ICTV Brands, Inc. Reports Fourth Quarter 2016 Financial
Results
Conference Call Begins Today at 4:30pm EDT
WAYNE, PA--(Marketwired - Mar 28, 2017) - ICTV Brands, Inc.
(OTCQX: ICTV), (CSE: ITV), a digitally focused direct response
marketing and international branding company focused on the health,
wellness and beauty sector, today reported financial results for
the three months and year ended December 31, 2016.
Fourth Quarter 2016 Highlights:
- Positive cash flows from operations of approximately $283K,
increasing cash from year end to approximately $1.4M.
- Positive Adjusted EBITDA of approximately $190,000, excluding
non-cash stock-based compensation.
- Expanded our digital marketing platform to include listings on
www.target.com and www.cvs.com in Q4.
- In January 2017, we completed the transformative acquisition of
PhotoMedex, Inc. and Ermis Labs, Inc.
- Brick and Mortar retail sales of approximately $180,000.
Management Commentary: Richard Ransom, President, stated, "I
speak on behalf of all ICTV employees when I say that I am
incredibly proud of the hard work we have accomplished during the
year, and during the fourth quarter in particular. The close of a
fiscal year is a time to reflect upon the progress that has been
made on the execution of the Company's strategic plan, while at the
same time resetting goals and targets for the year ahead. As I
reflect back to the end of 2015, I see a very different ICTV than
the Company that exists today. Major accomplishments during the
year include: 1) Re-positioning ICTV as a multi-channel digital
media and e-commerce platform. 2) Expansion of sales distribution
channels across geography, online partnerships as well as
traditional brick & mortar. Over the course of 2016, ICTV was
able to establish vendor accounts with several major US and Canada
retailers in addition to Bed Bath & Beyond including Walmart,
Kohl's, Target, and Costco Canada, just to name a few. 3) Taking
100% ownership of DermaWand, which will have a positive immediate
and longer-term impact on gross margins, overall profitability, and
control of the global brand. 4) The transformative acquisitions
that closed in January 2017, which give ICTV a much larger revenue
scale, expanded geographic footprint and strategic relationships,
all of which will contribute to significant shareholder value over
time."
"As we look ahead to 2017, I have never been more excited about
the opportunity that lies in front of our global team. We have
already made substantial progress integrating the acquisitions, and
will continue this progress during the current quarter. Taking into
account the impact of our recent acquisitions, we expect our
revenue in 2017 to more than double from the $16.8 million we
reported in 2016. I would also like to thank our exceptional team
for the effort they have put forth over the last several months to
make these acquisitions and the integration process go as smoothly
as it has thus far."
Reported Financial Results: Fourth Quarter 2016 Compared to
Fourth Quarter 2015: Revenues for the three months ended December
31, 2016 were approximately $4.3 million, compared to approximately
$4.4 million for the three months ended December 31, 2015. Gross
profit margin was 70% in the fourth quarter 2016 compared to 67% in
the prior year quarter. The increase in gross margin percentage is
mainly attributable ICTV's 100% ownership of the DermaWand brand,
which eliminates the payment of royalties going forward, and
results in higher gross margin to the company. Total operating
expenses decreased to approximately $3.1 million from approximately
$3.5 million during the fourth quarter of 2016. When comparing the
fourth quarter of 2016 to 2015, which is a reflection of a mix
shift away from TV based media advertising, towards an omni-channel
digital media and e-commerce platform.
Net loss for the fourth quarter was approximately ($45,000),
compared to a net loss of approximately ($582,000) in the prior
year quarter. The resulting EPS is ($0.00), as compared to ($0.02)
in the comparable quarter a year earlier. Adjusted earnings before
interest, taxes, depreciation, and amortization (Adjusted EBITDA)
was approximately $190,000 as compared to loss of approximately
($454,000).
