During the first five months of 1997, the Company announced it had entered into letters of intent to pursue merger negotiations with two other business entities. Negotiations as to the first proposed merger were terminated by mutual agreement and activities relating to a proposed merger with Miragen Inc. have been suspended unless Miragen obtains additional financing. The Company's management is currently negotiating a proposed merger with another business engaged primarily in the development and sale of natural gas resources, but a definitive merger proposal has not been executed.
Management plans to pursue merger negotiations with any suitable prospective candidate.
The Company's management has determined that InVitro will be forced to cease active business operations, other than ongoing efforts to market Guardian DNA products held in inventory, should the Company fail to enter into a letter of intent or other agreement to merge with another business enterprise by approximately the end of August 1997. InVitro International is engaged in the development, manufacture and sale of quality, proprietary preventive products and services to ensure the safekeeping of humans and the environment, and to minimize animal testing in commercial and academic enterprise. The statements made in this press release contain certain forward looking statements within the meaning of section 27a of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 that involve a number of risks and uncertainties, including the risk that InVitro may be unable to complete the proposed transaction. Actual events or results may differ from InVitro's expectations. In addition, investors should be apprised of risk factors discussed from time to time in the Company's filings with the Securities and Exchange Commission, including without limitation information set forth in Exhibit 99.1 filed with the Company's Annual Report on Form 10-KSB for the fiscal year ended September 30, 1996.