Innovative Designs Adds International Distributor 

Rhea-AI Summary

Innovative Designs (IVDN) has signed an International Distributorship Agreement with Phoenix Nanotech LTD, granting exclusive distribution rights in Commonwealth Countries. The agreement, executed on November 18, 2022, mandates Phoenix Nanotech to purchase a minimum of 1,000,000 yards of Insultex™ insulation and 1,000 rolls of Insultex House Wrap annually. CEOs Joseph Riccelli and Leigh Allison expressed excitement about the partnership and its potential to support net-zero initiatives by 2050.

Positive

• Secured an International Distributorship Agreement with Phoenix Nanotech LTD.
• Guaranteed minimum orders of 1,000,000 yards of Insultex insulation and 1,000 rolls of House Wrap annually.
• Enhances positioning for international market expansion.

Negative

• None.

Pittsburgh, PA, Dec. 07, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Innovative Designs (IVDN) has entered into an International Distributorship Agreement with Phoenix Nanotech LTD, Norfolk, England. Phoenix Nanotech LTD will maintain exclusive distribution rights in Commonwealth Countries. The Commonwealth is a voluntary association of 56 independent and equal countries. It is home to 2.5 billion people and includes both advanced economies and developing countries. Thirty-two of the members are small states, including many island nations. The member governments have agreed to shared goals like development, democracy, and peace. The agreement, executed on November 18, 2022, states Phoenix Nanotech LTD will purchase a minimum of 1,000,000 yards of Innovative Design’s exclusive insulation Insultex™ and a minimum of 1,000 rolls of Insultex House Wrap in a calendar year.

Phoenix Nanotech CEO, Leigh Allison, commented, "We were delighted to sign an international distributorship agreement with Joe at Innovative Designs Inc. The transition towards net-zero by 2050 will involve profound, sometimes disruptive products and ‘Insultex’ with its global multiple application potential is definitely one of those products."

Innovative Designs Inc CEO, Joseph Riccelli, commented, "We are excited to enter into an agreement with Phoenix Nanotech LTD. We reached an agreement with them to order a substantial quantity of our House Wrap and a minimum of 1,000,000 yards of our Insultex insulation. We are laying the groundwork to meet international demands as well as with continued growth here in the U.S."

Disclaimer:
Certain statements in this press release constitute "forward-looking" statements as defined by federal law. Such statements are based on assumptions, but there is no assurance that actual outcomes will not be materially different as those implied. Any such statements are made in reliance on the "Safe Harbor" protections provided under the Private Securities Reform Act of 1995 and are subject to various factors, including the risks and matters discussed in the Company's SEC filings available at http://www.sec.gov.

Joseph Riccelli
412-799-0350
joer@idigear.com

FAQ

What is the significance of the agreement between Innovative Designs and Phoenix Nanotech?

The agreement provides Innovative Designs with a substantial international market opportunity and guaranteed sales of their insulation products.

When was the International Distributorship Agreement signed?

The agreement was executed on November 18, 2022.

What products will Phoenix Nanotech distribute?

Phoenix Nanotech will distribute Insultex insulation and Insultex House Wrap.

How many yards of Insultex insulation will Phoenix Nanotech purchase?

Phoenix Nanotech is obligated to purchase a minimum of 1,000,000 yards of Insultex insulation annually.

What are Commonwealth Countries?

Commonwealth Countries are 56 independent nations with shared goals for development and democracy, totaling 2.5 billion people.