RIVERSIDE, Calif., Aug. 14, 2013 (GLOBE NEWSWIRE) -- Ingen Technologies Inc. (OTC:IGNT), (http://ingen-tech.com) a holding company of two subsidiaries announces today that it has come to a settlement agreement of the $2.4M Judgment with the court appointed liquidation firm, PwC Corporate Finance and Recovery (Cayman) Limited.
On August 13, 2013 a Term Sheet was filed with the Law Firm of REID | COLLINS | TSAI, LLP representing PwC Corporate Finance and Recovery (Cayman) Limited. Ingen has settled the $2.4M Judgment for $300,000. The third party investor will assume the debt.
The Company's medical division is showing promise with Government Purchases, and the new Telecom Division, ATMC Inc., has seen a spike in revenues generated through the recent contracts with global giants such as TATA Communications and China Unicom.
"The settlement with the $2.4M judgment comes at a very good time as the company is growing its sales and revenues with both subsidiaries. The judgment ends the saga of dilution with any of our shares, and removes a heavy burden off of our operations as we continue to experience positive growth. The company can now move forward and file the 10-KSB to go back to being fully reporting," stated Gary B. Tilden, Chairman.
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.