Take a look at IVDNQ now. This company was forced into Chapter 11 Bankruptcy due to a legal battle. However, their news this week tells that the legal issues are just about resolved. They should be able to get the bankruptcy status removed now. The stock stock could have a significant run-up as a result.
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Innovative Designs Announces Legal Battle Nears Close
PITTSBURGH, PA, Sep 12, 2007 (MARKET WIRE via COMTEX) -- Innovative Designs, Inc. ("IDI") (OTCBB: IVDNQ) is pleased to announce that its lengthy legal battle with Eliotex, SRL ("Eliotex") and Elio D. Cattan ("Cattan") is drawing to a close, and that all claims against IDI relating to the judgment entered by Eliotex and Cattan are being
withdrawn.
The judgment entered against Innovative Designs by Eliotex and Cattan
has been purchased by French company Greystone, Inc. ("Greystone").
Greystone was involved in litigation with Eliotex and Cattan in
arbitration proceedings in France on claims similar to those in
dispute between IDI and Eliotex/Cattan. The Greystone matter was
fully adjudicated by a French arbitration panel which found in favor
of Greystone and entered an award against Eliotex and Cattan, jointly
and severally.
Greystone, after determining that Eliotex/Cattan had no assets in
Europe with which to pay the award, reduced its award to judgment in
the U.S. District Court for the Western District of Pennsylvania and
subsequently evidenced the judgment in the Court of Common Pleas of
Allegheny County, Pennsylvania and commenced execution proceedings.
At sheriff's sale conducted September 5, 2007, Greystone purchased
the Eliotex/Cattan judgment against Innovative Designs, and is now
the record owner of the judgment.
Greystone and IDI have reached an accommodation that provides for all
claims against IDI relating to the judgment to be withdrawn. The
Eliotex/Cattan judgment was the basis for the Involuntary Bankruptcy
Petition filed against IDI, and Greystone will shortly be filing a
Withdrawal of Claim in the United States Bankruptcy Court for the
Western District of Pennsylvania, after which Innovative Designs will
seek the dismissal of the Case.
IDI Chief Executive Officer Joseph Riccelli noted that the legal
proceedings had been fierce and protracted, and that IDI still
intends to pursue vindication through its pending appeal before the
Third Circuit Court of Appeals. "Both the company and I have been
through hell, but the battle is basically over, although our lawyers
tell me some mopping up is left to be done," said Riccelli. "I want
to thank the employees, shareholders and suppliers who never lost
their faith in us. It was a long fight, but I always knew in my heart
that we were in the right."
"IDI's future looks bright, and for the first time in a long time
there are no clouds on the horizon. We're all excited about what this
company can do, now that we can put the legal issues behind us. I
think there are some amazing times ahead for the company and for the
people who stuck with us."
The Company
Innovative Designs, Inc. manufactures the Arctic Armor(TM) 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(TM). INSULTEX(TM) is the thinnest, lightest and
warmest insulator in the market today. For more information, please
visit 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 sec.gov.
Contact:
Gregory P. Domian
Phone, 412-799-0350
Cell, 412-551-7558
SOURCE: Innovative Designs, Inc.
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