Placentia, California–(Newsfile Corp. – December 8, 2022) – InVitro International (OTC Pink: IVRO) today announced full year FY2022 sales results of $853,511 (-15%) and net income of $21,276 (-79%).
CEO W. Richard Ulmer remarked: “We remain extremely enthusiastic regarding the future of NON-Animal testing despite somewhat disappointing, Covid related, FY ’22 financial results. Our October ’22 announcement of a Letter of Intent to merge with a well-established, privately owned laboratory adds greatly to our belief than animal testing will continue to decline. Our newly associated team of executives view “in vitro testing” as a niche industry, which has huge public support and potential to reduce and replace animals long into the future. In addition, we also believe that IVRO may be more fully appreciated as a publicly owned company. Our prospective merger candidate believes their company together with our collaborative efforts will bring new light and promise to our field. We believe continued successful independent operations when added to IVRO will be viewed positively by all involved.”
IVRO President, Atul Jhalani, added: “This potential merger will help us leverage complementary testing capabilities of our target laboratory to expand our offerings for customers and prospects of both companies. Additionally, our scientific capabilities will expand significantly, allowing us to develop new technologies to further replace animal testing. We believe strongly in the future of NON-Animal testing and are excited about this avenue for continued growth.”
About InVitro International, Inc.
InVitro International, Inc., headquartered in Placentia, California, was founded in 1985 and is a customer and technology-driven provider of non-animal testing methods. The Company’s testing technologies are designed to produce data regarding corrosivity and ocular/dermal irritation, which correlate with animal and human test results. IVRO’s technology is commercialized globally through test kits and partner laboratory services.
This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by forward looking statements. 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. The forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update such statements.
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