Year Ended December 31, 2016 Compared to the Year Ended December
31, 2015: Revenues for the year ended December 31, 2016 were
approximately $16.8 million, compared to approximately $24.1
million for the year ended December 31, 2015. The primary driver of
the decline in sales was generated by the aforementioned decrease
in media related expenditures and a decline in international third
party distributor revenue. During the year ended December 31, 2016,
international third party distributor sales revenue for the
DermaWand decreased from approximately $5.3 million to
approximately $4.3 million. Our international third party
distributor revenue is impacted by timing of shipments at period
end, currency fluctuations as well as seasonality. Our
international third party distributor revenue is impacted by timing
of shipments at period end, currency fluctuations and the
appreciation of the U.S. dollar, as well as scheduling
considerations with our distributors' end customers. The decrease
is primarily due to a decline in sales from our third party
distributor customer located in France, Novellia, which were
approximately $876,000 for the year ended December 31, 2016
compared to approximately $1.5 million for the year ended December
31, 2015. In addition, sales from the Latino Media Services (LMS)
group comprised of distributors from Chile, Argentina, Peru,
Colombia, El Salvador, and Ecuador decreased to approximately $1.2
million in 2016 compared to approximately $1.3 million in the prior
year. Offsetting the decrease in sales from Novellia and the LMS,
was an increase of sales from Inova to approximately $1.2 million
in 2016 from approximately $1.0 million in the prior year.
Total general and administrative expenses decreased to
approximately $4.3 million from approximately $5.4 million in the
prior year, as a result of various improvements in expense
management. Examples include bad debt expense being lower by
approximately $451,000, share based compensation being lower by
approximately $195,000, consulting expenses being lower by
approximately $87,000, and travel expenditure being lower by
approximately $149,000.
Total selling and marketing expenses decreased to approximately
$8.5 million from approximately $12.4 million in the prior year.
Significant decreases include media expenditure decrease of
approximately $2.9 million, customer service decreases of
approximately $511,000, answering service decreases of
approximately $397,000, and merchant fee decreases of approximately
$196,000. Partially offsetting the decrease was an increase in
digital marketing expenses to approximately $1.3 million from
approximately $906,000 in the prior year.
Net loss for the year ended December 31, 2016 was approximately
($1.0 million), compared to a net loss of approximately ($1.4
million) in the year ended December 31, 2015. The resulting EPS
loss is ($0.04), as compared to an EPS loss ($0.06) in the year
ended December 31, 2015. Adjusted EBITDA loss was approximately
($268,000) as compared to approximately ($768,000) for year ended
December 31, 2015.
Balance Sheet as of December 31, 2016 As of December 31, 2016,
the Company had approximately $1.4 million in cash and cash
equivalents and approximately $1.3 million in working capital
compared to approximately $1.3 million and approximately $2.3
million in the prior year. Additionally, the Company believes that
our current cash will be sufficient to meet the anticipated cash
needs for working capital for at least the next twelve months.
Additional working capital was added to our balance sheet
subsequent to December 31, 2016, as part of the recently closed
acquisitions and related financing, the details of which have been
previously disclosed and are available in our public SEC
filings.
Conference Call
ICTV will hold a conference call to discuss the Company's fourth
quarter 2016 results and answer questions today, March 28, 2017,
beginning at 4:30pm EDT. The call will be open to the public and
will have a corporate update presented by ICTV's Chairman and Chief
Executive Officer, Kelvin Claney, President, Richard Ransom and
Chief Financial Officer, Ernest P. Kollias, Jr, followed by a
question and answer period. The live conference call can be
accessed by dialing (877) 876-9177 or (785) 424-1666. Participants
are recommended to dial-in approximately 10 minutes prior to the
start of the event. A replay of the call will be available
approximately two hours after completion through April 11, 2017. To
listen to the replay, dial (800) 695-0715 (domestic) or (402)
220-1423 (international). The conference call transcript will be
posted to the Company's corporate website
(http://www.ictvbrands.com) for those who are unable to attend the
live call.
ICTV Brands,
Inc. ICTV Brands, Inc. sells primarily health, beauty and
wellness products as well as various consumer products through a
multi-channel distribution strategy. ICTV utilizes a distinctive
marketing strategy and multi-channel distribution model to develop,
market and sell products through, including direct response
television, or DRTV, digital marketing campaigns, live home
shopping, traditional retail and e-commerce market places, and our
international third party distributor network. Its products are
sold in the North America and are available in over 65 countries.
