RIVERSIDE, Calif., June 5, 2013 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (OTC Pink:IGNT) announces that the fiscal year ending May 31, 2013 has resulted in the increases of revenues, assets and shareholder equity pursuant to the acquisition of ATMC, Inc. and the implementation of the "Plan of Reorganization".
"Ingen has had a very promising year ending May 31, 2013, as the company has completed the acquisition of its telecom division, ATMC. This transaction has added increased revenues and greater growth opportunities for our holding company, while we diversify with our medical manufacturing division. ATMC has proven to be an asset as it has established contractual services with major telecom businesses, such as China Unicom and TATA Communications while expanding routes in over 14 countries. In addition to growing the asset base for the company we are also focused on reducing any share dilution. This involves the elimination of the $2.3M liability with our note holder, AJW as court appointed liquidators have agreed to discontinue any further share conversions on this note. Our law firm, Hodgson Russ LLP, is negotiating the buy-out of this note. This will be good for our shareholders and a tremendous relief as part of our reduction in any share dilution, as we are close to finalizing this matter." Stated Gary Tilden, Chairman.
Mr. Tilden further stated, "We anticipate filing our annual report and announcing the details of our growth over the next 60 days as we continue to demonstrate our progress and success."
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.