YUCAIPA, Calif., May 27, 2009 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), a leading Medical Device Manufacturer focused in the $8 Billion global Respiratory Markets for the growing ageing population and emerging markets for Home (DME), Hospital and Aviation Industries, announced today that the company has positioned itself with a strong future while they near their year-end on May 31, 2009.
The company accountants have initiated the preparation of the financial and disclosure statements for an early filing in June-2009. "Our accounting team has already begun the financial preparation for filing our May 31, 2009 Year-End statements and disclosure. This will be filed on or before the end of June-2009," stated Thomas J. Neavitt, Chief Financial officer of Ingen Technologies.
The company continued to make strong progress during the past few months while strengthening their intellectual property, export sales, and global distribution/OEM partnerships while introducing their new respiratory product line.
Specifically, Ingen was recently notified of the issuance of their Oxyview patent in China. Foreign patents have been pending in the European Communities and Japan for 2 years, and the company has recently been notified that both entities have recently made a Request for Examination to bring closer the issuance of these patents. The company already owns several issued U.S. patents and trademarks. Further, the company recently announced the agreement with Emergo Global Consulting group regarding the preparations of the International Standards Organization (ISO) and CE mark certifications required for the export sale and marketing of Oxyview. Ingen received registration and classification from the Food & Drug Administration for Oxyview in 2007, and was granted a device manufacturing license with the California Department of Public Health. Both the FDA registration and DHS-license will facilitate the ISO and CE Mark certifications.
Most recently, the company announced on May 19, 2009 the distribution of their new Oxyview-Cannula product and the agreement they have with Legend Medical Devices to include and package their Legend-MD cannula with Ingen's Oxyview flow meter. The company intends to offer the new disposable Oxyview-Cannula at the same price as the leading competitor's price. This will offer patients an improved cannula for oxygen therapy. The Oxyview-Cannula will be the first cannula of its kind offered with a pneumatic gravity-independent flow meter already included.
"Our Board of Directors, Management and professional staff have strived to make this company successful. Despite the economic turmoil that we faced at the time we began to market our new respiratory products in 2008, we have made great accomplishments in the past several months that will point Ingen in a direction of strong earnings and a more realistic market value. The global medical community has become aggressively responsive to the importance of Oxyview and the economical and therapeutic advantages it can offer to our ailing COPD patients worldwide. The company will experience dramatic improvements during our upcoming new year," stated Scott R. Sand, Chief Executive Officer and Chairman of the Board.
About Oxyview:
Oxyview is a proprietary medical device with US issued patents that stands alone in an increasing patient home oxygen therapy market while there are 23 million patients diagnosed with chronic obstructive pulmonary disease (COPD) in the United States, according to the World Health Organization, and another 12 million patients that are undiagnosed in the US. COPD is the fifth leading cause of death in the US and there are 600 million COPD patients worldwide where in most cases, COPD is either the first or second leading cause of death in other countries. The majority of COPD patients require continued home oxygen therapy, which includes all of the required equipment supplied by the home (DME) provider. With the new regulations for oxygen reimbursement in the US, the home (DME) providers need to cut costs to stay in business. Oxyview provides a substantial savings as a result of decreasing the number of service calls for the home (DME) provider. Oxyview is a pneumatic metering device that displays oxygen flow near the patient. The Oxyview flow meter easily and quickly installs on to the oxygen tubing nearest the patient where oxygen flow matters the most. Without the Oxyview, patients cannot confirm oxygen flow, and as a result there is an increase in anxiety and the patient calls the home (DME) provider with concerns. Oxyview also allows the home (DME) provider to trouble-shoot other equipment problems over the telephone which eliminates an on-site visit with the patient. More important, the Oxyview provides the patient with more assurance that they are receiving adequate and prescribed oxygen flow. The Oxyview cost less than a single service call.
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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.