Replies to post #10586 on Ingen Technologies Inc (IGNT)

[stockmasterflash]

They announced they would sell $5 million worth of stock

How on earth can it break out with an overhang like that?

clear as day the stated purpose of the merger is to sell stock

http://www.sec.gov/Archives/edgar/data/861058/000101968713001560/ingen_8k-ex201.htm

WHEREAS, The Subsidiary Company requires $5,000,000 (Five Million Dollars) to expand its business operations over the next twelve months; and the Parent Company has the ability to raise the $5,000,000 (Five Million Dollars) through the issuance of stock pursuant to a Regulation-D Offering under the requirements of the Securities and Exchange Commission. The Parties intend, by executing this Agreement, to enter this Agreement for the purpose of diversifying the business opportunities with the Parent Company, and to expand the business operations of the Subsidiary Company. The parent company will deposit the $5,000,000.00 (Five Million Dollars) into the Subsidiary Company bank account only for the purpose of the Subsidiary Company expansion.



U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21691 / October 7, 2010
SEC v. Scott R. Sand and Ingen Technologies, Inc, Civil Action No. 1:10-cv-23602-PAS (U.S. District Court for the Southern District of Florida)

http://www.sec.gov/litigation/complaints/2010/comp-pr2010-187-sand.pdf