ICTV Brands, Inc. Terminates Royalty Agreement
July 18 2017 - 4:00PM
Marketwired
ICTV Brands, Inc. Terminates Royalty Agreement
WAYNE, PA-(Marketwired - Jul 18, 2017) - ICTV Brands, Inc.
(OTCQX: ICTV), (CSE: ITV)
ICTV Brands, Inc. (OTCQX: ICTV), (CSE: ITV), a digitally
focused, direct response marketing and branding company
specializing in the health, wellness and beauty sector, today
announced the termination of its remaining royalty agreement with
PhotoMedex, Inc in exchange for a cash payment of $2,000,000. The
royalty agreement was a component to the original asset purchase
agreement that consummated on January 23, 2017. The company has
financed this via a promissory note issued to a current
shareholder, to be paid back over a 30 month period. The remaining
royalty commitment under the original agreement was approximately
$3,900,000.
ICTV Brands President, Rich Ransom, stated, "The PhotoMedex
asset acquisition earlier this year has accelerated our plan to
build a global consumer product platform. Our announcement today
removes the remaining financial obligation from that acquisition
and will benefit shareholders by being accretive to our margin
profile as we execute on our strategic growth plans."
For more information on our announcement today, please see our
8-K filed with the SEC relating to the Termination and Release
Agreement.
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.
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. Among these forward-looking statements are statements
regarding the closing of additional amounts under the common stock
private placement, the ability of ICTV Brands to successfully
integrate the acquisitions and become a major player in the
worldwide marketplace for health and beauty products, and any other
statements regarding ICTV's plans or objectives with respect to the
acquisitions. Although ICTV believes that the expectations
reflected in such forward-looking statements are reasonable, these
statements involve risks and uncertainties that may cause actual
future activities and results to be materially different from those
suggested or described in this news release. These include risks
that may affect the ability of ICTV to successfully raise
additional amounts under the common stock financing, and the
ability of ICTV to realize the anticipated benefits from the
acquisition. For additional risks and uncertainties that could
impact ICTV's forward-looking statements, please see ICTV's Annual
Report on Form 10-K for the year ended December 31, 2015, including
but not limited to the discussion under "Risk Factors" therein,
which ICTV has filed with the SEC and similar disclosure, if any,
contained in Quarterly Reports filed by ICTV on Form 10-Q after the
filing of such Annual Report on Form 10-K, which may be viewed at
http://www.sec.gov. ICTV 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.
Contact Information Rich Ransom Ransom@ictvbrands.com
484-598-2313 Ernest P. Kollias Jr Kollias@ictvbrands.com
484-598-2300 ext. 318