FAIRFIELD, Conn., May 24, 2012 (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, Rustin R. Howard and Chief Executive Officer Johnnie D. Johnson provided highlights of the company's strategic plans for its Calmare® pain therapy medical device.
At the meeting, CTTC shareholders re-elected the company's four sitting directors, including Mr. Howard, Peter Brennan, Richard D. Hornidge, Robert G. Moussa, and Stan K. Yarbro. Shareholders also authorized amending the Company's Articles of Incorporation to increase the authorized common shares from 20 million to 40 million shares. In addition, shareholders ratified the appointment of Mayer Hoffman McCann CPAs as CTTC's independent public accounting firm.
At a Board of Director's meeting following the shareholder meeting, the Board elected Mr. Brennan as Chairman of the Board. Mr. Brennan replaces Mr. Howard, who resigned as Chairman stating, "As founder and chairman of Deep Gulf, Inc., I am very happy that we were able to sign a letter of intent last week for a major energy distribution system for a young and growing country in Southeast Asia. I regret that the increased time commitments for this project will preclude me from fulfilling the duties of Chairman of the Board at CTTC." Mr. Howard will remain a Director of CTTC.
The business meeting was followed by a detailed presentation by Rhode Island-based researcher Frank Sparadeo, PhD, which highlighted the positive results of his study of over 250 patients who had been treated with the Calmare device for a variety of maladies. Dr. Sparadeo's study included data from six-month post-treatment follow up with patients that emphasized the lasting benefits of the treatment over time.
Mr. Moussa provided a brief overview of the medical device industry and drew parallels between CTTC and other companies which have gone through CTTC's current growth stage. Mr. Moussa's career has included managing a number of companies in the health care industry over several decades.
"Competitive Technologies is committed to moving this technology to the forefront of pain therapy," said Mr. Johnson. "As sales of our Calmare device featuring Prof. Marineo's 'Scrambler Therapy™' grow, we will escalate our own transformation into a profitable growth company." Mr. Johnson outlined three major, interrelated goals for the Company: acquiring additional corporate funding, obtaining insurance reimbursement for Calmare treatments from government and private insurers, and expanding the sales staff.
Mr. Johnson also provided shareholders with a brief update regarding the most promising of the Company's other technologies, including sexual dysfunction and bone cement. A copy of the meeting presentation can be found under the "Investors" tab at the CTTC website: www.competitivetech.net.
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 official "Scrambler Therapy™" technical website is at http://www.scramblertherapy.org/english.htm.). 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/A for the year ended December 31, 2011, filed with the SEC on May 15, 2012, 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.