YUCAIPA, Calif., Jan. 20, 2010 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), a leading manufacturer of respiratory medical devices, recently announced that the current quarter sales represented an increase of 17.7% from sales in the quarter ended November 30, 2008. Sales were sparked by the introduction of Oxyview Nasal Cannula unit that includes a cannula with Ingen’s Oxyview unit. Additional capital also enabled the company to increase the advertising and marketing of the Oxyview products. Ingen anticipates that the sales of Oxyview will increase from the current quarter’s sales as the Company expands its sales channels.
The total cost of sales for the quarter ended November 30, 2009 has a gross margin of 90.8%. The reported cost of sales for the quarter ended November 30, 2008 had a gross margin of 89.4%. The Company anticipates that its gross margin will continue to stay in the range of the current quarter.
The largest components of Ingen’s SG&A are advertising, legal and professional services, travel associated with both sales and business development, outside services and salaries. The advertising expense increased from zero in the quarter ended November 30, 2008 to $41,090 in the quarter ended November 30, 2009. The Company expects to continue advertising at current levels as it continues to promote Oxyview.
The Company has reduced its debt to the note holders by $2.3M, and expects to reduce the entire balance by March-2010. The company anticipates a share buy-back program for all of its shareholders once the note is paid in full.
The company projects that the Oxyview Nasal Cannula will bring $10M in revenues, and the new Oxyview Pulse Oximeter an additional $1M in revenues in 2010.
About Ingen:
Ingen is an established medical device manufacturer with an emerging new medical product line for the respiratory market worth an estimated $4 Billion in the U.S., and $8 billion globally. The company introduced Oxyview into the respiratory market in late 2007 after securing U.S. and Foreign Patents and a successful registration with the Food & Drug Administration. The company has domestic and global distribution with manufacture representative organizations, and OEM partners. In 2009 the Oxyview Nasal Cannula was introduced as the world's first oxygen cannula with an in-line pneumatic oxygen flow meter. In 2010 the company introduced the Oxyview Pulse Oximeter. The Oxyview product line is available to the home care markets, commercial medical markets, aviation, automotive, and government sources. The company is licensed with the Department of Health and Human Services, and manufactures its products in the State of California. With approximately 32 million U.S. patients with Chronic Obstructive Pulmonary Disease (COPD), and 600 million patients worldwide, Ingen Technologies is now the largest manufacturer of in-line gravity-independent oxygen flow meters.
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Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company’s progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company’s operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company’s periodic filings with the U.S. Securities and Exchange Commission.