FAIRFIELD, Conn., Nov. 2, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it is moving forward with its plan to restore profitability. Its Calmare Therapy Treatment*, pain therapy medical device is treating patients in several locations worldwide. Revenue for product shipments has been recorded for shipments made during the fiscal quarter ended October 31, 2009.
The first shipment of 10 devices has been received by CTT's Switzerland-based distributor, Life Episteme Group. This shipment will be followed by four additional shipments of 10 devices each. In the U.S., Calmar Pain Relief, LLC, of North Providence, RI, has received two devices at its offices in Rhode Island in anticipation of the official opening of its pain therapy clinic on November 16, 2009. Four additional devices have been shipped to other organizations in the U.S. and one device has also been shipped to Biogene Pharma, Ltd., CTT's distributor in Bangladesh.
"Revenue is recorded based on shipments rather than orders from these devices and has been booked in the first quarter of fiscal year 2010," according to John B. Nano, CTT's Chairman, President and CEO. "We expect to see revenues from sales of our Calmare Therapy Treatment grow throughout the fiscal year.
"Each of CTT's five directors has recently made an open market purchase of CTT stock, which demonstrates confidence in CTT's performance. These stock purchases and the above actions followed the 'going concern' statement describing our financial condition that was included in our Form 10-K and auditors report, filed October 27, 2009. Our plans to improve profitability were also included in our Form 10-K, along with a summary of our $8 million equity financing agreement with Fusion Capital Fund II, LLC."
CTT has exclusive worldwide rights to the Calmare Therapy Treatment device, which was developed in Italy by CTT's client, Prof. Giuseppe Marineo. The Calmare Therapy Treatment has been used to treat more than 3,000 patients in Europe and the US. CTT partner, GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution. For more information about 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.
* The Calmare Therapy Treatment uses Competitive Technologies' MC-5A pain therapy medical device to provide rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other narcotic painkillers.