Its products include DermaWand, a skin care device that reduces the
appearance of fine lines and wrinkles, and helps improve skin tone
and texture, DermaVital, a professional quality skin care line that
effects superior hydration, the CoralActives brand of acne
treatment and skin cleansing products, and Derma Brilliance, a
sonic exfoliation skin care system which helps reduce visible signs
of aging, Jidue, a facial massager device which helps alleviate
stress, and Good Planet Super Solution, a multi-use cleaning agent.
On January 23, 2017, we acquired several new brands, through the
PhotoMedex and Ermis Labs acquisitions and have begun (or, will
shortly begin) marketing and selling the following new products;
no!no!® Hair, a home use hair removal device; no!no!® Skin, a home
use device that uses light and heat to calm inflammation and kill
bacteria in pores to treat acne; no!no!® Face Trainer, a home use
mask that supports a series of facial exercises; no!no!® Glow, a
home use device that uses light and heat energy to treat skin; Made
Ya Look, a heated eyelash curler; no!no!® Smooth Skin Care, an
array of skin care products developed to work with the devices to
improve the treated skin; Kyrobak®, a home use device for the
treatment of non-specific lower back pain; ClearTouch®, a home use
device for the safe and efficient treatment of nail fungus; and
Ermis Labs acne treatment cleansing bars. ICTV Brands, Inc. was
founded in 1998 and is headquartered in Wayne, Pennsylvania. For
more information on our current initiatives, please visit
www.ictvbrands.com.
Non-GAAP Financial
Information Adjusted EBITDA is defined as income from
continuing operations before depreciation, amortization, interest
expense, interest income, and stock-based compensation. Adjusted
EBITDA is not intended to replace operating income, net income,
cash flow or other measures of financial performance reported in
accordance with generally accepted accounting principles. Rather,
Adjusted EBITDA is an important measure used by management to
assess the operating performance of the Company. Adjusted EBITDA as
defined here may not be comparable to similarly titled measures
reported by other companies due to differences in accounting
policies.
The following tables present a reconciliation of the non-GAAP
financial measure of Adjusted EBITDA to the GAAP financial measures
of net income and net cash provided by operating activities,
respectively.
Adjusted EBITDA
Reconciliation
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
For the three months ended
|
|
|
For the years ended
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss, as reported
|
$
|
(44,897
|
)
|
|
$
|
(582,070
|
)
|
|
$
|
(996,344
|
)
|
|
$
|
(1,387,571
|
)
|
|
|
Interest expense (income), net
|
|
3,076
|
|
|
|
(327
|
)
|
|
|
13,587
|
|
|
|
(657
|
)
|
|
|
Depreciation and amortization
|
|
74,708
|
|
|
|
2,076
|
|
|
|
298,558
|
|
|
|
8,306
|
|
|
|
Share based compensation expense
|
|
157,204
|
|
|
|
125,978
|
|
|
|
416,532
|
|
|
|
611,557
|
|
|
Adjusted EBITDA
|
$
|
190,091
|
|
|
$
|
(454,343
|
)
|
|
$
|
(267,667
|
)
|
|
$
|
(768,365
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward-Looking
Statements
Forward-Looking Statements. This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act")
(which Sections were adopted as part of the Private Securities
Litigation Reform Act of 1995). Statements preceded by, followed by
or that otherwise include the words "believe," "anticipate,"
"estimate," "expect," "intend," "plan," "project," "prospects,"
"outlook," and similar words or expressions, or future or
conditional verbs such as "will," "should," "would," "may," and
"could" are generally forward-looking in nature and not historical
facts. These forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements to be
materially different from any anticipated results, performance or
achievements. The Company disclaims any intention to, and
undertakes no obligation to, revise any forward-looking statements,
whether as a result of new information, a future event, or
otherwise. For additional risks and uncertainties that could impact
the Company's forward-looking statements, please see the Company's
Annual Report on Form 10-K for the year ended December 31, 2016,
including but not limited to the discussion under "Risk Factors"
therein, which the Company has filed with the SEC and which may be
viewed at http://www.sec.gov.
