has been paid $200,000 by the FTC and another $60,000 will follow per the very favorable outcome of the company's legal case and court settlement. This money is coming in at the best possible time as it can allow the company to accelerate its manufacturing and inventory ramp-up to meet the increasing demand for Insultex House Wrap in the home building market.
Innovative Designs Reaches Settlement With FTC, Receives First Payment
September 1, 2022 (Globe Newswire)
EQNX::TICKER_START (Other OTC:IVDN),(OTC US:IVDN), EQNX::TICKER_END 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(R) House Wrap, Arctic Armor(R) Line, under the "i.d.i.gear" label featuring INSULTEX(R). INSULTEX(R) is the thinnest, lightest, and warmest insulator in the market today. For more information, please visit http://www.idigear.com
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