Board Of Directors Defer Decision To Implement 1-For-10 Reverse Stock Split Recently Approved By Shareholders
IRVINE, CA, February 4, 1997 — InVitro International (NASDAQ Small Cap; INVI) today reported results for its first quarter ended December 31, 1996. Revenues for the quarter were $259,000 compared to $225,000 for the first quarter of the prior year, a 15% increase. The net loss for the current quarter was $506,000 or $.04 per share, compared to a net loss of $522,000 or $.04 per share reported for the same period of the previous year.
During its Annual Shareholders Meeting held on Friday, January 31, 1997, the Company also announced its Board will delay a decision whether and when to implement a 1-for-10 reverse stock split authorized at the meeting by a majority of shareholders. InVitro International’s Board of Directors will defer an implementation decision until the timing of revised NASDAQ rules are announced and the Board has had an opportunity to assess initial results from the GiftPax program for Guardian DNA. (Guardian DNA is the new three-part infant/child safety system being marketed directly to 3.7 million new mothers during calendar year 1997 via GiftPax/American Sampling, Inc.) “We should have a preliminary indication as to the level of sales we can expect from the GiftPax opportunity by the end of March,” stated W. Richard Ulmer, President and CEO for InVitro International.
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.