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EXHIBIT 99.1
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FRIDAY DECEMBER 21, 11:14 AM EASTERN TIME
Press Release
SOURCE: INVERNESS MEDICAL INNOVATIONS, INC.
INVERNESS MEDICAL INNOVATIONS, INC. AGREES TO ACQUIRE IVC INDUSTRIES, INC.

Move Will Solidify US Manufacturing and Distribution Capability and Expand
Presence in Nutritional Products Market

WALTHAM, Mass., Dec. 21 /PRNewswire/ -- Inverness Medical Innovations, Inc.
(Amex: IMA - news), a leading provider of women's health and nutritional
products and developer of advanced medical device technologies, and IVC
Industries, Inc. (OTC Bulletin Board: IVCO.OB - news), jointly announced
today that they have signed a definitive merger agreement. Under the
agreement Inverness will acquire all of the outstanding stock of IVC, a New
Jersey-based manufacturer and distributor of vitamins and nutritional
supplements, with a significant presence in private label manufacturing for
large retail chains. The acquisition will give Inverness a solid
manufacturing and warehousing/distribution capability in the United States.
The IVC private label presence in nutritionals is also complementary to
Inverness' own line of products sold through such major retailers as
Wal-Mart, Walgreens, CVS, Eckerd, Kmart and others.

As contemplated by the merger agreement, each stockholder of IVC would
receive from Inverness $2.50 in cash for each share of IVC common stock held
by such stockholder, except that certain of IVC's principal stockholders will
receive shares of Inverness common stock, valued at $2.50, for each share of
IVC common stock held by such stockholders. The shares will not be registered
under the federal securities laws. The aggregate value of the acquisition
excluding assumed debt would be approximately $5.6 million, based on IVC's
2.25 million shares outstanding. IVC's outstanding indebtedness as of October
31, 2001 was approximately $18.6 million.

The transaction is subject to approval of IVC's shareholders, modification of
loan agreements with IVC's principal lender, approval of Inverness' principal
lender and other and customary conditions, and is expected to close in the
first quarter of 2002. Inverness has also entered into voting agreements in
support of the merger with three family groups that control approximately 53%
of the voting equity of IVC.

Ron Zwanziger, CEO of Inverness Medical Innovations, stated "We see a great
deal of opportunity in adding the IVC operation to Inverness. While we are
very enthusiastic about the manufacturing and distribution benefits we will
derive, we also believe that our financial strength and stability, and our
track record, will allow us to uncover, pursue and service business
opportunities in the nutritional sector that will further enhance positive
cash flows."

The Chairman and CEO of IVC Industries, Joseph Edell said, "We are very
pleased to have reached this agreement with Inverness and believe that the
transaction will deliver value to IVC shareholders and stakeholders alike."


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Inverness was advised in the current transaction by Covington Associates of
Boston, Massachusetts. IVC was advised by RBC Capital Markets.

For more information about Inverness Medical Innovations, please visit our
website at www.invernessmedical.com.

The Company will host a conference call beginning at 11:30 am. (Eastern Time)
today, Friday December 21st, to discuss this transaction and other corporate
developments.

The conference call can be accessed by dialing 973-633-1010 (domestic and
international - an access code is not required), or via a link on the
Inverness website at www.invernessmedical.com and www.calleci.com. A replay
of the call will be available by dialing 973-341-3080 (domestic and
international) with an access code of 3031204. The replay will be available
until 12:00 midnight Eastern Time on December 23, 2001. An on demand webcast
of the call will be available at the Inverness website two hours after the
end of the call and will be accessible for 30 days through 5:00 pm Eastern
Time on January 20, 2002.

Inverness Medical Innovations manufactures and sells products for the women's
health market, and is engaged in the business of developing, acquiring,
manufacturing, and marketing advanced medical device technologies. The
Company is presently exploring new opportunities for its proprietary
electrochemical and other technologies in a variety of consumer oriented
applications including immuno-diagnostics with a focus on women's health and
cardiology. The Company's women's health and nutritional products are
distributed to consumers through established retail distribution networks
such as Wal-Mart, Walgreens and CVS. Inverness is led by the team that took
the former Inverness Medical Technology, recently acquired by Johnson &
Johnson, to a leadership position in the field of blood glucose monitoring
and diabetes self-management, and is headquartered in Waltham, Massachusetts.

IVC Industries manufactures and sells a full line of vitamin and nutritional
supplement products both as branded product and under private label and
contract manufacturing agreements. The company has manufacturing and
warehousing distribution facilities at its headquarters location in Freehold,
NJ as well as a manufacturing facility in Irvington, NJ.

This press release contains forward-looking statements, including statements
about the consummation and anticipated timing of the integration of the
acquisition, potential product development and market opportunities, the
anticipated impact on Inverness Medical Innovation's future growth and the
expected benefits of the transaction. Actual results may differ materially
due to numerous factors, including without limitation demand for Inverness'
and IVC's products, conditions in the financial markets, the operational
integration associated with the transaction and any past or future acquisition
transactions and other risks generally associated with such transactions, the
potential market acceptance of IVC's and Inverness' current or future
products, the intensely competitive environment in Inverness' and IVC's
markets which could reduce the company's market share or limit its ability to
increase market share, the efficacy and safety of products, the content and
timing of submissions to and decisions by regulatory authorities both in the
United States and abroad, the ability to manufacture sufficient quantities of
product for the United States and abroad, the ability to manufacture
sufficient quantities of product for development and commercialization
activities, the ability of Inverness Medical Innovations to


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successfully develop and commercialize products, and the risks and
uncertainties described in Inverness Medical Innovation's registration
statement and periodic reports filed with the Securities and Exchange
Commission under the federal securities laws. Inverness undertakes no
obligation to update any forward-looking statements.

Contact: Doug Guarino, Director of Corporate Relations, 781-647-3900
SOURCE: INVERNESS MEDICAL INNOVATIONS, INC.