1 man show!
otcmarkets.com
OTC Disclosure and News Service
CURRENT INFORMATION REPORTING
Date of report (Date of earliest event reported): October 7, 2010
INGEN TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Georgia 000-28704 88-0429044
------- ----------- ----------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification Number)
35193 Avenue "A", Suite-C, Yucaipa, California 92399
---------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
(909) 790-7180
--------------
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Other Events
Ingen Technologies, Inc., a Georgia corporation (the “Company”) and its CEO,
Scott Sand were named as defendants in an enforcement action filed the
Securities and Exchange Commission. The Complaint was filed on October 7,
2010 in the Southern District of Florida. Case Number 1:10-cv-23602-PAS
styled Securities and Exchange Commission vs. Scott R. Sand and Ingen
Technologies, Inc.
The United States filed a criminal information statement against the
Corporation’s Chief Executive Officer, Scott Sand in the Southern District of
Florida on October 7, 2010. In United States v. Scott Sand, Case No. 10-
60257-CR-WPD, defendant Scott Sand, 52, of Yucaipa, California, is charged
with engaging in a scheme to pay kickbacks to a pension fund fiduciary to
induce the fiduciary to misappropriate money from a pension fund in order to
buy restricted common stock at inflated prices.
Charles E. Vorwaller resigned as a director of the Company on October 7, 2010.
Chris A. Wirth resigned as a director of the Company on October 12, 2010.
Yong Sin Khoo resigned as a director of the Company on October 13, 2010.
On October 18, 2010, the Company’s board of directors, consisting of Scott R.
Sand and Curt Miedema concluded that it is in the best interest of the Company
for Scott Sand to remain the Chief Executive Officer of the Company until such
time as a suitable replacement can be identified and hired. The Company began
a search for additional directors to join its board. There can be no
assurance that suitable candidates will join the board.
The Company intends to proceed with the reverse split of its common stock that
was approved by the shareholders. The Company has reduced its workforce to
one employee, Mr. Sand. The Company intends to rely upon outside consultants
to market the Company’s products and to perform all other management
functions. There exists substantial doubt about the Company’s ability to
continue as a going concern.
SIGNATURES
The Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATED: October 20, 2010 INGEN TECHNOLOGIES, INC.
By: /s/ Scott R. Sand
-------------------------------
Scott R. Sand,
Chief Executive Officer |
