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News for 'IGTN' - (Ingen Technologies Reports Record Sales and Earnings - The Company Announces It is Now Debt Free -)
CALIMESA, Calif., June 14, 2005 /PRNewswire-FirstCall via COMTEX/ -- Ingen Technologies (OTC: IGTN), a medical device manufacturer for physicians and consumer markets, announced today that the financial audits are ready for filing. Ingen Technologies, Inc. reports income for the 2004 fiscal year to be approximately $1 million dollars, bringing in $285,000.00 of profits. IGTN is also proud to announce that the income for the first 2 quarters of 2005 to be approximately $700,000.00, already toppling the income of the previous year.
The Chairman and CEO of Ingen Technologies, Inc, Scott Sand reports that the Company can also anticipate sales from $1,500,000.00 to $2,000,000.00 for the end of fiscal year 2005. These sales should bring $712,000.00 to $855,000.00 in gross earnings. The Company will file and move to the OTCBB as a reporting company A.S.A.P. Scott Sand, CEO & Chairman, said "This is a huge announcement for the Company. We are finally free of debts! Now we can look further into the future. The Company is now poised to take some really big strides." Currently the company has spent approximately $4,000,000.00 in Research and Development to date.
The accounting firm of Spector & Wong, LLP have informed the Company that the long awaited audit of Ingen Technologies, Inc. and Creative Recycling Technologies, Inc. is complete. In March of 2004 Creative Recycling Technologies, Inc., a public company, and Ingen Technologies, Inc., a private held corporation, entered a merger agreement. After the merger the symbol "CRTZ" was changed to "IGTN".
"The audit involved tremendous evaluation and consolidation between both companies," said Scott Sand, CEO & Chairman. Sand further stated: "The best interest of the shareholders and the surviving company was a key issue during the audit. It was Ingen Technologies that provided the financial strength for this merger. Creative Recycling Technologies had no earnings or activity prior to the merger, but it offered a possibility to bring value to the shareholders of both companies."
The Company is now strongly focused on improving market value for its shareholders and future investors.
"We have increased earnings from Secure Balance(TM), and will roll out other products and programs this year to add to the earnings," said Scott Sand, CEO & Chairman.
About Ingen Technologies
Ingen Technologies (OTC: IGTN), in business since 1999, is a medical device manufacturer and service provider for medical and consumer markets both domestic and abroad. Currently increasing revenues are generated from the Company's Secure Balance(TM) program; a medical product line for physicians and hospitals that provide patient services for Balance & Fall Prevention programs. The OxyALERT(TM) is another product line that has an issued US Patent and is a proprietary technology. This product is the second generation development of the Company's initial BAFI(TM) product; a medical safety device that provides wireless and remote monitoring of oxygen delivery systems for patients and small aircraft. Using the same patented and proprietary technology, the Company has the GasAlert(TM) product; a device that interfaces between any gas line and accessory, such as a water heater, dryer, stove or heater, to detect leaks. This is a mass consumer item expected to go to market in 2005.
"Our team of professionals developed the Secure Balance(TM) medical products for the growing elderly population. People experiencing vertigo, dizziness and other balance problems can be examined, diagnosed and treated with use of the Secure Balance(TM) products. These products are superior to any of our competition and they allow effective medical product availability to seniors, and at the same time the increasing senior population allows for a steady growth in sales and profits," said Scott Sand, CEO & Chairman of Ingen Technologies.
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I just put a buy order in. We'll see what happens.
