(not little cash, but literally ZERO dollars of cash) and $5.4 million dollars of debt with regular and ongoing letters to management by the SEC staff. Then theres the 3 collections lawsuits against the company and it's CEO filed in San Bernadino Superior Court.
If the company has no money and no means to raise money, how exactly are they going to manufacture enough products to capture the promised 1% of the market next year??
Keep in mind that this product has been available for sale for years yet they can barely sell a few hundred dollars worth at a time. They even were forced by a national distributor to retract a false PR announcing them as a customer.
YUCAIPA, Calif., Jan. 30 /PRNewswire-FirstCall/ -- Ingen Technologies, Inc. (Pink Sheets: IGTG) today is issuing this retraction: A press release was mistakenly issued on January 23, 2008, announcing an agreement between Ingen Technologies, Inc. and Lincare, Inc. (Nasdaq: LNCR) This is in fact NOT the case at this time. Lincare had simply authorized Ingen as a vendor and authorized Ingen to communicate the Oxyview(R) product to all of their locations through the form of several email communications between Lincare and Ingen. Lincare provided Ingen with the Lincare Locations List in Xcel format. Lincare delivered six purchase orders to purchase a variable amount of Oxyview(R) product from Ingen. There was no written agreement between Lincare and Ingen. There was an understanding between both parties regarding Oxyview(R) pricing and the fact that Lincare authorized Ingen as a vendor to sell Oxyview(R) and communicate directly to more than 1000 Lincare locations. To date, Ingen fulfilled its delivery obligations to Lincare in regards to all of the purchase orders. Ingen understood that Lincare provides services to more than 500,000 patients in the United States. Historically, patients purchasing Oxyview(R) direct from Ingen have purchased two Oxyview's(R), one for their remote oxygen delivery system, either liquid or gas, and one for their in-home concentrator which is a stationary system that produces oxygen from ambient air. This would account for the possibility of 1M Oxyview's(R). Further, there are new oxygen therapy patients entering the market every day, which would account for additional possibilities to place more Oxyview(R) product. The officials at Ingen Technologies regret any inconvenience due to this erroneous announcement. Oxyview(R) is a proprietary safety device that received FDA Classification in 2006. This device provides additional confidence to any patient receiving oxygen. It allows the patient to confirm oxygen flow rate and delivery nearest the patient, where it matters the most. Currently there are no other similar devices that offer this technology. Although there are gravity dependent flow meters attached to most oxygen systems that monitor system flow rate, there was nothing available that would attaché to the Oxygen tubing to confirm proper oxygen delivery near the patient. Oxyview(R) provides an improved technology to enhance patient confidence and assurance of oxygen flow. Oxyview(R) monitors the oxygen flow the patient is receiving, and does not compete with or replace the current flow meters that are monitoring oxygen flow rate the delivery system is producing. Most Oxygen tubing is 7 feet to 30 feet in length, and the patient is too far away from the delivery source. Oxyview(R) allows convenience for the patient in offering a simple cost effective tool to provide visual flow rate next to the patient. "When I received email authorization from Lincare early this month, we immediately communicated our Oxyview(R) product to all of their locations in a matter of only a few days. We immediately received purchase orders and hundreds of telephone calls responding positively to our Oxyview(R) product. Unfortunately, we did not request Lincare's authorization of the Press Release of January 23rd, nor were we advised by Lincare of any of their policies prior the Press Release; as such, Lincare abruptly terminated the relationship with Ingen. I have provided several written apologies to the CEO of Lincare and other Lincare management requesting their consideration, with no success. However, we have received a few telephone calls from Lincare location managers requesting information on how their patients can purchase the Oxyview(R) direct from Ingen. I have offered the Lincare patients the same low price that was established with Lincare. Lincare patients can purchase direct from Ingen if they call our office and make a request to purchase Oxyview(R)," stated Scott Sand, Chairman and CEO. Contact: Scott R. Sand C.E.O & Chairman (909) 790-7180
SOURCE Ingen Technologies, Inc.
Scott R. Sand, C.E.O & Chairman of Ingen Technologies, Inc., +1-909-790-7180
YUCAIPA, Calif., Jan. 23 /PRNewswire-FirstCall/ -- Ingen Technologies, Inc. (Pink Sheets: IGTG), a medical device manufacturer, announced today that it has engaged an Oxyview(R) purchase agreement with Lincare Corporation for their more than 1000 locations in the United States.
Scott Sand, CEO and Chairman, states; "Lincare Corporation approved the US delivery of Oxyview(R) on January 16, 2008. Since Thursday last week we have sent out a fax-blast to all of the Lincare locations, and recently started receiving the first 6 purchase orders for 6 of their locations. Each order is for 10 or more units. We are expecting to deliver over a million units each year to Lincare patients. This would represent more than $8M in annual revenues for Ingen Technologies."
Lincare Corporation (Nasdaq: LNCR) has been synonymous with state-of-the-art oxygen systems since 1965. Their reputation for 24-hour, seven-days-a-week responsiveness, expert service representatives, and professional staff testifies to Lincare's absolute commitment to provide the very best quality home respiratory service available. Lincare responds to the needs of every patient individually by providing the oxygen system most appropriate for his or her lifestyle. Oxygen concentrators, stationary and portable liquid oxygen systems, and high pressure cylinders are provided according to the physician's prescription and with consideration for the activity level of each patient. Lincare regularly monitors how well each respiratory patient follows the prescribed course of treatment, ensuring compliance with liter flow and hours of use. Regularly monitoring patient compliance increases the likelihood that patients will receive the maximum benefit from the prescribed therapy.
"Ingen has been fortunate enough to attract the interest and distribution power of the world's largest distributors of home oxygen supplies. Invacare Supply Group and Lincare Corporation represent over 95% of the US and World markets for respiratory care products. This affords the Company a channel to place Oxyview(R) and OxyAlert(R) with annual deliveries of over 20 million patients in the home setting and another 40 million patients in hospitals and skilled nursing facilities," stated Thomas Neavitt, CFO.
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