RIVERSIDE, CA -- (Marketwired) -- 06/17/14 -- Ingen Technologies Inc. (PINKSHEETS: IGNT) announced today that its new telecom division is showing profits after several months testing.
"I am pleased to report that in 2013, Ingen commenced the final phase of the acquisition of ATMC and its wireless telecom business, as well as secured the funding partner to provide the cash required for future acquisitions. To date, after months of project coordination and with the proper funding, the company will be able to account for profits and look forward at closing the acquisition," commented David Hanson, CEO of Ingen.
"This performance is a testament to our strategic position and capabilities, the discipline of our management systems, and the acceptance of our products and services. Importantly, it reflects the impact of a distinct choice we have made about Ingen's business and marketing model."
"This is not the only path to success in our industry, and definitely not the easiest one. This has been a very challenging year for Ingen in terms of change and growth. The company has been able to resolve debt issues, back due taxes, and has established a funding partner; while continuing to demonstrate growth in revenues."
"As a Board, we are always mindful of the duties we owe to the Company's shareholders and key stakeholders to ensure the Company has the right people, systems and processes in place to manage risk and deliver the Group's agreed strategy. As Ingen's business objectives continue to progress, this is even more important. As CEO, I am responsible for ensuring that the company operates effectively with well-informed directors asking the right questions and setting the right tone from the top. Ingen is working hard to achieve its goals with increasing value and equity for all of our shareholders."
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.