YUCAIPA, Calif., June 5, 2009 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT - News) a leading Medical Device Manufacturer focused in the $8 Billion global Respiratory Markets for the growing aging population and emerging markets for Home (DME), Hospital and Aviation Industries announced today that the company has paid off approximately 30% of its debt over the past 60 days with plans to pay-off all debt by the end of this first quarter.
Ingen had accumulated debt during 2008 due to the economy pressures in the United State and costs associated in the marketing and sale of their new Oxyview respiratory product. During the company's fourth quarter (March-May 31, 2009) the company paid off more than $200,000 in debt to creditors and vendors. "Ingen should be debt-free from all creditors and vendors before the end of our first quarter in August-2009," stated Thomas J. Neavitt, Chief Financial Officer.
The company management has implemented an aggressive program to reduce debt 100% by the end of August-2009, and commence deliveries of the new Oxyview-Cannula in June 2009. "This program improves shareholder value and provides a sound basis to launch our new respiratory products," stated Scott R. Sand, Chief Executive Officer and Chairman of the Board.
About Oxyview:
Ingen is an established medical device manufacturer with an emerging new medical product line for the respiratory market worth an estimated $4 Billion in the U.S., and $8 billion globally. The company introduced Oxyview into the respiratory market in late 2007 after securing U.S. and Foreign Patents and successful licensing with the Food & Drug Administration, and has commenced domestic and global distribution with manufacture representative organizations, and OEM partners. In addition to selling its respiratory products within the global medical industry, the company is selling the same products within other industries that include aviation, automotive, emergency response, military and government transportation. The company holds a Device Manufacturing License with the State of California, Department of Public Health, Food and Drug Branch as it manufacturers all of its respiratory products in the United States. There are 32 million U.S. patients with Chronic Obstructive Pulmonary Disease (COPD), and 600 million patients worldwide. Ingen Technologies is now the largest manufacturer of in-line gravity-independent oxygen flow meters.
www.ingen-tech.com
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Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
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