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.
Innovative Designs Inc. (OTCQB: IVDN) has upgraded its listing from the Pink Sheets to the OTC Markets’ OTCQB Tier. CEO Joseph Riccelli expressed satisfaction with this transition, citing the resolution of a previous case and the currency of their financials as key factors. The company is known for its Insultex® House Wrap and other insulation products. This move may enhance visibility and credibility in the market, potentially benefiting shareholders.
Innovative Designs Inc. (OTCPK: IVDN) has secured a sales agreement with Junior Trend, a Canadian company, to promote its Insultex® insulation across Canada, Europe, China, and select U.S. accounts. The partnership aims to introduce Insultex® to leading coat manufacturers for their fall 2022 collections, offering a sustainable and cost-effective alternative to traditional down insulation. Junior Trend's president, Steve Shein, forecasts significant growth in Insultex sales, highlighting its unique technology that delivers warmth comparable to down coats with a thinner profile.
Innovative Designs Inc. (OTCPK: IVDN) has signed a distributorship agreement with Construction Component Sales Inc. (CCSI) for its Insultex House Wrap. CCSI, a well-respected independent agency in Texas, Oklahoma, and Louisiana, provides marketing and sales support for building products. Both parties expressed optimism; CCSI highlighted the superior technology of Insultex, while IVDN's CEO underscored the significance of the partnership. This collaboration aims to enhance the market presence of Insultex House Wrap in the region.
Innovative Designs (OTCQB: IVDN) Inc. achieved a significant legal victory as Federal District Court Judge Nora Fischer ruled in favor of IDI against the FTC's allegations of false advertising regarding the insulation power of its Insultex products. The FTC claimed IDI overstated the 'R-values,' which measure a product's effectiveness in energy cost reduction. The court found the FTC lacked credible expert testimony, leading to a judgment for IDI. Following an appeal by the FTC, the United States Court of Appeals affirmed the district court's decision on July 22, 2021.
On September 29, 2020, Innovative Designs, Inc. (IVDN) received a favorable ruling from U.S. District Judge Nora Barry Fischer, concluding the FTC's lawsuit concerning its R-value testing for INSULTEX House Wrap products. The court determined that the FTC could not substantiate its claims against IVDN as they failed to counter the company's evidence supporting its R-value and energy savings claims. CEO Joseph Riccelli expressed relief at the decision, emphasizing the importance of the case for the company's reputation.