ICTV Brands Inc. (OTCPK:ICTV) entered into an asset purchase agreement to acquire consumer products business, LK Technology Importação E Exportação Ltda and Radiancy (HK) Limited from PhotoMedex, Inc. (NasdaqCM:PHMD), Radiancy, Inc, Photo Therapeutics Ltd. and Radiancy (Israel) Ltd. for $9.5 million on October 4, 2016. Under the terms of agreement, ICTV Brands will pay $3 million in cash on closing, $2 million on or before 90 days from closing and $4.5 million under a continuing royal on net cash based on future net sales. ICTV Brands approved a financing of up to $7 million in a private placement. ICTV Brands will finance 8.8 million shares for $0.34 per share. $3 million of this raise has been placed in escrow, led by a group of existing shareholders. The additional $2 million that has been secured is in the form of an irrevocable letter of credit. The agreement may be terminated by mutual written consent of the parties, by PHMD or ICTV if the other party has not met the conditions to closing by February 1, 2017. The agreement provides that ICTV will make offers of employment to certain employees of the Transferred Business and that PHMD will not solicit such employees (or any other employees of ICTV) for employment or other services for a period of five years and that PHMD will not compete with ICTV with respect to the Transferred Business for a period of five years. The Board of Directors of both ICTV and PhotoMedex have unanimously approved the agreement. The closing of the acquisition is subject to approval from PhotoMedex and ICTV Brands shareholders, regulatory approvals and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2016. Barry I. Grossman of Ellenoff Grossman & Schole LLP acted as legal advisor for PhotoMedex, Radiancy, Inc, Radiancy (Israel) Ltd. and Photo Therapeutics Ltd. Louis A. Bevilacqua of Bevilacqua PLLC acted as legal advisor for ICTV Brands. ICTV Brands Inc. (OTCPK:ICTV) cancelled the acquisition of consumer products business, LK Technology Importação E Exportação Ltda and Radiancy (HK) Limited from PhotoMedex, Inc. (NasdaqCM:PHMD), Radiancy, Inc, Photo Therapeutics Ltd. and Radiancy (Israel) Ltd. on July 12, 2017.