June 8, 2009 (FinancialWire) — Medical device maker Ingen Technologies, Inc. (OTC: IGNT) said it has paid off around 30% of its debt over the past 60 days with plans to pay-off all debt by the end of this first quarter.

Ingen said it had accumulated debt during 2008 due to the failing United State economy and costs associated in the marketing and sale of the company’s new Oxyview respiratory product.

During the company’s fourth quarter ended May 31 Ingen reportedly paid off more than $200,000 in debt to creditors and vendors. Company CFO Thomas J. Neavitt said that “Ingen should be debt-free from all creditors and vendors before the end of our first quarter in August-2009.”

According to a statement, Ingen’s management has implemented “an aggressive program” to reduce debt 100% by the end of August, and to commence deliveries of the company’s new Oxyview-Cannula in June.

Yucaipa, California-based Ingen is a medical device manufacturer with an emerging new medical product line for the respiratory market. The company introduced its Oxyview product into the respiratory market in late 2007 after securing U.S. and Foreign Patents and licensing with the Food & Drug Administration, and has begun domestic and global distribution with manufacture representative organizations, and OEM partners.

The company is also selling the same products within other industries that include aviation, automotive, emergency response, military and government transportation. Ingen Technologies claims to be the largest manufacturer of in-line gravity-independent oxygen flow meters.

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