Company also receives Corrositex endorsement from government sponsored science panel
W. Richard Ulmer
(800) 2-INVITRO
INVITRO INTERNATIONAL
Irvine
Glenn Bertolini
(619) 525-0800
COMPASS POINT GROUP, INC.
Irvine, CA August 3, 1999 — Invitro International (OTC IVRO) announced that its third quarter ended June 30, 1999 produced sales revenues of $150,060 and net income of $5,700. Fiscal 1999 year to date sales of nearly $479,000 are 17½% ahead of 1998 with the income total of $49,083 comparing favorably to a loss of $184,073 in the prior year.
In other important company news, InVitro announced that it had received an endorsement for its product Corrositex from a federally appointed panel of scientists (National Institute of Environmental Health Sciences) for use in evaluating potential skin corrosivity and irritation from chemicals and chemical formulations. Corrositex is the first such non-animal test method product endorsed by a U.S. government body. The panel review suggests that Corrositex testing can fully replace the use of animals for testing corrosiveness and irritation in some cases, while in others a tiered testing approach may be employed, thus having the potential to reduce considerably the numbers of laboratory animals used. This approach also has the potential to lower industry testing costs. IVRO President & CEO, W. Richard Ulmer, said “We are delighted and proud that our Corrositex test method can lead the way to lowering chemical, cosmetic, and other industry costs, save these companies time in their new product development cycles, and offers a bit of a good feeling for everyone when fewer animals are used in testing overall. We know that over 2000 new chemicals are introduced each year, and of course there are even more new cosmetic and over the counter personal products; our task now is to use our added new credibility to inform these manufacturers of how InVitro’s several non-animal test methods can help them.”
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
||||
| Three months ended June 30 |
Nine months ended June 30 |
|||
1999 |
1998 |
1999 |
1998 |
|
| Revenues | 150,060 |
138,557 |
478,711 |
407,574 |
| Costs and expenses | 152,074 |
230,170 |
446,914 |
593,148 |
| Income (loss) from operations |
(2014) |
(36,000) |
31,797 |
(185,574) |
| Other income (loss) | 7,751 |
950 |
17,286 |
1,501 |
| Net income (loss) | 5,737 |
(90,663) |
49,083 |
(184,073) |
| Income (loss) per common share |
0.0004 |
(0.0100) |
0.0034 |
(0.0131) |
| Weighted average common shares outstanding |
14,453,300 |
14,023,300 |
14,453,300 |
14,023,300 |
|
CONDENSED CONSOLIDATED BALANCE SHEET |
||||
June 30, 1999 |
Sep 30, 1998 |
|||
|
(UNAUDITED) |
||||
| Cash, cash equivalents and marketable securities |
75,050 |
59,960 |
||
| Other current assets | 223,302 |
268,571 |
||
| Total current assets | 298.352 |
328,531 |
||
| Noncurrent assets | 203,641 |
154,479 |
||
| Total assets | 501,993 |
483.010 |
||
| Current liabilities | 21,678 |
54,856 |
||
| Shareholders’ equity | 480,315 |
428,154 |
||
| Total liabilities and equity |
501,993 |
483,010 |
||