RIVERSIDE, CA--(Marketwire - August 21, 2012) - Ingen Technologies, Inc. (PINKSHEETS: IGNT), an emerging medical device manufacturer with proprietary medical products for the growing $4 billion respiratory markets, announced today that the company will close the acquisition with SomaLife sooner than originally expected which should be by mid-October.
Ingen submitted a Letter of Intent earlier this month to acquire SomaLife for $3 million; $2 million of which will be held in a note for 12 months with trading restrictions at maturity, and the remaining $1 million to be paid through installments from the proceeds generated through new Oxyview and SomaLife product sales. David Holland, CEO of SomaLife, and Michael Cooper, Executive Vice President of SomaLife, have both agreed to join the Board of Directors of Ingen Technologies, which should be announced later next week. Both their experience and resources will be an asset to the company. SomaLife expects potential revenue of up to $20 million during the next 36 months.
"There are many new, exciting changes transpiring at Ingen these days. The acquisition with SomaLife is designed to increase revenues and earnings, without being a drag on any share dilution in the market. Furthermore, there will be an announcement later this week regarding the purchase order of 7,000+ Oxyview units from Ingen's new national distributor. We plan to complete the consolidated accounting requirements with SomaLife in September and move forward to quickly finalize the acquisition in October. Things should continue to run smoothly in finalizing the acquisition with SomaLife primarily because it is an established company with established products and sales, in addition to the company having an ongoing clean accounting system that our acquisition team can easily distinguish upon their evaluation," stated Gary Tilden, Chairman. "We expect the future integration of SomaLife into Ingen to be a seamless one, and a value to our business."
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