-- Financial Statement Schedules follow --
|
|
ICTV BRANDS INC. AND SUBSIDIARIES
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
AS OF DECEMBER 31, 2016 and 2015
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
1,390,641
|
|
|
$
|
1,334,302
|
|
|
Accounts receivable, net of $123,109 and $118,653,
respectively
|
|
506,337
|
|
|
|
301,726
|
|
|
Inventories, net
|
|
1,499,270
|
|
|
|
2,205,726
|
|
|
Prepaid expenses and other current assets
|
|
254,303
|
|
|
|
417,057
|
|
|
|
Total current assets
|
|
3,650,551
|
|
|
|
4,258,811
|
|
|
|
|
|
|
|
|
|
|
Furniture and equipment
|
|
74,098
|
|
|
|
72,008
|
|
|
Less accumulated depreciation
|
|
(58,099
|
)
|
|
|
(50,492
|
)
|
|
|
Furniture and equipment, net
|
|
15,999
|
|
|
|
21,516
|
|
|
|
|
|
|
|
|
|
|
|
Other Asset
|
|
872,864
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
4,539,414
|
|
|
$
|
4,280,327
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
$
|
1,644,899
|
|
|
$
|
1,516,250
|
|
|
Severance payable - short-term
|
|
-
|
|
|
|
45,995
|
|
|
Deferred revenue - short-term
|
|
377,445
|
|
|
|
444,066
|
|
|
Other liabilities - current
|
|
288,525
|
|
|
|
-
|
|
|
Total current liabilities
|
|
2,310,869
|
|
|
|
2,006,311
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue - long-term
|
|
274,374
|
|
|
|
405,746
|
|
|
Other liabilities - long-term
|
|
665,713
|
|
|
|
-
|
|
|
Total long-term liabilities
|
|
940,087
|
|
|
|
405,746
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Preferred stock 20,000,000 shares authorized, no shares issued
and outstanding
|
|
-
|
|
|
|
-
|
|
|
Common stock, $0.001 par value, 100,000,000 shares authorized,
28,343,007 and 28,027,012 shares issued and outstanding as of
December 31, 2016 and 2015, respectively
|
|
18,132
|
|
|
|
17,816
|
|
|
Additional paid-in-capital
|
|
11,546,804
|
|
|
|
11,130,588
|
|
|
Accumulated deficit
|
|
(10,276,487
|
)
|
|
|
(9,280,134
|
)
|
|
Total shareholders' equity
|
|
1,288,458
|
|
|
|
1,868,270
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
$
|
4,539,414
|
|
|
$
|
4,280,327
|
|
See accompanying notes to the consolidated financial statements
as filed on www.sec.gov.
|
|
|
|
ICTV BRANDS INC. AND SUBSIDIARIES
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
For the three months ended
|
|
|
For the years ended
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES
|
$
|
4,317,470
|
|
|
$
|
4,356,357
|
|
|
$
|
16,788,736
|
|
|
$
|
24,096,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF SALES
|
|
1,299,919
|
|
|
|
1,451,389
|
|
|
|
4,998,682
|
|
|
|
7,675,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
3,017,551
|
|
|
|
2,904,968
|
|
|
|
11,790,054
|
|
|
|
16,420,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
1,181,688
|
|
|
|
1,132,220
|
|
|
|
4,258,177
|
|
|
|
5,380,819
|
|
Selling and marketing
|
|
1,877,684
|
|
|
|
2,355,145
|
|
|
|
8,514,634
|
|
|
|
12,428,314
|
|
Total operating expenses
|
|
3,059,372
|
|
|
|
3,487,365
|
|
|
|
12,772,811
|
|
|
|
17,809,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS
|
|
(41,821
|
)
|
|
|
(582,397
|
)
|
|
|
(982,757
|
)
|
|
|
(1,388,228
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST (EXPENSE) INCOME, NET
|
|
(3,076
|
)
|
|
|
327
|
|
|
|
13,587
|
|
|
|
657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE PROVISION FOR INCOME TAX
|
|
(44,897
|
)
|
|
|
(582,070
|
)
|
|
|
(996,344
|
)
|
|
|
(1,387,521
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION (BENEFIT) FOR INCOME TAX
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
$
|
(44,897
|
)
|
|
$
|
(582,070
|
)
|
|
$
|
(996,344
|
)
|
|
$
|
(1,387,571
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
$
|
(0.00
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.06
|
)
|
DILUTED
|
$
|
(0.00
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
28,301,389
|
|
|
|
26,964,741
|
|
|
|
28,213,675
|
|
|
|
24,979,067
|
|
DILUTED
|
|
28,301,389
|
|
|
|
26,964,741
|
|
|
|
28,213,675
|
|
|
|
24,979,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements
as filed on www.sec.gov.
