YUCAIPA, Calif., March 18, 2009 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), a California-based medical device manufacturer announced today the new share restructure and trading symbols that will allow the company to complete two new acquisitions.
The company has effected a reverse-split as part of the acquisition of the California based Cyclonatix, Inc. and the Canadian based Thermotex Therapy Systems LTD. Ingen will acquire Cyclonatix under a share-swap; whereas the acquisition of Thermotex will include a cash buyout in combination with a share-swap. Thermotex is a world leader in the development and manufacture of "deep heat" infrared therapy systems that are energy efficient and deliver exceptional, non invasive therapeutic benefits. Both share-swaps will result in the issuance of restricted shares, and Cyclonatix and Thermotex will be wholly owned subsidiaries of the Company.
The acquisition of Cyclonatix brings to the Company a patented intellectual property of DC brushless motors with a market potential, both commercial and medical, of $150M in annual sales. The company is currently negotiating with commercial manufacturers for the purchase of the DC brushless motors.
The acquisition of Thermotex brings to the company a strong and growing revenue stream produced through the distribution of the thermotex products. The medical application has a market size of more than $50M annually, and the commercial application in veterinary and pet products has an existing market size of $20M annually.
For more information please visit:
http://www.thermotex.com/index.htm
About Ingen Technologies, Inc.
Ingen is a California-based medical device manufacturer licensed by the State of California, with products registered and classified through the Food & Drug Administration. The company owns several patents, domestic and foreign, with trademark brand named products refered to as Oxyview, OxyAlert, Secure Balance and GasAlert. Global distribution is through recognized manufacture representative organizations, and OEM partners. In addition to selling its respiratory products within the global medical industry, the company is selling the same products within other industries that include aviation, automotive, emergency response, military and government transportation. Ingen Technologies is now the largest manufacturer of in-line gravity-independent oxygen flow meters. The company is expanding its product line through various acquisitions for growth and stability.
The Ingen Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2472
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.