SOURCE: Ingen Technologies, Inc.
RIVERSIDE, CA--(Marketwired - Mar 6, 2014) - Ingen Technologies, Inc. (PINKSHEETS: IGNT), announced today the results of a special Board Meeting held on March 4, 2014.
Ingen's Board of Directors discussed the results of the initial funding phase of its investment in the wireless business of ATMC, Inc. and progress in attaining new routes in order to generate bottom-line net profits for the company.
"Pursuant to executed agreements and initial funding on February 7, 2014, the Company and ATMC continue to move forward in a positive direction as the process of testing the newly acquired wireless telecom routes has demonstrated an increase in overall usage. This is a very positive indication that revenues should minimally remain steady and eventually increase as we anticipate adding additional routes in the near future. Our funding partner, JSJ Investments, Inc., has agreed to increase the line of credit up to$2.5M as needed to acquire more of these routes," stated David S Hanson, CEO.
The funding recently allocated is opening new avenues for ATMC. ATMC is actively working with many of its previous and existing customers to continue the increase in traffic. "We look forward to continued success within the telecom industry and for our shareholders," added Mr. Hanson.
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. 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 and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.