NEW GLOBAL PARTNERSHIP BEGINS
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
https://www.invitrointl.com
Irvine, CA., November 18, 2003—-InVitro International (Over the Counter, pink sheets, IVRO) today reported a 5% annual sales increase (’03 vs. ’02) to $571,510, with a net profit of $ 11,214. Comparable FY ’02 figures were $546,104 in sales, with a net loss of $58,539. IVRO President & CEO, W. Richard Ulmer, said: ” We are pleased that for the second time in three years, & only the second time in our company’s history, we achieved a profit. However, we are even more excited & proud to announce our new Global Business Relationship with INT.E.G.RA, a partner of Res Pharma S.A. in Milan, Italy. Res Pharma is now, & has been for 25 years, a leading Cosmetics Raw Materials Supplier in Europe & throughout the world. INT.E.G.RA, its laboratory testing business unit, has re-introduced InVitro International’s Irritection Assay System dermal & ocular non-animal irritation testing methods over the past 2 1/2 years in Italy & selected other markets. Now together, we will partner in 23 countries across the globe. In addition, we are working with the European Regulatory Authority, ECVAM (European Centre for the Validation of Alternative Methods), to gain approval as an invitro broad screen topical irritancy test method. We expect to gain that approval as Europe approaches the self imposed ’09 deadline banning animal testing on cosmetic products. Separately, InVitro International announced that it has agreed to terms with INT.E.G.RA/Res Pharma regarding an equity position in IVRO. No details of that investment were released at this time.
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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Three months ended |
Twelve months ended |
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2003 |
2002 |
2003 |
2002 |
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| Revenues |
173,580 |
137,762 |
571,511 |
546,105 |
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| Costs and expenses |
152,691 |
155,386 |
558,120 |
606,960 |
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| Income (loss) from operations |
20,889 |
(17,624) |
11,213 |
(60,855) |
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| Other income (loss) |
1,170 |
159 |
4,245 |
2,314 |
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| Net profit (loss) |
22,059 |
(17,465) |
15,458 |
(58,541) |
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| Profit (loss) per common share |
0.0014 |
(0.0012) |
0.0010 |
(0.0040) |
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| Weighted average common |
15,842,809 |
14,508,972 |
15,824,809 |
14,508,972 |
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September 30, 2003 |
September 30, 2002 |
| Cash, cash equivalents and marketable securities |
148,274 |
146,480 |
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| Other current assets |
|
|
230,125 |
187,840 |
| Total current assets |
|
|
378,399 |
334,320 |
| Noncurrent assets |
|
|
20,014 |
39,469 |
| Total assets |
|
|
398,413 |
373,789 |
| Current liabilities |
|
|
37,359 |
30,198 |
| Shareholders’ equity |
|
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361,055 |
343,591 |
| Total liabilities and equity |
|
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398,413 |
373,789 |