Wednesday, March 24, 2004
Ingen Technologies, Inc. Merges With Creative Recycling Technologies, Inc, A Publicly-Owned Corporation
For Release: Wednesday, March 24, 2004 at 4:05 PM
Calimesa, CA - March 24, 2004 - Ingen Technologies, Inc. announced today that it has merged with Creative Recycling Technologies, Inc. (CRTZ - Pink Sheets). The merger will create an increasing revenue base for CRTZ and new product growth opportunities for Ingen Technologies. We believe our two existing products can boost sales close to $40 million in two years within the medical device market.
Scott R. Sand, C.E.O. & Chairman of Ingen Technologies, commented about the merger: “Ingen Technologies is pleased to have become part of Creative Recycling Technologies, a publicly-traded company. This new status should provide major benefits to Ingen and its shareholders in the future. These include: broadened investor awareness of the company, strengthened ability to procure capital in the public markets, readily available objective valuation, and liquidity and marketability for the trading of shares. In addition, the company will seek Over-the-Counter Bulletin Board listing as soon as possible.”
Ingen Technologies offers a diverse and progressive service and product line. The company is the inventor and manufacturer of a patented medical safety device configured for removable mounting in combination with a high-pressure gas cylinder and regulator, used to regulate the gas supplied by medical remote oxygen delivery cylinders. The product is a warning device that communicates with the user or care giver when oxygen levels drop below the safe level of the oxygen cylinder. With millions of cylinders in the market used every day, Ingen Technologies can deliver the product to oxygen supply companies worldwide within this year. There are no other products or competition of this kind presently in existence. Ingen Technologies has developed its sales network of special medical instrument dealers, and expects to reach 10% of the domestic market within two years after initial delivery. The 10% market distribution level would represent close to $40 million in revenues to the company, with exceptional room for continued growth.
Ingen Technologies has other products and services, including an exclusive sales agreement with the National Diagnostics Network to sell special diagnostic instruments to physicians with Fall Prevention Diagnostic Services for their elderly patients. This equipment identifies balance problems and provides the physician with information leading to a diagnosis and treatment. With more than two million fall-related injuries each year, and with the rapid increase in the elderly population, the need to test for balance disorders and disequilibrium is more necessary. NHIC and Medicare have increased the reimbursement for these services with emphasis to decrease costs related to fall injuries. Our sales for these products and services have increased to $100,000+ per month, and continued growth is expected.
Ingen Technologies continues its research and development with medical device products that help people and reduce personal, insurer, and government spending. Currently new and exciting product development is underway. With the company’s network of physicians, engineers, administrative and marketing staff, we continue look into the future to bring new and better products to the marketplace.
SafeHarbor for Forward-Looking Statements: This news release includes forward-looking statements that are made pursuant to “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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 set forth in the company’s periodic filings with the U.S. Securities and Exchange Commission.
Investor Relations Contact: Scott R. Sand, C.E.O & Chairman
Ingen Technologies, Inc.
285 E. County Line Road
Calimesa, CA 92320
Download this article in PDF format: News20040324.pdf