IGNT - Ingen Technologies Inc. - Page 30
Waiting years for combustion, will Ingen products finally ignite IGNT?
The answer is “no.” Oxyview(R) and The Smart Nasal Cannula(R) are compelling products; however, most business pundits will affirm that success also needs great management. To illustrate this I obtained former distributor contact information from an old 8-K filing (May 1, 2008 Edgar Online) and recently emailed eight contacts for feedback. I received three replies. D.S. Carroll, Jr. of Health Sales Consultants, Inc. replied, “Oxyview(R) seemed like a viable product at that time,” while John Macon of Macon & Company, Inc. responded, “Oxyview(R) seemed like an innovative product – assuring liter flow to the patient is what it is supposed to be.” Mr. C. E. Reynolds, also of Macon, replied, “Reimbursement was an issue for us.” Thus, not one of the responses implied anything negative about the product itself. The healthcare market is huge and Ingen has average product competition. Regarding Oxyview(R), there are two makers of inline oxygen flow meters; Liter-Meter manufactured by Erie Medical, Inc., and the Rotameter manufactured by King Instruments. Rivals for The Smart Nasal Cannula(R) include Salter Labs Inc. and several Chinese manufacturers. Ingen management must complement their products.
On January 23, 2008, Ingen announced an agreement with Lincare, Inc. (Nasdaq: LNCR), but Lincare had only allowed Ingen to communicate the Oxyview(R) product to their locations. There was no written agreement. Faux pas or mismanagement by then-CEO Scott Sand? “When I received email authorization from Lincare, we immediately communicated our Oxyview(R) product to all of their locations and immediately received purchase orders and hundreds of telephone calls responding positively to our Oxyview(R) product. Unfortunately, we didn’t request Lincare’s authorization of the press release of January 23; as such, Lincare abruptly terminated the relationship with Ingen. I have provided several written apologies to the CEO of Lincare... with no success,” stated Sand in a January 30, 2008 “Press Release Retraction.” On July 1, 2012, Lincare was acquired by industrial gas giant Linde for USD 4.6 billion. Sand’s botching of the Lincare relationship, avoidable with better communication, hurt Ingen shareholder value.
On June 14, 2005, then-CEO Sand reported anticipated sales of up to $2 million for fiscal year 2005. However, SEC filings reveal a Form 10-KSB/A filed in 2006 stating that Ingen had revenues of $794,314 for its fiscal year ending May 31, 2005. Another slip as Sand grossly overstates anticipated sales for an already concluded fiscal period. I phoned Sand one week after Ingen’s June 30, 2009 press release titled, “Ingen to Seek 5 to 7 Cents a Share on Future Buyout.” I asked him why IGNT stock was plummeting despite a flurry of rosy press releases. Sand first lambasted me as a visionless day-trader, then reaffirmed his belief in the 5 to 7 cent valuation in the June 30, 2009 press release, and was so convincing that after the call I bought more Ingen shares.
On ************.com, site member DBEN on July 2, 2009 posts “nice bounce from .008 to .0089”, source: http://************.advfn.com/boards/read_msg.aspx?message_id=39251667, and with IGNT shares closing at 0.009 on August 10, 2012, one may reckon the stock has not moved in 37 months. Atrocious! But in fact, there was a 1:1000 reverse split in 2010, so its ‘atrocious’ amplified 1000 times. If you invested a ten-dollar bill in 2009, you own one penny today. Assuming DBEN still holds those same shares from 2009, a move on the magnitude of 008 to .0089 would be microscopic; DBEN would need a “nice” bounce to nine dollars to break even.
Today, Gary Tilden is COO and Chairman of Ingen and is developing strategies to build shareholder value. Ingen’s transfer agent, SEC registered Worldwide Stock Transfer Company, confirmed on July 18, 2012 a total of 79,097,343 outstanding shares. In a July 18, 2012 memo, Ingen’s attorney states that neither Ingen management, nor any 5% holder, nor any counsel is currently under investigation by any federal or state regulatory authority for any violation of federal or state securities laws. This diminishes uncertainty as Sand has satisfied all legal obligations of the 2011 sentence meted out (US District Court, S.E.C., v. Scott Sand). In 2011, Sand resigned all board and officer positions but today remains a consultant to Ingen and as of July 1, 2012 owns 33% of outstanding shares. Viable products alone will not ignite IGNT; only savvy management can do so.
