International Commercial Television, Inc. Enters Into Line of Credit Agreement
Strengthens Balance Sheet and Bolsters Liquidity, Partners with JPMorgan Chase
Bank for Treasury and Payment Processing
WAYNE, Pa., July 15, 2014 (GLOBE NEWSWIRE) -- via PRWEB - International
Commercial Television, Inc. (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
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 viewed at http://www.sec.gov.
International Commercial Television
Contact Financial Corp.
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CONTACT: International Commercial Television Inc.
+1 (484) 598-2300 Ext: 313
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