Monday, June 07, 2004
Ingen Technologies, Inc. to Enter Mass Housing Market With Its Wireless Gas Sensor
For Release: Tuesday, June 7, 2004 at 9:45 AM (ET)
Calimesa, CA – June 7, 2004 - Ingen Technologies, Inc. (Pink Sheets - CRTZ) announced today that Eigen Systems Corporation in Northern California has commenced development and design of its new wireless gas alarm. The new design is original and proprietary as it uses the most advanced wireless technology and digital electronics to detect and transmit accurate data from the base unit. “This new design is also much smaller and compact and provides more accuracy. We expect our new device will stimulate unit demand, decrease production costs, and increase profits. We will continue to sell the original product, BAFI™, as it provides a more basic need to the patient. However, the new wireless product also expands its market penetration potential into the large home-building supply retail stores market. There are literally millions of homes that use natural gas for dryers, ovens and outdoor cookers. Our device can aid in providing a warning system for gas leaks or faulty valves in the home and also has applications in hospitals, military bases, government agencies, and construction facilities,” states Scott Sand, CEO & Chairman.
The wireless version can allow for potential revenues of $150 million within two years after its first release. “This is an exciting time for Ingen and its shareholders. We are finalizing merger specifics and SEC requirements, and we expect to have everything filed by the end of the second quarter,” added Scott Sand, CEO.
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.
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
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