FAIRFIELD, Conn., June 20, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies Inc. (OTCQX:CTTC) held its annual meeting of shareholders earlier today at the Norwalk Inn and Conference Center in Norwalk, Conn. CTTC's Chairman, Peter Brennan conducted the business meeting and President and Chief Executive Officer, Carl O'Connell, provided an overview of the Company's plans.
In today's presentation Mr. O'Connell reviewed plans for expanding clinical use of the Calmare medical device as the basis for transforming the Company into a pure play medical device company. In addition, the Company intends to monetize the value of its other principal technologies including wound care, bone biomaterial and the sexual dysfunction technology for males and females, as announced yesterday (to view that release, link here: http://www.competitivetech.net/news/130619-2.html).
A copy of the meeting presentation will be available under the "Investors" tab at the CTTC website: http://www.competitivetech.net/investors/index.html.
CTTC thanks the many shareholders who returned their proxies as well as those who attended the meeting in person. More than 12.6 million or about 80 percent of the outstanding shares were represented at this year's meeting. At the meeting, CTTC shareholders re-elected the company's five directors, including Mr. Brennan and Mr. O'Connell, as well as Rustin Howard, Robert G. Moussa, and Stanley K. Yarbro. Shareholders also ratified the appointment of Mayer Hoffman McCann CPAs as CTTC's independent public accounting firm, approved, on an advisory level, the executive compensation and voted to hold such executive compensation advisory votes every three years. Additional information about the voting results can be found in the Company's Form 8-K report being filed with the SEC.
At a Board of Directors' meeting following the shareholder meeting, the Board reelected Mr. Brennan as Chairman of the Board and made assignments to the various Board committees. For more details, please see the "Corporate Governance" page at the CTTC website: http://www.competitivetech.net/investors/governance.html.
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 is the licensed distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical Scrambler Therapy® system developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. (The official Scrambler Therapy® scientific and clinical information website is at http://www.scramblertherapy.org/english.htm.) 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 December 31, 2012, filed with the SEC on May 31, 2013, 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.