YUCAIPA, Calif., Feb. 4, 2010 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), a leading manufacturer of respiratory medical devices, recently announced today that the CEO and Chairman of the Board, Scott R. Sand, has issued the following statement.
"Ingen Technologies is strongly committed to the success of this company and continues driving forward in a direction that is within the best interest of its shareholders. There are several matters to discuss that are related to our current and future growth.
"The first issue to discuss is our final ISO 13485 Certification audit. We have invested considerable time and money with Emergo Consulting Group to prepare our company over the past 6 months for the final audit with the ISO Notified Body, BSI. The Irvine-California office of BSI is scheduled to perform the Stage-I audit on February 5, 2010 and the Stage-II audit on March 3, 2010. The company will receive its ISO Certification from the Notified Body BSI and immediately launch distribution programs for the People's Republic of China, Japan, Canada, Australia and the entire European Communities. The company has back-orders for Australia, China, Canada, and various countries of the European Communities of approximately 60,000 Oxyview units in value of $200,000. Our projected export sales for 2010 exceed $10M, and will continue to grow.
"The second issue to discuss is the progress of our GSA application. The company engaged KGMA Business Solutions to prepare and submit the GSA application on 9/22/2009. The CEO of KGMA Business Solutions, Kenneth Kurk, stated 'Our experience is anywhere from 3-6 months which is actually pretty good. We have always, 100% of the time, been able to get our clients on GSA.' The GSA application has been under review for 4 months, and is near completion. KGMA has recently signed contracts with Ingen to start building the government distribution channels.
"The third issue to discuss is domestic sales and distribution. In the last 30 days the company has experienced interest from hospital based facilities in both the Oxyview Nasal Cannula and the new Oxyview Pulse Oximeter. Orders have increased and our marketing is targeted to hospitals, DME, Home Health Care facilities and Oxygen providers. The Oxyview Nasal Cannula is a revolutionary product that turns the conventional cannula into a Smart Cannula, resulting in better oxygen therapy and oxygen management. Amsino International signed a supply agreement with Ingen and is preparing to partner with us in the manufacture of our products and reduction in manufacturing costs, as well as considering and evaluating national distribution of the Oxyview products. Amsino offers 400 national distributors inclusive of Baxter and Cardinal Health. The company has also gained the respect and support of the COPD Foundation and has recognized the value that the Oxyview products offer the COPD community in the USA. Their support has resulted in national branding of the Oxyview products within the respiratory industry. The company has a 12 month contract with the COPD Foundation for advertising and various product support programs.
"Lastly, we seek the support of our shareholders and future investors while this company prepares for a successful year. This company has increased in value with its intellectual property, research & development, new medical product lines, inventory and other assets. In the past 120 days, the company has reduced the note with the various funds managed by the NIR Group from $4.5M to $2.1M. The company will prepare a share buy-back program at the time when these notes have been paid off. These achievements will result in stronger earnings and reflect upon the value for our shareholders," stated Scott R. Sand, Chief Executive Officer and Chairman of the Board.
http://www.emergogroup.com/services-by-region/usa
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 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 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 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.