Boston, MA — March 19, 2002 — Covington Associates, seasoned M & A advisors to technology and healthcare, today announced that its client, Waltham-based Inverness Medical Innovations, Inc. (AMEX:IMA) has completed its acquisition of IVC Industries Inc. (OTC BB:IVCO.OB) of Freeport, New Jersey for approximately $5.6 million as well as the assumption of $18.6 million in outstanding debt. Under the previously announced agreement, IVC, a manufacturer and distributor of vitamins and nutritional supplements, are receiving $2.50 per share in an all-cash deal.

Covington Associates and Inverness Medical Innovations ("Inverness Innovations") have a long-standing history of working together. In November 2001, Covington represented Inverness Medical Technology, Inc. in the completion of the $1.3 billion sale of its diabetes business to Johnson & Johnson. Following that historic deal, Ron Zwanziger, the former CEO of Inverness Medical Technology, Inc., formed Inverness Innovations to further address the women's health care markets. He immediately moved to solidify Inverness Innovations' leadership position, first by purchasing Unipath, a global leader in women's pregnancy and ovulation testing in December 2001 for approximately $150 million and by agreeing to purchase IVC in the same month.

The Inverness/Covington partnership enables Inverness Innovations to realize Mr. Zwanziger's vision of creating path-breaking medical technologies while operating profitable businesses to fund further research in proprietary electrochemical and related new technology areas. The recent Unipath and IVC purchases gives Inverness Innovations the resources it needs for significant growth by equipping the company with the R&D, manufacturing, and distribution tools these acquisitions provide.

Says Tom Cibotti of Covington Associates, "Inverness Innovations, through its CEO Ron Zwanziger, brings an exciting and forward-thinking entrepreneurial vision to the healthcare business. In order to realize that vision, Covington has worked to create a seamless collaboration between our firm and Inverness Innovations. For the past several years, we have advised Inverness on transactions both here and abroad and look forward to further mutual success in bringing Inverness Innovations to the forefront of the global healthcare market."

Says Zwanziger, CEO of Inverness Medical Innovations, "The successful completion of this transaction was critical to the success and growth of Inverness Innovations. Without Covington Associates' expertise, it would have been very difficult to conduct so much activity in such a short period."

About IVC Industries
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, New Jersey as well as a manufacturing facility in Irvington, New Jersey.

About Inverness Medical Innovations
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.

About Covington Associates
Covington Associates are seasoned M & A advisors to technology and healthcare companies. Focused exclusively on mergers and acquisitions, Covington Associates has established a track record of success based on deep domain experience and an unrivaled level of service from a team of senior advisors. Since its founding in 1991, Covington Associates has successfully completed transactions ranging in value from $10 million to more than $1 billion. For more information, visit the company's web site at www.covingtonassociates.com



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