FAIRFIELD, Conn., July 15, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that it has entered into a strategic marketing agreement with Long Beach, New York-based BiCOM, Inc. In the agreement CTTC has agreed to sell BiCOM's patented products in the U.S. and various international markets.
For the U.S. and international markets, CTTC will offer BiCOM's FDA cleared Diaton tonometer, developed and manufactured in Russia, which allows medical professionals to measure intraocular pressure for glaucoma through the eyelid, without anesthesia or direct contact with the eyeball. Internationally, CTTC will offer BiCOM's "Magnetic Therapy DIATON" for magnetic therapy.
"Joining forces with CTTC is a natural progression for BiCOM Inc., where complementary skills, national and international connections and unique product offerings will make this strategic relationship a power house with many growth opportunities," said Roman Iospa, CEO of BiCOM Inc.
"This partnership is positive for both of us," said Aris Despo, CTTC's EVP. "Working with BiCOM allows us to offer unique medical products to our expanding domestic and international channels that will add revenue growth opportunities in niche markets for our sales representatives, our distributors and for CTTC. We also anticipate BiCOM working with us to expand the Calmare Scrambler to Russia and other foreign markets where they already have established distribution for BiCOM products. We will continue to evaluate new opportunities which enhance CTTC's value by fulfilling identified unmet needs in the marketplace."
About BiCOM Inc.
BiCOM, with its 19 years of tradition and global clientele, has proven to be an enterprise with the highest level of professionalism, integrity and financial solvency. A unique team of engineers, medical, legal and business experts makes BiCOM Inc. the right place for global talent to find support and guidance. BiCOM Inc. sees its mission in bringing to market innovative products developed and manufactured worldwide.
BiCOM's main product line includes a unique Diaton tonometer which allows eye care and medical professionals to measure intraocular pressure (IOP) for glaucoma through the eyelid, without anesthesia and direct contact with the eyeball (see http://www.TonometerDiaton.com) and the "Magnetic Therapy DIATON" unit which makes use of the fact that certain types of magnetism with low-intensity are capable of performing general therapeutic and curative functions (see http://www.MagneticTherapyDiaton.com).
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, providing distribution, patent and technology transfer, sales and licensing services. CTTC's staff is focused on the needs of customers and matching those requirements with commercially viable products or technology solutions.
CTTC is the licensed worldwide distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy™" technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. 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.