YUCAIPA, Calif., Sept. 28, 2009 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), a leading Medical Device Manufacturer focused in the $8 Billion global Respiratory Markets for the growing ageing population and emerging markets for Home (DME), Hospital and Aviation Industries, announced today that the company CEO and Chairman, Scott Sand, refused to consider or effect a reverse split now or in the future for Ingen Technologies.
On September 22, 2009 the company held its 2009 Annual Meeting of Stockholders in the corporate office in Yucaipa, California. The Corporation, through its transfer agent, provided notice of the meeting to all stockholders of the Corporation that owned shares prior or on the effective date of August 3, 2009. The Chairman, Mr. Scott R. Sand, announced that a sufficient number of votes were present in person or by proxy to constitute a quorum. Thereafter, the meeting was called to order at 9:25 AM. Following a brief discussion of the three items on the agenda, the matters were submitted to a vote of the stockholders by motion of Mr. Sand, seconded by Director and shareholder, Dr. John Finazzo. In attendance were Mr. Adamo, Senior Vice President and Chief Operations Officer for Worldwide Stock Transfer Inc., and he provided his Oath of Inspector of Election and the Report of the actual votes. Attorney, Peter J. Wilke was present to assure proper meeting procedure and compliance and performed the minutes of the meeting.
Although the shareholders that were in attendance expressed their concern regarding any reverse split for the future, Mr. Sand refused to consider any reverse split now or in the future. Mr. Sand said that he is confident that the company cash reserve and increased revenues would support a share buy-back program for the shareholders. Mr. Sand further stated his concern with the past reverse splits, and he said that it would be unfair to the shareholders of this company to consider or effect any more reverse splits. Mr. Sand reminded the shareholders that he has converted his unpaid salary to shares over the past 5 years, and he was a shareholder as well who endured the greatest loss of personal capital with the reverse splits effected in the past.
Instead, Mr. Sand is organizing a share buy-back program to eliminate dilution, increase share price and strengthen new earnings. He anticipates this program to take place in 2010. Mr. Sand explained the value in preserving share price in combination with any future buy-out from an acquirer. The Pacific Pearl Group has prepared the first draft of the offering for the first round of interested acquirers.
The minutes of the Annual Shareholder Meeting are available on Ingen's website under the Corporate Resources/Investor Relations/Investor FAQ/Question #13, or you can access the following link:
http://www.ingen-tech.com/PDFbin/Ingen%20Stock-NotarySM.pdf
"These are very good times for Ingen and at the same time there are economic hardships on Wall Street that entice market makers and hedge funds to continue shorting our stock. We appreciate those shareholders who continue to support Ingen's trading to strengthen the share price and make it difficult for those market makers who are purposely driving this stock down. A 'CHILL' was placed on IGNT through the Depository Trust & Clearing Corporation (DTCC) on August 20, 2009. Our General Counsel has made several phone calls and written requests to DTCC and it has been more than 30 days and still we have not received a response. This company continues to focus on its reporting obligations, and our auditors are working on completion of the 10-QSB and 10-KSB required to bring current these obligations. We have maintained good communication with the Securities & Exchange Commission regarding these filings. With new pressures applied by FINRA to the various clearing houses and brokers, pink sheet stocks trading under a penny will continue to find it very difficult to issue and clear new shares. We are working towards keeping on track with our obligations required in strengthening our share price to avoid these troubles in the future. The company has made great progress and our management team has a solid plan for our growth in the near future," stated Scott R. Sand, Chief Financial Officer and Chairman of the Board.
About Ingen Technologies/Oxyview:
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 successful licensing with the Food & Drug Administration, and has commenced domestic and global distribution with manufacture representative organizations, and OEM partners. In addition to selling its respiratory products within the global medical industry, the company is selling the same products within other industries that include aviation, automotive, emergency response, military and government transportation. The company holds a Device Manufacturing License with the State of California, Department of Public Health, Food and Drug Branch as it manufacturers all of its respiratory products in the United States. There are 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.
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.