International Commercial Television of Wayne says on July 2 it closed on a one year $500,000 Credit Facility with JPMorgan Chase Bank, N.A.

The company has no current plans to utilize the loan, but will have access to the funds for working capital and other general corporate purposes as needed.

ICTL sells health and beauty products through infomercials and other channels, primarily in the U.S. One of its successes is DermaWand, a skin care device that reduces the appearance of fine lines and wrinkles, and helps improves skin tone and texture.

Last month ICTL appeared poised to expand its television health and beauty marketing into Canada and chose Vancouver-based Contact Financial Corp. to launch a new advertising campaign.

ICTL stated the Credit Facility contains customary covenants, including negative covenants, that require JPMorgan Chase’s consent to 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 also announced it entered into a payment processing agreement with JP Morgan Chase Bank’s merchant payment processing provider Chase Paymentech, effective Sep. 1. ICTV will use JPMorgan Chase Bank for all domestic and international treasury requirements.

“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,” said Richard Ransom, ICTV president. ”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.”

ICTL has invested more than $15 million in direct television advertising for Dermawand, which it calls the most sought after beauty device in the U.S. skin care market. ICTL was founded in 1993.

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