FAIRFIELD, Conn., Feb. 8, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that its Chairman, William Reali, updated shareholders on his view of the Company. The open letter to shareholders is posted on the Company's website: www.competitivetech.net and also shown below.
To: All Shareholders
From: WILLIAM REALI, CHAIRMAN
COMPETITIVE TECHNOLOGIES, INC.
"I want to share with you how energized I and my fellow Board Members are about the coming year. We have made significant progress in establishing a solid operating foundation and reorganization of your Company.
"Under your CEO Johnnie D. Johnson's leadership the Company has quickly embraced teamwork as its philosophy, with all employees and consultants working together to improve the Company and the outlook for its future.
"We have lowered our fixed cost significantly by moving from our previous office suite of 11,000 sq. ft. to a new office suite of 2,700 sq. ft. For those who are not aware, when we were initially elected Board members in 2007, the Company was operating from an office suite of over 11,000 sq. ft. with a seven-year lease. Johnnie Johnson negotiated a lease buy-out with our landlord and agreed to smaller space in one of their other office buildings saving approximately $660,000 over the next two years. Our new lease is for a three-year period of time.
"The office staff in Fairfield, CT has been reduced to three employees. This was done by prioritizing and dividing essential duties among the staff and streamlining other duties through upgrading the software. Some other responsibilities such as storage and shipment of inventory have been outsourced. We thank Marie Cataldo, Donna Mays, and Laurie Murphy for their very hard work on the reorganization and move.
"With cost reductions and other distractions behind us, the Company has renewed its focus on sales of the Calmare® medical device and on upgrading its portfolio of other potential revenue-producing technologies. We have several new products that we are evaluating for both their fit with our strategic strengths and their potential for producing revenue. We will be announcing those in the near future.
"Our EVP, Aris Despo, has revamped the sales and marketing program for our Calmare® medical device and has been traveling constantly both nationally and internationally. He has implemented a U.S. marketing plan that includes over 20 commissioned sales representatives working under his direct supervision and guidance.
"If you have not done so, please visit our upgraded website www.calmarett.com. It has already proven itself to be a much better resource for individuals and physicians desiring to learn about our Calmare® device and its capabilities. The success of our Calmare® device is fostering patient demand for expanded treatment opportunities. Doctors are spreading the word of the success of Calmare® for treating patients and we are receiving calls requesting additional information, demonstrations or treatment locations of the Calmare® pain therapy device. This increased interest is a precursor to the anticipated addition of pain clinics to several more regions of the country in 2011.
"Aris has sent two new trainers to be trained in Rome by Professor Marineo, adding to the availability and flexibility of training staff to support sales. Also, Tim Conley, a consultant to the Company, has been working closely with the VA and DOD and has tapped into his contacts to expedite the use of the Calmare® device for the benefit of our veterans and military service personnel.
"Aris is recruiting world-renowned key opinion leaders and working closely with Medical Technology Partners in drafting guidelines for insurance reimbursement codes and submitting our application to the American Medical Association for a code unique to our Calmare® medical device for the treatment of cancer pain.
"Internationally, we have completely revamped our distribution model by terminating distributors that were not meeting our distribution standards. We have also engaged Umberto Marangoni, an experienced medical device salesperson, to directly head our international marketing program. Umberto has significant contacts in numerous countries and has already made inroads in several countries in Europe and the Middle East, excluding countries subject to US sanctions. Umberto and Aris have been working closely and are a great team for the sales expansion both in the US and international markets.
"To safeguard you, our shareholders, we implemented a shareholders' rights agreement to protect the shareholder value by eliminating the possibility of someone acquiring control of the Company at the current low stock price. To ease the confusion of an unusual fiscal year, the Company will now, beginning in 2011, report financially on a calendar year basis.
"As a Company, we are galvanized and poised for a great year. We started the year with lower overhead costs allowing the Company to maximize profits from the product sales in 2011. We have the foundation in place and will build a successful and prosperous Company."
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. 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. The Company's new mailing address is: 1375 Kings Highway East, Suite 400, Fairfield, CT 06824. Phone (203.368.6044) and fax (203.368.5399) remain unchanged.
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.