PITTSBURGH, PA, June 05, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Innovative Designs, Inc. (OTCQB: IVDN) wishes to acknowledge a substantial new private placement investment from its Board of Directors member Robert K. Adams. On May 30th an SEC Form 4 filing was made, reporting that Mr. Adams purchased 500,000 shares of IVDN common stock at the market price on that date of .20 per share. This transaction resulted in a cash payment to the company of $100,000 which will be used to help further current plans to expand production and marketing of our patented Insultex® insulation product line. With this 500,000-share purchase Mr. Adams has added to his IVDN common stock holdings of 871,300 shares in total. The Form 4 SEC filing with additional details may be viewed at this direct link: https://www.otcmarkets.com/filing/html?id=16696428&guid=OGT-kpYMRb9mB3h
Regarding his IVDN personal investment, Robert K. Adams stated, “I see very high return potential in the Innovative Designs business plan going forward from this point. The company’s Insultex® House Wrap, IDI Gear clothing line and other products, made with our patented and unique evacuated cell material, offer far superior performance to all competitive options on the market today. Innovative Designs is the sole source of this incredible material which has been finally validated via the Federal Court victories recently won by the company. Now that we are in a position to focus all of our attention and energies on marketing the Insultex® product lines, this is the time of opportunity we have been working towards and we intend to develop our market share to its fullest.”
Robert K. Adams is a very accomplished member of the Innovative Designs Board of Directors. Mr. Adams graduated from Texas A&I University with a degree in Electrical Engineering and he has worked in some impressive professional positions. He began his career at the Lockheed Martin Corporation working on projects for NASA. Mr. Adams then moved on to the Department of Defense as an electrical engineer at Kelly Air Force Base. Afterwards, Mr. Adams was recruited to head a cyber security development team for the Department of Defense with direct work for the US Air Force. Mr. Adams later established his own private company to support clients through the investigation of technical and scientific research, government policies and procedures, patent development and engineering concepts.
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:
Joseph Riccelli
412-799-0350
joer@idigear.com
