FAIRFIELD, Conn., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that the Company's Board of Directors has approved a fiscal year-end change from July 31 to December 31. The Company noted that the change is intended to align its fiscal periods with the calendar year.
"This change will make comparisons with other investments easier for our shareholders and our larger customers and suppliers," said Johnnie D. Johnson, CTTC's Chief Executive Officer. "The July 31 fiscal year was a hold-over from the Company's early years of closer alignment with universities and their academic calendars.
"More importantly, over the past two months the Board of Directors and management have identified over $1.5 million of administrative expenses that have been or are being eliminated," Mr. Johnson continued. "This will lower our cost of doing business and lead to profitability much more quickly."
About Competitive Technologies
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. CTTC 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. Currently, CTTC's principal technology is the non-invasive Calmare pain therapy device, which uses the biophysical "Scrambler Therapy" technology, and was developed in Italy by CTTC's client, Professor Giuseppe Marineo. 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.