FAIRFIELD, Conn., Feb. 26, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Alternext US:CTT) announced today that John B. Nano, CTT's Chairman, President and CEO has been interviewed by Zangani Investor Community(tm). Online access to the interview is available at http://www.zangani.com/webcasts/20090226/ctt .
The interview is focused on the FDA 510(k) letter of authorization allowing U.S. sales of CTT's pain therapy medical device. The device is a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. In the interview, Mr. Nano points out that CTT expects the new medical device to produce revenue and profits larger than any other technology in CTT's 40 year history. Further, when CTT had strong sales and earnings, the CTT stock traded at over $15 per share producing a market capitalization over $120 million, over 10 times the current $12 million.
The CTT device also has Medical Device CE certification from the European Union allowing sales of the device throughout Europe and several other countries. CTT has exclusive worldwide rights to this patented device. CTT has recently signed an agreement with Life Episteme srl granting them exclusive distribution rights in 29 countries throughout Europe, Asia, Africa, the Middle East, South America and Oceania. Earlier country-exclusive distribution rights have been granted to Excel Life Sciences, Inc. for India, to GEOMC Co., Ltd. for Korea, to AG Healthcare for Malaysia, and to Biogene Pharma Limited for Bangladesh. The review and selection process for additional distributors in other countries is continuing.
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the device was brought to CTT through the efforts of Prof. Giancarlo Elia Valori of the Italian business development group, Sviluppo Lazio S.p.A., and assistance from the Zangani Investor Community(tm). The device, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin. CTT partner, GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution. For more information on the device, visit www.CalmareTT.com.
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, provides distribution, patent and technology transfer, sales and licensing services focused on the needs of its customers and matching those requirements with commercially viable product or technology solutions. CTT is a global leader in identifying, developing and commercializing innovative products and technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended July 31, 2008, filed with the SEC on October 28, 2008, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.