FROM JUNE 12, 2012 PRESS RELEASE
Some of the Ingen Technologies, Inc. suppliers include Tonopah Medical, LLC in Las Vegas; Mountainside Medical Equipment Company in New York; and OxiMedical Respiratory in Arizona.
Chairman Gary Tilden in Jun 12, 2012 press release stated, "Tonopah Medical has been a very consistent client who recently purchased another 500 units for their home oxygen patients throughout the Las Vegas area, as well as Mountainside Medical in New York who made a recent purchase of 200 units."
Shares Outstanding 89,597,343 a/o Sep 20, 2012
Float 53,243,428 a/o Sep 20, 2012
Shareholders of Record 626 a/o Sep 20, 2012
source: OTC Markets Group Inc.
Shares outstanding and float each decreased by 3 million in the last 2 weeks. Could it be a mistake? Or could Ingen be reducing/retiring shares?
From the PR of June 12, 2012: Ingen suppliers mentioned include Tonopah Medical, LLC in Nevada; Mountainside Medical Equipment Company in New York; and OxiMedical Respiratory in Arizona. Chairman Gary Tilden states, "Tonopah Medical has been a very consistent client who recently purchased another 500 units for their home oxygen patients throughout the Las Vegas area, as well as Mountainside Medical in New York who made a recent purchase of 200 units." Below is a list of some present suppliers (as of Sunday, October 21, 2012).
Invacare Supply Group (Invacare Corporation)
9 Industrial Rd
Milford MA 01757
3102 W. Thomas Road, Suite 901
Phoenix, AZ 85017
bShore Medical Surgical
28888 Conejo View Dr
Agoura Hills, CA 91301
Mountainside Medical Equipment, Inc.
PO Box 247
Marcy, NY 13403
Tonopah Medical LLC
800 E. Charleston Blvd. #1036
Las Vegas, NV 89104
simply moving average (SMA) quick analysis (20-day vs. 100-day)
20-day SMA crossed below 100-day SMA in August 2012 and has been below up to now (Oct. 23, 2012) but on lower than average volume. Buying on increased volume can have the 20-day SMA cross above the 100-day SMA (buy signal) within a week, so hopefully some material good news will come out before too much share dillution. Float still reasonably small at 58,643,428.
I just called Gary Tilden at Ingen regarding clarification of the PR of Aug 7, 2012. The PR is entitled, "Ingen Technologies Receives Confirmation of Purchase Order for Approximately 8,000 Oxyview(R) Units Valued at Approximately $160,000", with subtitle, "Initial Order Launches National Sales Campaign", Press Release: Ingen Technologies, Inc. – Tue, Aug 7, 2012 8:30 AM EDT.
Tilden explained that the purchase order was in fact a credit exchange because the "distributor" already had stock of the expired model 205, so Ingen was able to re-establish this distributor and get them up and running with the newer model 203A and 206A units.
The 7,760 Oxyview® units mentioned on August 23, 2012 is the "approximately 8,000 Oxyview® units" mentioned on August 7, 2012, and of course the same "distributor".
This business transaction helped to get a "distributor" back "online" with the new models with hopes of future cash sales should this distributor choose to place a new purchase order.
Regarding, Ingen future plans, Tilden referred me to the Ingen Plan of Reorganization filed in April 2012:
|IGNT -- Closing Prices Last 3 Months|
Posted 11/14/2012 9:55 AM: Ingen Technologies Inc ( IGNT ) took off yesterday after some big news, this stock has seen 5c recently and the next run might take it to 7-10 cents.
Ingen Technologies, Inc. (PINKSHEETS: IGNT), an emerging medical device manufacturer with patented proprietary technology for the growing $4 Billion Respiratory-Market, is pleased to announce the launch of their new website. With a dynamic B2B (Business-to-Business)-eCommerce platform, Ingen will create branding and revenue channels with millions of homecare patients, medical supplies distributors, hospitals, physicians, government purchasing programs and OEM medical device manufacturers.