FAIRFIELD, Conn., May 23, 2008 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has obtained exclusive North American distribution rights to a compressed air drying device from SECO Engineering S.r.l. of Rome, Italy. The patented air-purifying device extends the life of pneumatic components by eliminating water condensation, oil residues, and solid particles that are contaminants present in compressed air lines. CTT signed the agreement with SECO for their technology, and will identify industrial supply distribution agents for the product for its use wherever pneumatic air is important.
Developed in Italy by CTT's client, SECO, the device was brought to CTT through the efforts of Prof. Giancarlo Elia Valori of the Italian business development group, Sviluppo Lazio S.p.A., and assistance from the Zangani Investor Community(tm). SECO is producing the device commercially for worldwide distribution. This is the second innovative technology brought to CTT through the auspices of both Sviluppo Lazio and Zangani. The first, a pain therapy technology, is currently under agreement with a multi-billion dollar European healthcare company in anticipation of European distribution. CTT has filed for FDA 510(k) approval of the pain therapy technology for medical device sales in the U.S.
"We are proud to continue our successful relationship with Sviluppo Lazio and the Zangani Investor Community," said John B. Nano, CTT's Chairman, President and CEO. "They have brought us several exciting opportunities which we have added to our portfolio. This agreement is another example of how CTT's management team is successfully using its global alliances. We look forward to commercializing this technology to increase revenue for our clients and CTT, and to strengthen shareholder value. On May 22, CTT participated in Zangani's PharmaFinance 2008 in Rome, expanding our global relationships and increasing global awareness of our innovative technology portfolio."
Prof. Valori stated, "This agreement highlights and reinforces the strong technical, scientific and business relationship between the U.S. and Italy. In cooperation with the Zangani group, we have produced our second successful transaction with CTT, and are working together to commercialize additional business opportunities."
The SECO device has several major advantages for use in the industrial environment. It is more effective for compressed air than the commonly used cartridge filter of varying micron sizes. The SECO device provides cleaner outlet air which translates into fewer problems for pneumatic tools, reducing breakdowns and resulting in less costly maintenance. An added advantage is that the SECO device lowers the dew point, so it also dries the compressed air.
Mr. Nano added, "CTT's management team is focused on creating value from technologies, restoring stockholder value by commercializing new license agreements. In addition to this new technology, CTT is aggressively marketing its pain management therapy, the breast cancer detection test, MC Square stress reduction device (www.relaxmc.com), solar panels, and UAD surgical prosthetics technologies to drive revenue growth, improve profitability and create shareholder value. CTT's full technology portfolio may be viewed on the website."
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative 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, 2007, filed with the SEC on October 29, 2007, 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.