Ingen Chairman Discusses Positive Growth in Medical and Telecom Divisions
April 08 2014 - 8:30AM
Marketwired
Ingen Chairman Discusses Positive Growth in Medical and Telecom
Divisions
2014 to Be a Stellar Year for Ingen Technologies
RIVERSIDE, CA--(Marketwired - Apr 8, 2014) - Ingen Technologies
Inc's. (PINKSHEETS: IGNT) Chairman of the Board announced that 2014
should be a stellar year for Ingen with its near-closure of the
acquisition of ATMC's wireless telecom business, and the new events
leading to an increase in sales of its medical division.
Gary B. Tilden, Chairman stated, "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 the ATMC wireless business transformation
continues to progress, this becomes even more important. As
Chairman, I am responsible for ensuring that the Board operates
effectively with well-informed directors asking the right questions
and setting the right tone from the top."
"Ingen has a strategic funding partner that has financed the
initial phase of the wireless division, which should result in the
final closure of the acquisition along with, inheriting revenues
that are being generated through the funding. The funding partner
has agreed to fund up to $2.5 million to produce new telecom routes
in order to expand and increase profitability for Ingen. The most
current reports indicate that profits are now being generated, and
the annual filing ending May 31, 2014 will include the new revenues
and profits to be reported."
"Ingen has also seen a recent increase in product sales
activities within its medical division. There are products being
prepared for shipping, and revenues will continue to be generated
for the Oxyview product line. Ingen's Board, however, has
decided to consider selling the division in order to focus on the
wireless telecom business and future acquisitions within the
telecom industry. There are currently two interested parties in
acquiring our medical division and the company will eventually make
a decision through an announcement, when it makes that
decision. The funds received from the acquisition will likely be
used to purchase a west coast wireless telecom business that the
company's CEO is currently negotiating. This spin-off should allow
Ingen to dig-in its heels in the wireless industry in a big way in
order to continue to develop shareholder equity and eventually a
dividend program."
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.
CONTACT: Gary Tilden Chairman 951-688-7840
www.ingen-tech.com
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