Therma Bright Inc. agreed to acquire the ClearTouch nail phototherapy device and the no!no! skin phototherapy acne device, along with certain related assets, from the ICTV Brands group of companies, including ICTV Brands Inc.
Under the arm's-length transaction, the company will pay a total of about $2.3 million over three years, with an initial payment of $750,000 due on closing. The company expects to finance the initial payment through debt, equity or a combination of both.
The price will be reduced by $200,000 if Therma Bright pays the total purchase price by June 30, 2019.
Therma Bright will grant the sellers a security interest on a U.S. patent and trademark relating to and forming part of the purchased products in order to guarantee the payment.
The company will not acquire any liabilities related to the devices. The purchased products do not include any rights to the trademark or name "no!no!" or "no!no! skin."
According to the news release, Therma Bright has applied to the TSX Venture Exchange to approve the deal.
Therma Bright said ICTV Brands agreed to help the company in providing certain transitional services and support for up to 150 days post-closing to facilitate a smooth transfer of ownership of the purchased assets.
Canada's Therma Bright, formerly known as Jenex Corp., is a progressive medical device technology company, while ICTV Brands Inc. sells various health, beauty, wellness and consumer products in the U.S. and internationally.
