Quarterly Revenues and Shipments Increase
Insurance Reimbursement Codes Available
FAIRFIELD, Conn., Feb. 16, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced that it has expanded the U.S. sales team for its Calmare® Therapy medical device. CTT has contracted with five U.S. sales representatives and will be hiring a new Vice President of U.S. Sales for the medical device. The company looks forward to significantly increased revenues during 2010.
Revenues for the fiscal second quarter, ended January 31, 2010, have increased from those of the prior quarter, primarily reflecting increases in U.S. sales of the medical device. The Company expects to issue a press release in mid-March 2010 citing the results for the second quarter of FY2010. CTT has already received shipping instructions from its European distributor to ship 50 units to Europe during the third quarter ending April 30, 2010.
Having identified the insurance codes required to be used by U.S. medical providers for treatment reimbursement, CTT expects product demand to increase substantially in subsequent quarters. CTT has contracted Medical Technology Partners of Rockville, MD, to assist clients with billing submissions for insurance reimbursement.
"We are pleased to be moving forward with an expanded marketing team that will aggressively work to meet our U.S. sales goals," said John B. Nano, CTT's Chairman, President and CEO. "Our Calmare Therapy Treatment is an effective, non-invasive medical device for treating high intensity oncologic and neuropathic pain, including pain resistant to morphine, without the adverse and harmful side effects linked to narcotic painkillers.
"We are committed to rapidly increasing U.S. sales of this innovative Calmare Therapy Treatment medical device," said Mr. Nano. "We will be hiring an individual with extensive experience in medical device marketing and sales to lead our sales team. I expect to have the new Vice President of U.S. sales identified and on board within the next few weeks."
CTT has recently signed five individuals experienced in sales to represent the company and is in discussions with several more potential sales representatives. Armed with an innovative, effective pain treatment device and the appropriate insurance codes, these representatives have already begun enthusiastic sales discussions with medical professionals throughout the U.S.
''The Calmare Therapy Treatment is a prime example of CTT's strategy to connect clinical science to patient care with proven efficacy and safety as validated by our US FDA acceptance and European Union CE Certification," Mr. Nano said. "We currently have distribution agreements in place covering 45 countries around the world, accounting for nearly 55% of the world's population. The new sales team members will work exclusively in the U.S. market."
"Scrambler Therapy" technology was developed in Italy by CTT's client, Professor Giuseppe Marineo. The non-invasive medical device technology was brought to CTT through the efforts of the Zangani Investor Community™ and with the cooperation of Mr. Guiseppe Belcastro, Legal Counsel for Professor Marineo. The device, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin.
CTT's partner, GEOMC Co. Ltd. of Seoul, Korea, has current manufacturing facilities capable of commercially producing 200 pain therapy medical devices per month and the partners have agreed to expand production capacity to an increased production level of 600 units per month to match increased order demand. GEOMC has invested over $3 million for the design, tooling and manufacturing facilities for the Calmare medical device. For more information on the device, visit www.CalmareTT.com.
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. CTT is a global leader in identifying, developing and commercializing innovative products and technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT'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, 2009, filed with the SEC on October 27, 2009, 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.