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Innovative Designs (IVDN) announced that the United States Patent and Trademark Office (USPTO) issued Patent # 11,623,375 B2 on April 11, 2023, for their proprietary method of forming closed and evacuated cell expanded low density foam. This patent, which follows a January 2023 Notice of Allowance, is crucial for the company’s Insultex® insulation product, as stated by CEO Joseph Riccelli. The patent is expected to lead to significant growth opportunities in various markets, including apparel. Investors should note the implications of this patent in driving future revenue streams for Innovative Designs.
Innovative Designs (IVDN) has announced a significant achievement as the USPTO has issued a Notice of Allowance for its patent application regarding a proprietary process for forming closed and evacuated cell expanded low-density foam. This milestone is expected to facilitate growth in various markets, particularly in apparel. CEO Joseph Riccelli emphasized the validation of their Insultex® insulation as a key driver for future expansion. The company is also pursuing additional patent applications for other proprietary concepts.
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.
Innovative Designs Inc (OTCQB: IVDN) has appointed Robert K. Adams to its Board of Directors. Mr. Adams holds a degree in Electrical Engineering from Texas A&I University and has extensive experience, including work with Lockheed Martin and the Department of Defense. He has led a cyber security development team and founded Planck Consulting. Adams expressed pride in joining IVDN after a long investor relationship. CEO Joseph Riccelli noted that Adams's addition enhances the company's problem-solving capabilities and accelerates progress.
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