SOURCE: Innovative Designs, Inc.

July 07, 2008 13:41 ET

Innovative Designs Moves Ahead; Judgment Satisfied

PITTSBURGH, PA--(Marketwire - July 7, 2008) - Innovative Designs (OTCBB: IVDN) is pleased to announce that the judgment entered against it by Elio Cattan and Eliotex SRL, subsequently executed upon and sold to Greystone, Inc., and assigned in turn to Elite Properties LLC, has been satisfied.

Notice of the satisfaction of the judgment has been filed in both the Court of Common Pleas of Allegheny County, Pennsylvania and in the United States District Court for the Western District of Pennsylvania. The Honorable Arthur J. Schwab has closed the last remaining action pending against IDI and its CEO, Joseph Riccelli.

The obligation will be removed from IDI's books and all future financial statements will be prepared accordingly.

Joseph Riccelli, CEO, stated, "After two years of legal proceedings, this judgment has been satisfied. We can now focus 100% of our vision on growth going forward free of distractions."

The Company

Innovative Designs, Inc. manufactures the Arctic Armor™ Line, hunting apparel, swimwear, wind shirts, jackets, sleeping bags, and the multi-function "All in One" under the "i.d.i.gear" label featuring INSULTEX™. INSULTEX™ is the thinnest, lightest and warmest insulator in the market today. For more information, please visit http://www.idigear.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 Information

  • Contact:
    Joseph Riccelli
    (P) 412-799-0350
    (C) 412-298-1265