IGNT reverse merger
IGNT's former CEO just got out of prison in April. He still owns ~ 50% of the company. IGNT is in default to it's lender AJW/NIR/Cory Ribotsky for $2.2 million
But today they "bought" a company with $3 million in annual revenues!!!
Ingen Technologies Inc. Signs LOI to Acquire SomaLife Consulting LLC
Date : 08/15/2012 @ 8:30AM
Source : MarketWire
Stock : Ingen Technologies, Inc." (PC) (IGNT)
Ingen Technologies, Inc. (PINKSHEETS: IGNT), an emerging medical device manufacturer with proprietary medical products for the growing $4 billion respiratory markets, announced today that the company has signed a Letter of Intent to acquire SomaLife Consulting LLC.
The Canadian based health products manufacturer is operating in California and will be purchased for $3 million. This acquisition is estimated to add $2 million in immediate operating income to Ingen's existing revenue base. The company has completed the due diligence and plans to close escrow in within approximately 90 days.
"David Holland, President of SomaLife, and I expect to begin closing procedures in September," stated Gary Tilden, Chairman of Ingen Technologies. "I have also been very pleased with the progress performed by our Acquisition Team during the time of the negotiations. We had been working diligently for the past 5 months to secure this acquisition, the first of several planned in the future. With additional prospective companies still in line to be reviewed, I am excited about our growth prospects moving forward. These potential, future acquisitions will have to meet our rigid, specific standards in order to even be considered; these would include existing product revenues, intellectual property that is proprietary, and a strong management team. In addition, I would also like to thank my professional staff on their continued efforts on our required report filings, while supporting the Acquisition Team's ongoing efforts. Once finalized, SomaLife Consulting, LLC will become a wholly owned subsidiary of Ingen Technologies."
SomaLife is a private Canadian corporation that manufactures and sells new healthcare products for the sports industry and fitness markets. These products are sold worldwide, and include the Soma Youth Formula, Super-X Antioxidant, SomaVit Multi-Vitamin, Soma Omega-3, Soma IQ-150, SomaSport, and SomaPet (a dietary supplement for animals).
SomaLife entered into a consulting agreement with Luka, Inc. based in San Francisco to assist the roll out of the Virtual Direct Sale Program. Sales of $125k per month were achieved by the fifth month of the beta test and have continued to increase. North America has the highest market share for the nutraceutical product market. The growth in the North American region is primarily supported by the U.S., as consumers in the U.S. are more conscious about health and food habits. The global nutraceutical market should continue its positive growth. Right now, the United States, Europe and Japan dominate the global market, accounting for a combined market share of more than 85% of the global market. It is projected that the US market alone will reach $90 Billion in sales by the end of 2015.
SomaLife has also recently added another target market demographic for its IQ-150 product. This product is geared specifically towards a younger target market, particularly college students. In early 2012, the company entered a joint venture partnership with an LA-based Public Relations and Media firm: Anthony Mora Communication, Inc. The backbone of this project is to develop media material and organize a comprehensive public relations campaign, which includes TV, magazines, newspapers and radio. The Amateur Softball Association of America (ASA), which has 4,000,000 members, is using the company's athletic performance enhancement supplement, SomaSport: www.SomaSport-Softball.com. Marketing initiatives are in place and credit lines are established to facilitate IQ150 sales growth.
To learn more about SomaLife, The Best... Naturally! Use the following links:
www.gHPSport.com (Athletic Performance)
www.gHPYouthFormula.com (Age Management)
www.SomaPet.com (For The Life Of Your Pet)
FOR MORE UPDATED INFORMATION ON INGEN TECHNOLOGIES USE THE FOLLOWING LINK: www.otcfn.com/ignt/
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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