|
|
|
|
ICTV BRANDS INC. AND SUBSIDIARIES
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
FOR THE YEARS ENDED DECEMBER 31, 2016 and 2015
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(996,344
|
)
|
|
$
|
(1,387,571
|
)
|
|
Adjustments to reconcile net loss to net cash and cash
equivalents provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
7,607
|
|
|
|
8,306
|
|
|
|
Bad debt expense
|
|
920,929
|
|
|
|
1,371,797
|
|
|
|
Share based compensation
|
|
416,532
|
|
|
|
611,557
|
|
|
|
Non cash interest expense
|
|
15,423
|
|
|
|
-
|
|
|
|
Amortization of other asset
|
|
290,951
|
|
|
|
-
|
|
|
Change in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
(1,125,540
|
)
|
|
|
(725,509
|
)
|
|
|
Inventories
|
|
706,456
|
|
|
|
(227,725
|
)
|
|
|
Prepaid expenses and other current assets
|
|
162,754
|
|
|
|
193,460
|
|
|
|
Accounts payable and accrued liabilities
|
|
128,649
|
|
|
|
(1,066,686
|
)
|
|
|
Severance payable
|
|
(45,995
|
)
|
|
|
(1,005
|
)
|
|
|
Deferred revenue
|
|
(197,993
|
)
|
|
|
(291,445
|
)
|
|
|
|
Net cash provided by (used in) operating activities
|
|
283,429
|
|
|
|
(1,514,821
|
)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Purchase of furniture and equipment
|
|
(2,090
|
)
|
|
|
-
|
|
|
|
|
Net cash used in investing activities
|
|
(2,090
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Payments on purchase agreement
|
|
(225,000
|
)
|
|
|
-
|
|
|
Proceeds from exercise of options
|
|
-
|
|
|
|
91,640
|
|
|
Proceeds from exercise of warrants
|
|
-
|
|
|
|
112,500
|
|
|
Proceeds from issuance of common stock
|
|
-
|
|
|
|
1,000,000
|
|
|
Release collateral on line of credit
|
|
-
|
|
|
|
500,000
|
|
|
|
|
Net cash (used in) provided by financing activities
|
|
(225,000
|
)
|
|
|
1,704,140
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
56,339
|
|
|
|
189,319
|
|
CASH AND CASH EQUIVALENTS, beginning of the year
|
|
1,334,302
|
|
|
|
1,144,983
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, end of the year
|
$
|
1,390,641
|
|
|
$
|
1,334,302
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
Taxes paid
|
$
|
-
|
|
|
$
|
50
|
|
|
Interest paid
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
|
|
|
|
|
|
|
|
|
Cashless Exercise
|
$
|
48,378
|
|
|
$
|
20,910
|
|
|
DermaWand Asset Purchase Agreement
|
$
|
1,200,000
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements
as filed on www.sec.gov.
Contact
Information: Rich Ransom ransom@ictvbrands.com 484-598-2313
Ernest P. Kollias, Jr. kollias@ictvbrands.com 484-598-2300,
x318