Pittsburgh, PA - (NewMediaWire) - December 7, 2022 - Innovative Designs (IVDN) has entered into an International Distributorship Agreement with Phoenix Nanotech LTD, Norfolk, England. Phoenix Nanotech LTD will maintain exclusive distribution rights in Commonwealth Countries. The Commonwealth is a voluntary association of 56 independent and equal countries. It is home to 2.5 billion people and includes both advanced economies and developing countries. Thirty-two of the members are small states, including many island nations. The member governments have agreed to shared goals like development, democracy, and peace. The agreement, executed on November 18, 2022, states Phoenix Nanotech LTD will purchase a minimum of 1,000,000 yards of Innovative Design’s exclusive insulation Insultex™ and a minimum of 1,000 rolls of Insultex House Wrap in a calendar year.
Phoenix Nanotech CEO, Leigh Allison, commented, “We were delighted to sign an international distributorship agreement with Joe at Innovative Designs Inc. The transition towards net-zero by 2050 will involve profound, sometimes disruptive products and ‘Insultex’ with its global multiple application potential is definitely one of those products.“
Innovative Designs Inc CEO, Joseph Riccelli, commented, “We are excited to enter into an agreement with Phoenix Nanotech LTD. We reached an agreement with them to order a substantial quantity of our House Wrap and a minimum of 1,000,000 yards of our Insultex insulation. We are laying the groundwork to meet international demands as well as with continued growth here in the U.S.”
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.
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