YUCAIPA, Calif, July 22, 2010 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (PinkSheets:IGNT), an emerging medical device manufacturer developing innovative solutions for the respiratory market, with a new patented and proprietary medical product line targeting the $8 billion respiratory market, reported revenues that increased 1,139%, from $10,401 during the first quarter of 2009 to $128,917 during the first quarter of 2010. Shareholders from companies such as Paradigm Medical Industries Inc. (PDMI) and Cardiovascular Systems Inc. (CSII) are taking notice of this uptrend.
The company also reduced its debt by 60% from about $5 million in 2009 to about $1.8 million in 2010, and preserved its cash position at around $400,000. While the company De-Registered from the SEC (Filed Dec 4, 2008) to continue funding its product development, it plans to file its annual report next week and finalize its audited restatements later this month, continuing its efforts to return as a fully reporting company by the end of this year.
"Ingen has commenced an aggressive sales push during the first part of 2010 that is just starting to pay operational costs, thanks partly to market branding, acceptance and awareness of the Smart Nasal Cannula with its Oxyview technology, and to its recent ISO certification and government contract program," said Ingen Technologies CEO Scott Sand. "At the same time, we remain focused on improving our balance sheet and becoming a current reporting company, in order to attract institutional investors and unlock shareholder value."
Investors can review our current fact sheet at the following link:
http://www.ingen-tech.com/PDFbin/FactSheet.pdf
Company Websites:
http://www.smartnasalcannula.com/
http://www.ingenpulseoximeter.com/
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 US, and $8 billion globally. The company introduced Oxyview into the respiratory market in late 2007 after securing US and Foreign Patents and a successful registration with the Food & Drug Administration. The company is establishing domestic and global distribution with manufacture 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 US 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.