Shares of Innovative Designs Inc. (OTCMKTS:IVDN) have been under pressure over the past few sessions. Here are a few recent developments.
Trading Data
On Monday, IVDN stock moved down 0.90%% to $0.1933 with more than 9.6K shares, compared to its average volume of 15.64K shares. The stock moved within a range of $0.1933 – 0.2490 after opening trade at $0.2490.
About Innovative Designs
Innovative Designs Inc. (OTCMKTS:IVDN) is the developer and manufacturer of Insultex House Wrap, Arctic Armor Line, under the “i.d.i.gear” label featuring INSULTEX, which holds the distinction of being the thinnest, lightest, and warmest insulator in the market today.
Innovative Designs Adds New England Retailer
Innovative Designs Inc. has included Hamshaw Lumber in its retail list. The former is involved in marketing and selling a one-of-a-kind, insulated house wrap. Hamshaw Lumber opened its doors back in 1980, and since then is spread over seven locations – Barre, MA, Amherst, MA, Brattleboro, VT, South Deerfield, MA, Greenfield, MA, Keene, NH, and Orange, MA.
Hamshaw Lumber buyer, Chris Calcari, has stated that the interest in Innovative Designs happened when a contractor and homeowner asked about the Insultex House Wrap, with an R-Value of 6, at Hamshaw Lumber. Extensive research was conducted, and he was extremely impressed with the energy efficiency factor, along with its environmental impact. The very first purchase order is already in transit to its Orange, Massachusetts store.
Innovative Designs CEO, Joseph Riccelli, has further added that they are thrilled to start doing business with Hamshaw Lumber. Their coverage in the New England area will open up wonderful opportunities for home builders and contractors to have easy access to their house wrap.
Innovative Designs Distributorship Expansion
In other developments, Innovative Designs Inc. has been contacted by and even entered into negotiations with various companies that have expressed keen interest in becoming a licensed distributor of its Insultex House Wrap.
The following states by the interested parties would be included among the present territories such as Ohio, Pennsylvania, Colorado, New York, and West Virginia. Joseph Riccelli says that adding these new distributors would boost their coverage in the contiguous U.S. to 30%. The objective has always been to eventually have distributorship coverage in all the important areas across the United States. Thanks to these additional distributors, the company will now be in excellent positions where homebuilders and contractors are present in plenty. As these new distributors come on board, they expect a significant rise in income.
Key Quote
Innovative Designs Inc. CEO, Joseph Riccelli, commented, “Adding these new distributors would increase our coverage in the contiguous U.S. to 30%. Our goal has always been to eventually have distributorship coverage in all the key areas across the United States. These additional distributors will be positioned in locations where homebuilders and contractors are in abundance. Our expectations are a substantial increase in revenue as these new distributors come on board.”
Technical Data
IVDN stock is trading below the 20-Day and 50-Day Moving averages of $0.1976 and $0.2194 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.3145.
