To Result From Every 1 Percent
Who Decide To Buy
IRVINE, CA, December 18, 1996 -- InVitro International (NASDAQ
Small Cap; INVI) today reported results of operations for its
fiscal year ended September 30, 1996. The net loss for fiscal
1996 was $1,899,000 ($0.15 per share) on revenues of $1,063,000
versus a net loss of $2,763,000 ($0.23 per share) on revenues
of $1,137,000 in fiscal 1995, and is the lowest in the Company’s
public history. Progress with regard to net financial results
are attributable to cost controls implemented throughout the
fiscal year, while maintaining fiscal 1995 sales levels.
President and CEO for InVitro International, W. Richard Ulmer
stated "We are encouraged that annual sales remained virtually
the same and that losses declined by nearly $1 million, despite
the heavy fourth quarter investment to introduce Guardian DNAä,
the new infant/child safety system. We remain enthusiastic regarding
future prospects for Guardian and are pleased that our core
technology has recently attracted several new and important
customers, including Ingman Laboratories in Minneapolis, Minnesota
and Sima-Labs International in Merrillville, Indiana. Additionally,
InVitro recently installed its IrritectionÒ Assay System in
two textile companies, one of which carries world-wide name
recognition."
The goal of Company-wide profitability previously forecasted
for InVitro’s first quarter of fiscal 1997 will not be met.
The delay is a function of the difficulty in predicting the
timing and the level of acceptance for Guardian DNA. As reported
earlier, the Company has teamed with GiftPax/American Sampling,
Inc. to provide approximately 3.7 million new mothers during
1997 with information about Guardian DNA during their hospital
stay and the ability to purchase it at a reduced price. The
first shipment of redeemable Guardian brochures were delivered
to hospitals nationwide in early December and the product fulfillment
center is ready to begin processing orders. "We feel extremely
confident that Guardian DNA will be a success as it reaches
hundreds of thousands of new mothers in January, and each successive
month throughout 1997,"remarked Ulmer. "We estimate that a mere
1% response rate over the course of the next 12 months will
turn the corner for the Company financially. Given the positive
acceptance levels predicted by internal market research among
end users, we have every reason to remain excited."
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.
Except for the historical information contained herein, the
matters discussed in this news release are forward looking statements
that involve risks and uncertainties, including the acceptance
of new products, the impact of competitive products and pricing,
and the management of growth. Please refer to the Company’s
filings with the Securities and Exchange Commission for a summary
of cautionary statements.
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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