YUCAIPA, Calif., July 27, 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 auditor is preparing all quarterly and annual reports under Section 15(d) of the Securities Exchange Act of 1934.
The company has currently maintained compliance with financial filings and disclosure under the FINRA and OTC Pink Markets, and has recently engaged its Salt Lake City, Utah-based auditing firm, Child, Van Wagoner and Bradshaw PLLC, to bring current the Form 10-Q ending November 30, 2008 and February 28, 2009, and the Form 10-KSB ending May 31, 2009. The company will file additional forms as required to return as a fully reporting company with the Securities and Exchange Commission.
"It is our responsibility to go back to being a fully reporting company and move for the OTC-Bulletin Board. Our plan to fund the company under Rule 504 is complete, and we must now focus on the bigger picture of moving off of the Pink-Sheets and on to the OTCBB. Our auditing firm is working on the required 10-Q(s) and 10-KSB and we have committed to file these reports in August 2009," stated Thomas J. Neavitt, Chief Financial Officer of Ingen Technologies.
The company has paid off all of the accrued operational debt from last year forward, and has prepaid for all product inventory of 162,000 units. Further, the company has maintained a cash reserve of more than $600,000, and has prepaid for all operation costs and property leases up through April 1, 2011. This will allow the company to build sales and distribution, and increase revenues without any financial pressures.
"We have purposely paid off all accrued operational debt, prepaid all expenses for the next 2 years and developed a cash reserve of more than $600,000 in order to devote full time to increased earnings and shareholder value. It is now the time to push this company into being profitable and successful. This company has never been stronger than it is at this moment in time. In doing so, we have strengthened and increased the value of our intellectual property along with the value of our product inventory," stated Scott R. Sand, Chief Executive Officer and Chairman of the Board of Ingen Technologies.
About Ingen Technologies/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 manufactures 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
The Ingen Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2472
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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