IVRO Advances Core Strategy to Make Non-Animal Testing Famous, Announces Fiscal Q2 2023 Results

Placentia, California–(Newsfile Corp. – May 11, 2023) – Today InVitro International (OTC Pink: IVRO), the 38 year pioneer developer and marketer of animal free testing methods, announced Fiscal 2023 second quarter sales of $199,090, off 23% from the same quarter Fiscal 2022; YTD sales are now off 8%. Net loss for this FY ’23 quarter of $3,356 was 86% less than last year’s loss of $24.6K. Proposed merger related costs have contributed to both Fiscal Year’s losses; the YTD now totaling $34.3K.

CEO W. Richard Ulmer stated, “Following our commitment to update shareholders during our first potential merger, we are pleased to say we continue to find business expansion opportunities as well as operating efficiencies that have benefitted one another. In addition, it has become clear that IVRO must spend more to improve the process by which our shareholders invest in our future. In simple terms, we are moving to electronic trading and abandoning paper (stock certificate) trading. In technical terms, we are now taking the necessary steps to request FAST in order to reach DRS status (Direct Registration System). When IVRO achieves that stock trading status, our share movement will take place by “book entry” (electronically) and it will eliminate the current inconvenience of trading via stock certificates.”

IVRO President, Atul Jhalani, expressed optimism adding, “In the past, if we received a request for a test result we were not able to deliver via current InVitro offerings, it was disappointing for both us and the customer. Now, however, with our merger moving forward nicely, we are able to introduce other possible NON-animal test pathways which may deliver the needed results without involving an animal. It’s a much nicer feeling for everyone.”

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.

Company Contact:

W. Richard Ulmer
Chief Executive Officer and Chairman

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