Thanks Laurence. Unfortunately, changing the local PC time zone does not help. I changed it to UTC and have the same problem. I also tried changing my PC time Eastern Time (New York). I changed the time zone for the IO calendar to Eastern and get the same issue. The meeting invite says 10:00AM New York time but the .ics file says 11:00AM. I think you are right; the software writers forget to account for daylight saving!!
Odd that this problem doesn't seem to have been reported previously on this discussion board though.....