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Innovative Designs, Inc. specializes in manufacturing and marketing cold weather recreational and industrial clothing products. The company operates in two segments, offering a range of products like jackets, bibs, gloves, house wrap, insulation, and tape products. Innovative Designs primarily sells through independent sales agents, agencies, retailers, and distributors in the United States and Canada.
In recent news, the company has gained new client accounts for its patented Insultex House Wrap® due to rising demand and new building codes. The unique vacuum cell structure of Insultex House Wrap® provides unparalleled R-6 insulation, making it a preferred choice for builders and remodelers. The company is actively developing and protecting its advanced insulation technologies, filing an International Patent Application for further advancements in insulation performance.
Innovative Designs Inc. (OTCQB: IVDN) is providing free Insultex House Wrap to a Florida contractor involved in the Hurricane Ian restoration efforts. This unique product features a water-vapor barrier and adds an R-Value of six, enhancing energy efficiency for homeowners affected by the hurricane. The CEO emphasized the company's commitment to assist those impacted by the disaster.
Forward-looking statements are included, indicating potential risks that could materially alter actual outcomes.
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.
Innovative Designs Inc. (OTCQB: IVDN) announced a distributorship agreement with Hartman Independent, which has over 70 years of experience supplying fastening and building products in Western Pennsylvania. Hartman will cover markets in eastern Ohio, northern West Virginia, western and central Pennsylvania, and parts of New York, Maryland, and Virginia, enhancing IVDN's distribution capabilities. CEO Joseph Riccelli expressed enthusiasm for this addition to their distributor network, aiming to service accounts in the tri-state area and beyond.
Innovative Designs Inc. (OTCQB: IVDN) has engaged McKibbin Consulting to enhance the marketing of its Insultex House Wrap®, a product marrying insulation and house wrap to improve construction efficiency. McKibbin Consulting, led by Jill McKibbin, aims to leverage their extensive industry connections to promote Insultex, which is anticipated to become a preferred choice for contractors. CEO Joseph Riccelli highlighted the firm’s successful outreach to builders and distributors, signaling increased awareness and potential market share for Insultex House Wrap.
Innovative Designs Inc. (OTCQB: IVDN) is negotiating with potential distributors to expand its Insultex House Wrap® coverage into Ohio, Pennsylvania, Colorado, New York, and West Virginia. CEO Joseph Riccelli stated that this expansion would increase their distribution reach to 30% in the contiguous U.S. and aims to significantly boost revenue as new distributors are onboarded. The company specializes in manufacturing Insultex® which is known for being the thinnest and warmest insulator available in the market.
Innovative Designs Inc. (OTCQB: IVDN) recently reported important milestones contributing to its long-term growth strategy. After favorable litigation outcomes regarding the marketing of Insultex House Wrap®, the company is expanding its manufacturing and distribution efforts. New distributors are generating increasing orders monthly, as demand rises amid soaring energy prices. Insultex House Wrap® is touted as the thinnest and highest-performing insulation, capable of significantly improving building efficiency. The company aims to produce Insultex in-house for greater market share and larger order fulfillment.
Innovative Designs Inc. (OTCQB: IVDN) has partnered with Hamshaw Lumber, a retailer with seven locations across New England, to distribute its Insultex House Wrap. The Insultex product boasts an R-Value of 6, highlighting its energy efficiency and positive environmental impact. This collaboration opens new opportunities for homebuilders and contractors in the region. CEO Joseph Riccelli expressed optimism about the partnership, indicating that it will enhance product accessibility for customers.
Innovative Designs Inc. (OTCQB: IVDN) announced that CEO Joseph Riccelli will be featured on The RedChip Money Report® airing on Bloomberg TV on March 5 at 7 p.m. ET. The show aims to provide insights into small-cap investing and includes interviews with public company executives. Innovative Designs specializes in outdoor apparel and thermal building materials, including the Insultex® House Wrap, which is known for its lightweight and thermal efficiency. The interview is expected to reach an estimated 73 million homes across the U.S.
Innovative Designs Incorporated (OTCQB: IVDN) announced the appointment of Dr. Donald V. Garlotta to its Board of Directors. He currently serves as Technical Director at Airex Rubber Products and possesses a Ph.D. in Polymer Science. Dr. Garlotta's expertise in New Product Development and mechanical characterization of polymer materials will enhance the company's efforts in expanding the Insultex house wrap product line. His experience in patent development and commercialization is expected to drive growth in various markets.
Innovative Designs (OTCQB: IVDN) has appointed Dr. Donald V. Garlotta, Ph.D., a Polymer Scientist, to its advisory staff for Insultex House Wrap. With his experience in new product development and polymer characterization, Dr. Garlotta will enhance testing methods and aid in updating patents for Insultex. His expertise will guide the company in exploring new market segments for insulation products. CEO Joseph Riccelli emphasized the strategic advantage Dr. Garlotta brings to the company.
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