Innovative Designs Reaches Settlement With FTC, Receives First Payment

Rhea-AI Summary

Innovative Designs Inc. (OTCQB: IVDN) has reached a settlement with the Federal Trade Commission, resulting in a total of $260,000 in approved fees and costs as of September 1, 2022. The company received a partial payment of $200,000 on August 30, 2022, following a successful motion under the Equal Access to Justice Act. CEO Joseph Riccelli expressed satisfaction with the resolution, indicating it allows the company to focus on its business plans. Innovative Designs produces the Insultex® House Wrap and Arctic Armor® Line, known for high-quality insulation solutions.

Positive

• Settlement with the FTC enables financial recovery of $260,000.
• Received a partial payment of $200,000, improving cash flow.
• Management expressed confidence in moving forward with business plans.

Negative

• None.

Pittsburgh, PA, Sept. 01, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Innovative Designs Inc. (OTCQB: IVDN) and the Federal Trade Commission (“FTC”) agreed to a settlement on the Company application seeking fees, costs and expenses approved by the Court on June 29, 2022. The amount is $260,000. On August 30, 2022, the Company received a partial payment of $200,000. This is a result of filing a motion pursuant to the Equal Access to Justice Act that was filed against the Federal Trade Commission after the court dismissed the case. Joseph Riccelli, CEO of Innovative Design commented, “The company is pleased that the case is over, and we can move forward with our business plan.”

Innovative Designs Inc. manufactures the Insultex® House Wrap, Arctic Armor® Line, under the "i.d.i.gear" label featuring INSULTEX®. INSULTEX® is the thinnest, lightest, and warmest insulator in the market today. For more information, please visit http://www.idigear.com or www.insultexhousewrap.com.

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 was the settlement amount approved for Innovative Designs Inc. by the FTC?

The settlement amount approved for Innovative Designs Inc. by the FTC was $260,000.

When did Innovative Designs Inc. receive the partial payment related to the FTC case?

Innovative Designs Inc. received a partial payment of $200,000 on August 30, 2022.

What does Innovative Designs Inc. manufacture?

Innovative Designs Inc. manufactures the Insultex® House Wrap and Arctic Armor® Line.

Who is the CEO of Innovative Designs Inc.?

The CEO of Innovative Designs Inc. is Joseph Riccelli.

What legal action did Innovative Designs Inc. take against the FTC?

Innovative Designs Inc. filed a motion under the Equal Access to Justice Act against the FTC.