Ingen Technologies Inc (IGNT)

[mythical_phenix]

Curious as to how this works out...

Additionally, as of May 31, 2011, the Company was in default under its convertible note agreements. On July 31, 2009, the Company stipulated to a $4.5 million judgment in favor of the note holders and is required to make weekly payments in the form of free trading stock and other cash payments should the Company be successful in raising capital in the future. The financial statements as of May 31, 2009 were not adjusted for this settlement. Although the Company has reduced this judgment amount to $1,936,134 through the issuance of stock, the judgment has not been paid in full by this date (as due under the terms of the agreement). On February 2, 2012 the Company received notice from PwC Corporate Finance & Recovery regarding the liquidation of these note-holders. Further, it was stated that the NIR Group, LLC and Corey Ribotsky which controlled the “Investment Manager” are no longer involved with the management of these Companies respective assets and investments. Ingen is currently renegotiating the outstanding debt with PwC.