RIVERSIDE, CA -- (Marketwired) -- 01/14/14 -- Ingen Technologies Inc. (PINKSHEETS: IGNT), (http://ingen-tech.com) the holding company of two subsidiaries; a medical device manufacturing company selling its patented medical products worldwide, and a newly acquired growing wireless telecom business providing services to major telecom companies worldwide, announced today that their medical reps in South Africa are preparing to move the current inventory in value of approximately $1.8 Million, while the wireless telecom subsidiary, ATMC, has funding commitments to purchase more routes with large carriers.
Ingen has agreed to release its entire current medical product inventory to government sources in South Africa pursuant to discussions during the past two years. The Oxyview® products provide necessary tools for medical respiratory services in South Africa. Purchase orders are anticipated in the very near future. Potential revenue will be utilized for the expenses associated with the upcoming move to the AMEX or OTCQB. Pursuant to the recent shareholder conference, the Board of Directors announced their approval for Ingen to apply for listing on the AMEX or OTCQB. This initiative is now in progress.
"The company has really pulled itself out of a conundrum with the unexpected news regarding South Africa's desire to purchase the Company's medical inventory, in addition to a funding partner who is now committed to the ATMC expansion plan at a time when the company is planning on gaining traction in its application for listing on the AMEX or OTCQB. Ingen is looking forward to a potentially blockbuster year ahead," stated Gary 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.