Strengthens Balance Sheet and Bolsters Liquidity
Partners with JPMorgan Chase Bank for Treasury and Payment
Wayne, Pennsylvania--(Newsfile Corp. - July 15, 2014) -
International Commercial Television, Inc. (OTCQB: ICTL) (CSE: ITV)
(or "ICTV"), a direct response marketing and branding company
focused on the health and beauty sector, announced today that
effective July 2, 2014, it has closed on a one year $500,000 Credit
Facility with JPMorgan Chase Bank, N.A ("JPMorgan Chase"). The
Company has no current plans to utilize the Credit Facility, but
will have access to the Credit Facility for working capital and
other general corporate purposes as needed.
The Credit Facility contains certain customary covenants
including negative covenants that require JPMorgan Chase's consent
to, among other things, pay dividends, incur secured indebtedness,
restructure or merge, make investments and acquisitions, and other
matters customarily restricted under a Credit Facility loan
agreement. The Credit Facility also requires the Company to
maintain prescribed levels of liquidity and EBITDA.
ICTV is also pleased to announce it has entered into a payment
processing agreement with JP Morgan Chase Bank's merchant payment
processing provider Chase Paymentech, effective September 1, 2014.
In addition, ICTV will utilize JPMorgan Chase Bank for all of its
treasury requirements domestically and internationally.
Richard Ransom, ICTV's President, stated, "We are very pleased
to announce our partnership with JPMorgan Chase and are excited to
see the benefits from an operational and cost savings perspective
of having one service provider for our banking and payment
processing functions. While we are pleased with our current working
capital and liquidity situation, it is great to have the option to
access short term financing as the Company continues to enter new
markets and introduce new products. We're excited to build upon our
relationship with JPMorgan Chase as ICTV continues to grow."
International Commercial Television, Inc.
International Commercial Television, Inc. sells various health
and beauty products through infomercials and other channels
primarily in the United States. ICTV utilizes a distinctive
marketing strategy and multi-channel distribution model to develop,
market and sell products through infomercials, live home shopping
television, specialty outlets and online shopping. It offers health
and beauty products, including DermaWand, a skin care device that
reduces the appearance of fine lines and wrinkles and helps
improves skin tone and texture. In addition, ICTV sells DermaVitÁl,
a professional quality skin care range that effects superior
hydration. International Commercial Television Inc. was founded in
1993 and headquartered in Wayne, Pennsylvania.
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, 2013,
including but not limited to the discussion under "Risk Factors"
therein, which the Company has filed with the SEC and which may be
International Commercial Television
Contact Financial Corp.