ICTV Brand Procures Royalty Agreement for DermaWand Patent Ownership
FREMONT, CA: ICTV Brands, a direct response marketing and international branding company has announced the complete takeover of DermaWand patent and all its related trademarks.
The purchase agreement entered on January 22, 2016 with Omega 5 Technologies for the sum of $1,200,000 is payable through uniform quarterly installments. The Installments amount can be opted to be paid for the calendar years 2016 through 2019 before the last day of calendar quarter. The agreement offers ICTV an option to pay at any time without permission or even pre paying a part of the entire purchase price without any interest being charged.
ICTV offers various health, wellness and beauty products through a multi-channel distribution strategy. The full service marketing company specializes in financial direct response of television, internet, and international product distribution. DermaWand , on the other hand is a skin care device that helps in improving skin tone and texture by reducing the appearance of fine lines and wrinkles. The device also delivers thermal energy and enriched oxygen by providing instant stimulation thereby enabling massage effect. “After over fifteen years of working with Omega, we are delighted to have reached this agreement whereby ICTV now officially owns the DermaWand brand outright. We are confident that the buyout will bring us considerable financial flexibility as we continue to grow DermaWand both domestically and internationally into various sales channels. Owning both the patent and trademarks is a significant asset for our Company, and we’re excited for DermaWand and ICTV’s continued growth, “said Kelvin Claney, CEO and Chairman, ICTV.
The DermaWand trademark helps in building additional brands and line extensions. The process has already taken off by enabling a new pedicure device branded, the Ultimate Pedi by DermaWand that will be launched both domestically and internationally in February. The second generation DermaWand Unit is believed to be ready in the later year with new designs and more power.