YUCAIPA, Calif., June 11, 2010 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), a 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, today announced the following information updating shareholders on company progress:
During Ingen's fourth quarter the company focused aggressively on its marketing and advertising saturation campaign. This included being a featured product at the Las Vegas MedTrade Spring conference. The company has also published full color advertisements in major medical publications, such as COPD Digest, AARC Times, Everything Respiratory, LUNG Magazine, Today's Senior Magazine, and many others. Management is focused and dedicated to branding the company's product lines and increasing sales and distribution. Ingen is also scheduled for several major market conferences during the first quarter-2010, including Alpha-1 in Orlando, MedTrade in Georgia and AARC.
During the fourth quarter Ingen filed two more provisional patents; one for its new IngenThermo drug product, and the other for its new cannula technology. The IngenThermo uses polymer-crystal technology to keep insulin and other glass vile drugs cool and safe. Ingen's engineering team is working on the tooling and molds to manufacture this new product using medical-grade polycarbonate as an insulating material, along with polymer-crystals. We expect to deliver this product during the first quarter-2010. The new cannula technology involves the use of special materials that are embedded within the PVC of the nasal cannula. As oxygen flows, it will change the color of the cannula which would indicate a specific flow rate. This technology will complement Ingen's Oxyview technology and secure the company's position as maintaining the gold-standard within the respiratory oxygen therapy market.
The fourth quarter ended May 31, 2010 has proven to drive Ingen in the right direction with increased sales, increased assets and a decrease in debts. Specifically, sales were 80% higher in the fourth quarter as compared to the third quarter. Total sales for fourth quarter were approximately $10,000, as compared to $5,576 ending in the third quarter. The company was able to decrease the $4.5M note to its major note holders to $1.9M. It is expected that the company will fully reduce the balance of the notes over the first quarter of 2010. The company has a pending purchase order from a major distributor for $100,000 expected to ship in July with new inventory. Another expected purchase order from one of our OEM partners amounts to $120,000. Further, the company's government services consultant is expected to close $1.4M in government sales during the first and second quarters of 2010, while GSA evaluates the company's application submitted in September 2009. GSA usually takes 6-12 months to complete and approve applications. The company expects to reach its projected sales of $11M by end of our 2010 fiscal year. BSI (UK) is evaluating Ingen's CE Mark application, and we expect to achieve the CE Mark during our first quarter of 2010. The CE Mark and the ISO 13485:2003 certification allows the company to fulfill export orders for China, Canada, Australia and the European Communities. The People's Republic of China is also currently evaluating the company's ISO Registration, and it is expected that its products will reach the Chinese market by July 2010.
During our fourth quarter, Ingen secured a signed GPO contract with MediGroup Physician Services; one of the nation's largest GPO for the alternate site marketplace, which consists of specialty physicians and surgery centers. MediGroup provides its customers with the purchasing power that is traditionally reserved for hospitals, while enabling participating manufacturers and distributors to deliver products and services to a focused demographic. A Group Purchasing Organization (GPO) is an entity that helps health care providers - such as hospitals, nursing homes and home health agencies - realize cost-savings and efficiencies by aggregating purchasing volume and using that leverage to negotiate discounts with manufacturers, distributors and other vendors. There are more than 600 organizations in the United States that participate in some form of group purchasing. The company is negotiating several other GPO contracts to grow its sales in the hospital commercial market, and expects to see revenues from MediGroup during the first quarter-2010.
Ingen is at its reflex point and on the verge of tremendous growth, after enduring a number of regulatory and economic obstacles. In the face of economic headwinds, the company obtained both FDA and ISO Certification and launched several new and inspiring medical products in the respiratory market. As a result of this success, we have attracted many investors and new shareholders. The company's product line is essentially recession-proof and continues to gain momentum in the respiratory markets. Ingen has made important changes to foster a growth culture with a clear vision for the future. With these successes and changes, the company has undergone a restructuring in order to align their incentives with that of their shareholders. The company is now keenly focused on growth, open communication, and leadership by example, as it works diligently to expand its sales and deliver shareholder value.
Ingen has developed a global perspective on the markets in which it competes. First, the company conducted a thorough market study for our products with InTouch Life Science Corporation, while at the same time filing patents and trademarks for our proprietary technology; second, the company properly registered their products with the FDA and qualified the products for FDA export; third, the company hired Emergo Group, a recognized global consulting firm that assisted us with the ISO 13485 Certification, CE Mark and distribution partners in order to comply with the world markets for distribution of their medical products; and finally, the company hired KGMA Business Solutions, a leading consulting firm to prepare and file their GSA Contract, as well as develop government contracts with the VA Hospitals and Department of Defense. More important, Ingen has lowered their production costs for their products, increased their margins and the margins of their distributors, while keeping a competitive edge on pricing their products in today's challenging medical markets.
"I continue to believe that our inspiration comes from many sources - our shareholders, customers and consumers, as well as our critics. Our staff and consulting team have a passion for what they do that ignites this inspiration every day, everywhere we do business. We remain fresh, relevant and original by knowing what to change without changing what we know. We are asking more questions, listening more closely, and collaborating more effectively with our distribution partners and strategic consultants to give our customers the product they need, and provide our shareholders with the results that they deserve and expect," said Ingen CEO Scott Sand.
http://www.smartnasalcannula.com/
http://www.ingenpulseoximeter.com/
Ingen Technologies specializes in marketing, developing and distributing of medical technology products. Products designed by Ingen are providing effective and reliable solutions to medical professionals and patients worldwide while also enabling companies like Lincare Holdings (LNCR) and Cardinal Health, Inc. (CAH) the ability to meet a low cost minimization point which could help save the industry billions of dollars and improve patient quality of life – a value proposition that is impossible to ignore for very long!
About Ingen:
Ingen is an ISO Certified 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 is establishing domestic and global distribution with manufacturer representative organizations, and OEM partners. In 2009 the SMART Nasal Cannula using Oxyview Technology was introduced as the world's first oxygen cannula with an in-line pneumatic oxygen flow meter. In 2010 the company introduced its new INGEN 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.
The Ingen Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2472
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.