Ingen Tech's Telecommunication Acquisition of ATMC Expected to Close This Week
(firmenpresse) - RIVERSIDE, CA -- (Marketwired) -- 04/24/13 -- Ingen Technologies, Inc. (PINKSHEETS: IGNT) is pleased to announce that the final revisions of the cash and purchase price of the Purchase and Agreement of Acquisition have been accepted by both parties and is anticipated to close this week. Details were not disclosed.
The Southern California based ATMC is an Inter-Exchange Carrier licensed by the FCC for Domestic and International Telecommunications services, providing voice services serving Domestic and International Public and Private Telephone Companies. ATMC began business in 1989, and continues to provide services in the changing digital communication industry. To learn more about ATMC please visit .
"While the ATMC management team negotiated some of the purchase terms, we have all agreed on the purchase price that includes stock and cash, and have drafted the final document for execution. Bob Ellis, President of ATMC, was interested in securing the deal with a 5% cash deposit, and the remaining balance in a note. We were able to accept the terms and anticipate closing the acquisition by the end of the week. Ingen has a number of investors who will provide the cash for the ATMC acquisition, as they continue to support the changes required for Ingen's growth. The essence of this acquisition is to expand the existing routes with ATMC pursuant to a $25M program over the next three years, while diversifying Ingen's revenue stream," commented Gary B. Tilden, Chairman.
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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.
Contact:
Gary Tilden
951-688-7840
Ingen Technologies, Inc.
Riverside, California
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Datum: 24.04.2013 - 10:39 Uhr
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