YUCAIPA, Calif., Jan. 30 /PRNewswire-FirstCall/ -- Ingen Technologies, Inc. (Pink Sheets: IGTG) today is issuing this retraction:
A press release was mistakenly issued on January 23, 2008, announcing an agreement between Ingen Technologies, Inc. and Lincare, Inc. (Nasdaq: LNCR) This is in fact NOT the case at this time. Lincare had simply authorized Ingen as a vendor and authorized Ingen to communicate the Oxyview(R) product to all of their locations through the form of several email communications between Lincare and Ingen. Lincare provided Ingen with the Lincare Locations List in Xcel format. Lincare delivered six purchase orders to purchase a variable amount of Oxyview(R) product from Ingen. There was no written agreement between Lincare and Ingen. There was an understanding between both parties regarding Oxyview(R) pricing and the fact that Lincare authorized Ingen as a vendor to sell Oxyview(R) and communicate directly to more than 1000 Lincare locations. To date, Ingen fulfilled its delivery obligations to Lincare in regards to all of the purchase orders. Ingen understood that Lincare provides services to more than 500,000 patients in the United States. Historically, patients purchasing Oxyview(R) direct from Ingen have purchased two Oxyview's(R), one for their remote oxygen delivery system, either liquid or gas, and one for their in-home concentrator which is a stationary system that produces oxygen from ambient air. This would account for the possibility of 1M Oxyview's(R). Further, there are new oxygen therapy patients entering the market every day, which would account for additional possibilities to place more Oxyview(R) product.
The officials at Ingen Technologies regret any inconvenience due to this erroneous announcement.
Oxyview(R) is a proprietary safety device that received FDA Classification in 2006. This device provides additional confidence to any patient receiving oxygen. It allows the patient to confirm oxygen flow rate and delivery nearest the patient, where it matters the most. Currently there are no other similar devices that offer this technology. Although there are gravity dependent flow meters attached to most oxygen systems that monitor system flow rate, there was nothing available that would attach to the Oxygen tubing to confirm proper oxygen delivery near the patient. Oxyview(R) provides an improved technology to enhance patient confidence and assurance of oxygen flow. Oxyview(R) monitors the oxygen flow the patient is receiving, and does not compete with or replace the current flow meters that are monitoring oxygen flow rate the delivery system is producing. Most Oxygen tubing is 7 feet to 30 feet in length, and the patient is too far away from the delivery source. Oxyview(R) allows convenience for the patient in offering a simple cost effective tool to provide visual flow rate next to the patient.
"When I received email authorization from Lincare early this month, we immediately communicated our Oxyview(R) product to all of their locations in a matter of only a few days. We immediately received purchase orders and hundreds of telephone calls responding positively to our Oxyview(R) product. Unfortunately, we did not request Lincare's authorization of the Press Release of January 23rd, nor were we advised by Lincare of any of their policies prior the Press Release; as such, Lincare abruptly terminated the relationship with Ingen. I have provided several written apologies to the CEO of Lincare and other Lincare management requesting their consideration, with no success. However, we have received a few telephone calls from Lincare location managers requesting information on how their patients can purchase the Oxyview(R) direct from Ingen. I have offered the Lincare patients the same low price that was established with Lincare. Lincare patients can purchase direct from Ingen if they call our office and make a request to purchase Oxyview(R)," stated Scott Sand, Chairman and CEO.
Contact: Scott R. Sand
C.E.O & Chairman
|SOURCE Ingen Technologies, Inc.|
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