IGTG
Ingen Builds A Strong Foundation
Tuesday June 5, 8:15 am ET
Major Achievements Accomplished
YUCAIPA, Calif., June 5 /PRNewswire-FirstCall/ -- Ingen Technologies, Inc. (OTC: IGTG - News), a medical device manufacturer, announced today that the new OxyView® product has been registered and classified by the Food and Drug Administration. In addition, the company has completed the required SEC filings to be fully compliant with its periodic reporting obligations.
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The Company's flagship product, OxyView®, is now an FDA registered and classified device. OxyView® is a proprietary in-line pneumatic flow-meter that provides visual monitoring of oxygen flow-rate for patients in the hospital, surgical room, home oxygen therapy, nursing homes and emergency response facilities as well as provides a use with commercial aviation product manufacturers of oxygen delivery systems. OxyView® is a cutting edge product compared to the type of flow meters currently in the market that are dependent on gravity for operation and can only be attached to the regulator or source. OxyView® is gravity-independent and can function in any position; it can be attached in-line and within inches of the patient regardless of any source. OxyView® is much less expensive, more assessable and more accurate than the flow meters currently in the market. More important, OxyView® enhances the safety, assurance and accuracy of oxygen flow for patients being administered oxygen from any source, and unlike all of the other flow meters, OxyView® quickly and easily attaches to any cannula close to the patient. OxyView® can quickly provide information to the patient regarding proper flow rate or any obstruction between the patient and the source. OxyView® can prevent substantial Medicare costs for maintenance and repair of respiratory equipment.
"Ingen has sold thousands of OxyView® units since its' introduction last November. Sales have recently increased this 4th quarter (Ingen's fiscal year is May 31 to June 1). We have 12 new distributors in the USA and abroad, and are finalizing negotiations with one of the world's largest distributor of respiratory products. This distributor has requested sole distribution of OxyView®. We expect to close negotiations this month," said Scott Sand, CEO & Chairman of Ingen Technologies.
There are millions of people each year that require home oxygen therapy, and there are many more who require oxygen during hospitalizations and medical emergencies. This market continues to expand with the growing elderly population. OxyView® is sold in the USA, Canada, European Communities, Japan and the People's Republic of China. The company has issued and pending patents in the US, Canada, European Communities, Japan and People's Republic of China.
The Company's Salt Lake City based auditing firm, Child-Van Wagoner- Bradshaw, has completed the remaining audits/reviews for the period from 1999- 2004 and all of the required K-SB and Q-SB documents were filed with the SEC through EDGAR in May-2007. Ingen Technologies, Inc., a Georgia Corporation, was formed as a result of a reverse merger in March 2004 whereby Ingen became a publicly-owned company and commenced trading in the Over-The-Counter market on the Pink Sheets. Ingen (GA) is a holding company which owns intellectual property rights to certain proprietary devices which primarily provide diagnostic and safety features to health practitioners and patients. Operations are conducted through a 100%-owned subsidiary, Ingen Technologies, Inc. of Nevada, which has been in business since 1999 when Chairman/CEO Scott R. Sand founded it. The principal executive office is in Yucaipa, CA, northeast of Los Angeles.
"Although we immediately commenced with our reporting obligations at the time of the 2004 merger, there were no filings done by the previous management of the public company between 1999-2004. This has been our 'Achilles Heal' in being able to move to the OTCBB and file any type of registration to continue funding various new projects. Today Ingen is now current with all of its reporting obligations, and both the OTCBB and filing of future registrations are within close reach," said Thomas Neavitt, CFO of Ingen Technologies.
Scott Sand, CEO further stated: "This is a monumental accomplishment for this company and for our shareholders. We have forged our way through, moving forward steadily and against difficulties, and accomplished building the necessary foundation upon which I believe we can grow a successful and fruitful company with increased earnings and shareholder value. The time has come for Ingen to succeed."
