FAIRFIELD, Conn., Aug. 19, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) today announced that the NYSE Amex (the Exchange) has rescheduled the previously postponed delisting hearing for August 25, 2010. The Company is working to finalize the sale of two million shares of CTT common stock to Crisnic Fund. The funds raised from this sale are expected to provide CTT with capital to increase shareholder equity required to retain the Exchange listing, and to more aggressively sell its non-invasive Calmare® Pain Therapy Treatment device
"We are convinced that the medical device and pain treatment markets have high growth potential in the near term and we have positioned CTT very well to compete in those strong markets," said John B. Nano, CTT's Chairman, President, and CEO. "Our Calmare pain therapy is the only highly effective treatment for chemotherapy-induced peripheral neuropathy (CIPN), which impacts more than 50% of chemotherapy patients to some extent, without the harmful, adverse side effects of narcotic painkillers. From the growing body of evidence-based patient outcomes we know that in addition to CIPN, our Calmare device successfully treats chronic neuropathic and oncologic pain resulting from cancer, phantom limb syndrome, failed back surgery, sciatica, spinal stenosis, shingles and other maladies."
The non-invasive Calmare pain therapy device uses the biophysical "Scrambler Therapy" technology, which was developed in Italy by CTT's client, Professor Giuseppe Marineo. CTT's partner, GEOMC Co. Ltd. of Seoul, Korea is manufacturing the Calmare device, which has U.S. FDA clearance and European Union CE Mark clearance for sales. For more information about Calmare Pain Therapy Treatment, 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.