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 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
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 .
Contact Information
International Commercial Television
Rich Ransom
ransom(at)ictvonline(dot)com
484-598-2313
Hayden IR
hart(at)haydenir(dot)com
917-658-7878
Kirk Gamley
Contact Financial Corp.
Phone: 604-689-7422
E-mail: kirk(at)contactfinancial(dot)com
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International Commercial Television Inc. Richard Ransom +1 (484) 598-2300 Ext: 313
