Ingen gets forbearance agreement for callable secured convertibles

By Devika Patel

Knoxville, Tenn., Aug. 4 - Ingen Technologies, Inc. negotiated a forbearance agreement in regard to its callable secured convertible notes on July 31, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

Under the agreement, the company stipulated to a $4.5 million judgment and the lenders agreed to forbear collection efforts under the notes until May 31, 2010 if the company pays them 40 million shares each week, or the prior week's trading volume.

All warrants held by the lenders were canceled, and the company may sell up to $4 million of new securities to other investors, provided that half the proceeds are used to reduce the amount owed to the lenders.

Ingen, based in Yucaipa, Calif., is a medical device company that makes pressure gauges for oxygen cylinders.

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