Placentia, California–(Newsfile Corp. – August 9, 2023) – Today, InVitro International (OTC Pink: IVRO), the 38 year pioneer developer and marketer of animal free testing methods, announced Fiscal 2023 third quarter sales of $199,855, off 16% from prior year’s third quarter. However, the net loss of $13,162 was a 58% improvement over last year’s $28,938 third quarter loss. FY ’23 YTD losses of $47,482 include proposed merger related costs. YTD FY ’23 sales of $608,195 are down 10.8% vs. the same period FY ’22.
CEO, W. Richard Ulmer, offered: We believe our 3rd quarter sales reflect the ongoing challenging economic conditions in the U.S. and world. Nevertheless, our merger efforts continue to move ahead smoothly, and have led to us finding increasing numbers of efficiencies and opportunities benefiting each party. Additional positives for our mutual futures have appeared when recently the Canadian legislature passed a law banning the introduction of any new cosmetic if it has been tested on animals. This action gives us encouragement that the U.S. Congressional bodies may soon pass the “Humane Cosmetics Act of 2021.”
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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