Well you are using around 119M of texture memory which is getting on the high side for the 4, 4s, iPad2 and mini. They have a max memory of 512m and a good portion of that is tied up by the OS. The iPhone 3Gs, iPad 1 only have 256M of memory and well taking over half of it's a problem. I think the iPhone 5 family and the iPad 3/4 are at 1GB of memory so the 119M should be comfortable on those devices with some room to grow.
Keep in mind how texture memory works. You take your image size and round each side up to the next power of two. A 640x1135 image (full size iPhone 5 image) is really 1024x2048x4 bytes of memory (8mb), but if that same image was downsampled a little to 512 x 909, then it would be a 512 x 1024 x 4 or a 2mb texture and the image can resample up with a little loss of quality (but Corona and iOS do a really good job of this).
Also make sure you're using dynamic image sizes. Provide a regular sized image that's pre-scaled for small screens say 320x568 keeping with the image sizes here, then provide and @2x image at 640x1136 and an @4x image at 1280x2272. The Retina iPads will use the big image (and they have more memory), the Retina iPhones and lower memory iPads will use the mid-sized image and the older phones the low size. Combine this technqiue with keeping your images at the smaller round-up memory sizes and you can conserve a lot of memory.
Finally, if you don't need it in memory, don't load it until you need it and then get rid of things don't need. For instance if you were building a photo album type app. Pre-build your square thumbnails and don't use a full size image for them. Then you only need three pics in memory at once. The one that's on the screen and the one that can be swiped in either direction. Once you swipe, dispose of the one furthest away, load in the next one in the swipe direction.
Watch your transparencies too. I had an app I was building for a customer and they sent me an animation sequence that was full screen 1024x768. But the actual action was happening in a much smaller space, the artist was trying to make things easier with the full screen images, I was able to trim all the non-important transparency and get that animation down to something reasonable. It went from over 100MB to 26MB.
Without knowing more about what you're trying to do, it would be hard to provide any more specific guidance.