PITTSBURGH, Aug. 9, 2005 (PRIMEZONE) -- Innovative Designs, Inc. (OTCBB:IVDN), "i.d.i.gear," is pleased to announce that it has received funds from the United States Small Business Administration Disaster Relief Division. In the middle of July, 2005 Innovative Designs, Inc. was approved for a SBA disaster loan from the severe flooding it experienced on Friday, September 17, 2004 from the remnants of Hurricane Ivan. The 10 feet of flood water delayed the 2005 debut of Innovative Designs' "Bill Maas Hunting Line." The disaster forced a clean-up process that lasted for over six months.
Innovative Designs has worked very diligently over the last six months to secure this loan. Even though Innovative Designs, Inc. is a publicly traded company, the loan was personally guaranteed by Innovative Designs' CEO, Joseph Riccelli, because of his resolute faith in Innovative Designs' unique products.
Innovative Designs" "Bill Maas Hunting Line" offers protection to sub zero temperatures and is the warmest, the lightest, and the thinnest hunting line on the market today. The "Bill Maas Hunting Line" will be available nationally this fall.
Quote from Joseph Riccelli, CEO Innovative Designs, Inc., "I had no problem personally guaranteeing the Small Business Administration loan because of the tremendous response by national retailers for our unique products. We have overcome many obstacles because of the flood to get to this point. We expect to have a great year in 2006 based on the feedback of the national retailers. Hence, the decision to personally guarantee the loan was an easy one for me."
The Company
Innovative Designs, Inc. manufactures hunting apparel, swimwear, wind shirts, jackets, sleeping bags, and the multi-function stadium pack under the "i.d.i.gear" label. 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.