CEO Scott Sand put out a PR within the past month regarding "multiple parties" interested in buy-out of Ingen. Back in July he said he hoped for 5-7 cents/share, but the more recent one stated he would only accept offers of 10-cents or higher.
That being said, and with the 3.5B shares, I doubt IGNT will hit $1 -- but a dime is reasonable (and highly profitable to invest at current price).