FAIRFIELD, Conn., April 28, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies Inc. (OTCQX:CTTC) announced today that it has recently signed a new sales agreement for its Calmare® pain therapy medical device with Restore Medical Therapies LLC ("RMT").
In the agreement, RMT plans to establish eleven new pain clinics utilizing CTTC's Calmare® device throughout the U.S., and a minimum of 46 Calmare® devices are scheduled to be purchased over the next 20 months. RMT's first clinic in Wyoming will open for patients on May 9, 2011, and a Denver, Colorado clinic is scheduled to open in June 2011.
CTTC remains confident that it will be profitable in its first quarter ended March 31, 2011, and throughout the fiscal year ending December 31, 2011. As sales of the Calmare® device expand, CTTC's revenue and net profit are expected to grow.
About Restore Medical Therapies LLC
Restore Medical Therapies LLC will be opening clinics across the West to treat chronic pain patients suffering from neuropathy with the patented Calmare Pain Therapy medical device. The principals of Restore Medical Therapies LLC include Jeffrey Fowler, MD and Randy Rice, MD, both board certified anesthesiologists with advanced pain training. Restore Medical Therapies LLC will be accepting patients for therapy who have registered on their website at Chronic-Pain-Solution.Com (which will be operational within the next two weeks). Registration is site specific to the city and state of clinics. The Restore Medical Therapies LLC business office, for non-patient issues, can be reached at 307-277-6455.
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. CTTC is a global leader in identifying, developing and commercializing innovative products and technologies. CTTC's principal technology is the non-invasive Calmare® pain therapy medical device, which uses the biophysical "Scrambler Therapy" technology, and was developed in Italy by CTTC's client, Professor Giuseppe Marineo. The Calmare® device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC'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, 2010, filed with the SEC on October 27, 2010, 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.