Competitive Technologies Announces Financial Results for the Nine Months Ended September 30, 2011

FAIRFIELD, Conn., Nov. 14, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced the financial results for the nine months ended September 30, 2011.

CTTC reported that product sales for the first nine months of 2011 were over $3.3 million with a gross profit on sales of $1.8 million. Revenue from product sales was double the revenue from product sales in the comparative nine-month period. Calmare^® pain therapy medical devices sold in this nine-month period totaled 100 units with 23 sold in the U.S., including one that had previously been rented by a customer, and 67 units sold to international customers. Product sales in the third quarter were $1.2 million with 22 devices sold, including 20 in the U.S.

"Product sales for the third quarter included sales of 13 Calmare devices to the U.S. Government, specifically the U.S. Navy and the Department of Veterans Affairs," said Johnnie D. Johnson, CEO of Competitive Technologies. "It is a source of pride and satisfaction that our noninvasive pain therapy device is being used to help our service men and women who are suffering from chronic pain. These initial purchases from the U.S. government signal a greater acceptance of alternatives to treating pain with powerful medications which often come with adverse side-effects and are not always effective in treating chronic pain."

"We are pleased with the many positive developments over the past nine months," Mr. Johnson said. "The opening of several new clinics in this period, the recent award of a CPT III code that allows us to begin the process of obtaining insurance reimbursements for medical providers, the successful evaluations being conducted by several potential new customers, and the success seen by the many patients treated with the Calmare® medical device, are all encouraging and support our optimism."

The third quarter loss is $0.5 million, down from the loss of $1.3 million in the second quarter. The Company's net loss for the first nine months of 2011 was $1.8 million or a loss of $0.13 per share. The expenses for the nine-month period were $3.7 million, including legal expenses of over $0.6 million related to an arbitration proceeding with a former company executive.

Product sales for the prior year comparative nine-month period were $1.6 million and a net loss of $2.3 million or a loss of $0.19 per share. Approximately one-half of the sales during the prior year period were later cancelled.

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.