Settlement Reached for Innovative Design
PITTSBURGH, PA, Oct 24, 2007 (MARKET WIRE via COMTEX) -- On September 24, 2007, Innovative Designs, Inc. (OTCBB: IVDNQ) ("IDI") filed a Motion to Dismiss Case No. 06-23921-MBM in the US Bankruptcy Court for the Western District of Pennsylvania. Objections were filed on behalf of three parties. On October 22, 2007, IDI further filed Objections to the Claims of the Petitioning Creditors responsible for commencing the Involuntary Petition against IDI.
At a hearing on the Motion held October 23, 2007, counsel for IDI informed the Honorable M. Bruce McCullough that IDI has reached settlement in the aggregate amount of $45,000 with the three Objectors, comprising two administrative claimants and one creditor, and that upon execution of appropriate settlement documents those Objections will be withdrawn.
The court has requested that IDI submit confirmation of the settlements and a proposed Order dismissing the Bankruptcy Case by Friday, October 26, 2007, at which time it is anticipated that Judge McCullough will approve the settlement agreements and execute the Order dismissing the case.
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:
Joseph Riccelli
(P) 412-799-0350
(C) 412-551-7558
SOURCE: Innovative Designs, Inc.
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