Ingen Technologies, Inc. Reports First Quarter Ended August 31, 2012
RIVERSIDE, CA--(Marketwire - October 24, 2012) - Ingen Technologies, Inc. (PINKSHEETS: IGNT), an emerging medical device manufacturer with proprietary medical products for the growing $4 billion respiratory markets, is pleased to announce the following statement from Gary B. Tilden, Chairman of the Board of Directors.
"Our company filed and executed a Plan of Reorganization on April 15, 2012 as a part of a recovery plan to expand the company's revenue and asset base for our shareholders. The company has filed its quarterly report with OTC Markets (Pinksheets) ending August 31, 2012. The highlights of this report demonstrate that Ingen Technologies has shifted its gears and is finally headed in the right direction. During the quarter, we have built a new Board of Directors with individuals who are serious about corporate growth and who have successful careers with product development, sales and marketing. We have changed our direct sales program to a national distribution program with the world's largest distributor of home health care products and services. We anticipate our Oxyview® product could reach millions of home care patients in the near future.
"Ingen is now more than just an 'idea' or a 'possibility.' We have developed and patented a proprietary medical technology and delivered this product to a growing global customer base. We have sold more than 100,000 units worldwide. The initial purchase order of 7,760 Oxyview units and Smart Nasal Cannulas were delivered to our national distributor last month. Ingen exclusively offers the only respiratory product of this kind and expects future sales to be in the tens of millions of dollars.
"Our Oxyview technology is registered with the Food & Drug Administration (FDA) as a Class-I Device. In addition, the product is approved for reimbursement by Medicare and all other insurance carriers; since the product has been granted the HCPCS reimbursement approval code from Medicare's CMS division. We also hold a manufacturing license and are in good standing with the Department of Public Health. With various other manufacturing certifications, we are now prepared to launch a worldwide marketing campaign to distribute our Oxyview product to the entire home health care and chronic respiratory care markets. Again, this is now a reality and not a possibility.
"Our quality manufacturing processes are cutting-edge, and the company benefits from having a proprietary medical product for a growing population.
"COPD (Chronic Obstructive Pulmonary Disease) includes chronic bronchitis, emphysema, and asthmatic bronchitis, all of which obstruct airflow from the lungs. It is a leading cause of death, illness, and disability in the United States, and other large countries. An estimated 10 million American adults were diagnosed with the condition in 2000, but data from a national health survey suggests that as many as 24 million Americans were actually affected. The US home healthcare industry comprising about 20,000 companies and agencies generates total annual revenue of $55 billion. We are a part of this industry and will be a major player over the next 2 years. The industry is characterized by fragmentation, consequently, the top 50 companies by size hold less than 25 percent market share. An essential component to COPD patients using oxygen at home is the oxygen flow meter. Our Oxyview and Smart Nasal Cannula can measure flow rate and confirm that the right amount of oxygen is being delivered.
"In February of 2011 Ingen received a GSA (Government Services Administration) Department of Veterans Affairs Federal Supply Contract Award that expires in 2016. The company is now exploring various opportunities with government-based medical equipment suppliers that would provide Oxyview® to VA Hospitals and Department of Defense military medical facilities. During 2011 the Company invested $50,000 with KGMA Consultants to market the VA Hospitals and Department of Defense with promising results from military facilities in the US. Ingen plans to deliver product to GSA facilities in 2013.
"Ingen now has the potential of becoming a leading manufacturer in the medical device industry. The global medical device industry is growing rapidly, with a value expected to hit $228 billion by 2015, up from $164 billion in the year 2010, marking annual growth of nearly 7%, according to a recent industry research report."
FOR MORE UPDATED INFORMATION USE THE FOLLOWING LINK: www.otcfn.com/ignt/
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.