Innovative Designs Vendor Growth

Rhea-AI Summary

Innovative Designs, Inc. (IVDN) experiences significant growth in market share with a 318% comp sales increase due to adding over 30 new accounts for its Insultex House Wrap®. Sales for the first 5 months of FY2024 are already at 88% of last year's total, indicating strong performance.

PITTSBURGH, PA, April 10, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Innovative Designs, Inc. (OTCQB: IVDN) continues to gain market share through its growing vendor base. Since the beginning of this fiscal year (November 1, 2023), Innovative Designs has added over 30 new accounts that have purchased its Insultex House Wrap®. This has resulted in a comp sales increase of 318% as compared to the same time period last year (November 2022 – April 2023).  With 7 months remaining in FY2024, sales for the first 5 months are approaching 88% of last year's total.

Randy Kimbler, a National Distributor of Insultex, commented, “The introduction of Insultex® House Wrap to several major building supply companies has been very well-received. The product is being placed in the retail locations of these organizations, as well as many local building supply companies. The R-6 insulation value provided by this very thin product has proven to be an affordable solution for builders facing economic challenges in states where energy codes require R-5 Continuous insulation for new construction.”

About Innovative Designs, Inc.

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

CONTACT:

Innovative Designs, Inc.

Joseph Riccelli, CEO

412-799-0350

joer@idigear.com

http://www.insultexhousewrap.com

FAQ

How many new accounts has Innovative Designs added since the beginning of FY2024?

Innovative Designs has added over 30 new accounts since the beginning of FY2024.

What is the comp sales increase for Innovative Designs compared to the same time period last year?

Innovative Designs has experienced a 318% comp sales increase compared to the same time period last year.

What is the R-value provided by Insultex House Wrap®?

Insultex House Wrap® provides an R-6 insulation value.

Who commented on the well-reception of Insultex House Wrap® by major building supply companies?

Randy Kimbler, a National Distributor of Insultex, commented on the positive reception of the product.