W. Richard Ulmer
MAKENNA DELANEY & SULLIVAN
IRVINE – July 7, 1998 – InVitro International, (OTC: INVI) announced that its quarter ended June 30, 1998, produced revenues of $138,600. This is the Company’s third consecutive quarter in which revenues and cash have grown. President and CEO, W. Richard Ulmer, stated “INVI’s unaudited cash and revenues in the most recent quarter once again met budget and showed a small increase. Profit and loss results are not yet available, however, exclusive of non-cash charges, our fiscal quarter should be near break even. These results reinforce management’s view that the Company has made good progress toward being able to stand alone and make us an even more attractive merger prospect.”
Regarding possible merger, Ulmer revealed that INVI’s target company, Miragen, has continued steps toward commercializing its patented Antibody Profiling identification technology. Recently, Miragen signed a licensing agreement with Ag Research of New Zealand, a combined private and government organization, to commit in excess of half a million dollars over the next twelve months to gather data in support of the antibody profile technology. The objective of this investment is to establish traceability of New Zealand sheep and cattle.
Currently, Miragen’s head of science, Dr. Thomas Unger, is in Calgary, Canada as an invited speaker to the Beef Improvement Federation. He is addressing the potential application of the antibody profile technology for use in identifying and tracing beef sold in North America. Despite these encouraging signs, any finalization of merger between Miragen and InVitro must await completion of either company’s planned financing.
InVitro International is engaged in the development, manufacture, and sale of proprietary, non-animal toxicity testing products and services that ensure the safekeeping of humans and the environment, and that minimize animal testing in commercial and academic enterprise.
Certain information in this document includes “forward-looking statements” within the meaning of applicable securities laws. In addition, from time to time the Company or its executive officers have made or may make forward-looking statements, orally or in writing, that involve substantial risks and uncertainties. Actual results could differ materially from those projected or suggested by forward-looking statements as a result of a variety of factors and conditions including, but not limited to, the ability of the Company to continue as a going concern, market acceptance of new products and technologies, economic, competitive, governmental, and technological factors affecting the Company’s operations, markets, services, and prices, Year 2000 issues, litigation costs, unanticipated events and various other factors. The reader is specifically referred to disclosures contained in this document and in prior documents publicly disseminated by the Company.
W. Richard Ulmer