Today Ingen announced it's largest sale to date of it's product. The customer is The CEO's business partner, Ingen's 2nd largest shareholder, and founding investor. Nowhere does this press release disclose this relationship
YUCAIPA, Calif., July 17, 2009 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT - News), a leading Medical Device Manufacturer focused in the $8 Billion global Respiratory Markets for the growing aging population and emerging markets for Home (DME), Hospital and Aviation Industries, announced today that the company has received a purchase order from MedOx Corporation for 40,000 Oxyview-Nasal Cannulas.
finance.yahoo.com
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On February 28, 2006 and March 17, 2006, we entered into two investment contracts with Jeffrey Gleckman, pursuant to which we issued an aggregate of 2,000,000 shares of our restricted common stock to Mr. Gleckman (after our reverse stock split which was effective on August 27, 2008 the total number of adjusted common shares is equal to 3,334). Mr. Gleckman is the President of MedOx Corporation, the contractor distributing OxyView(TM). MedOx was originally known as Tech-Ni-Com, Inc. Our first contract with Mr. Gleckman's company was in 2000 for distribution of the BAFI(TM) product line. However, actual sales of OxyView(TM) did not commence until November of 2006. Mr. Gleckman paid $300,000 consideration in the two transactions for the above-referenced shares.
google.brand.edgar-online.com
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DISTRIBUTION AGREEMENT
This Agreement made effective as of this 1st day of December, 2006, by and
Between MedOx, Corporation, a California Corporation, further referred to as the
("Contractor") whose principal address is 23404 Lyons Avenue, Suite 191,
Newhall, California 91321; and INGEN TECHNOLOGIES, INC., A Nevada Corporation,
further referred to as the ("Company"), whose principal address is 35193 Avenue
A, Yucaipa, California 92399 , and is made with reference to the following.
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sec.edgar-online.com
On March 18, 2008, we issued 2,000,000 shares of our Series A preferred stock to Jeffrey Gleckman, an over 10% shareholder of our Series A Convertible Preferred Stock. These shares were due under an agreement with MedOx, Inc. which was dated August 1, 2007. The value of these shares, under the terms of the contract, was $20,000.
On September 17, 2008, Jeffrey Gleckman converted 4,000,000 of Series A preferred shares into common stock. Upon this conversion, Mr. Gleckman owned 49.8% of our total outstanding common shares. |
