YUCAIPA, Calif., April 19, 2010 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), is an ISO Certified and FDA Registered 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 sells their patented and proprietary Oxyview and SMART Nasal Cannula along with their most recent released INGEN Pulse Oximeter. Today the company announced Proxy results and growth plans.
On April 12, 2010, shareholders unanimously approved an increase in the company's authorized outstanding shares from 3.5 to 8 billion. The new shares will be used to eliminate outstanding debt, as well as create a pool of capital to fund the company's continued growth strategy and unleash value for shareholders. An 8-K filed on April 16th stated that a quorum was present at the meeting in person or by proxy. The result of the vote was 80.47% in favor, 19.19% opposed and 0.37% abstained. Accordingly, the Company has filed Articles of Amendment with the Georgia Secretary of State.
Ingen CEO, Scott Sand, stated; "Management and the Board of Directors are pleased to provide this update regarding our Proxy vote and our plans to up-list onto the OTCBB," continued Mr. Sands. "This successful vote allows us to quickly eliminate our outstanding debt while continuing to build long-term value for our shareholders."
Ingen Technologies' auditing firm is close to completing their work and is expected to complete their amended financial statements in May. The company plans to move forward to restore its status as a fully reporting company, and continues to keep its reporting obligations current during this transition. Simultaneously, the company is taking the necessary steps to work with one of the market makers to file the c211 with FINRA and up-list to the OTCBB exchange. Upon approval Ingen Technologies will continue to grow market share and seek to up-list to the NASDAQ/American Stock Exchange.
In recent weeks the company has seen an increase in medical product sales, and expects to achieve the CE Mark for export sales in Europe, Asia and Australia; while the People's Republic of China review the ISO Certification registration to commence sales with their Asian distributor.
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 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 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 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.