Competitive Technologies Reports Second Quarter Fiscal 2010 Results

FAIRFIELD, Conn., March 16, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) today announced financial results for the second quarter fiscal 2010, ending January 31, 2010.

Revenues for the second quarter of fiscal 2010 of $0.3 million more than doubled from the first quarter of fiscal 2010 revenues of $0.1 million as sales of the Calmare^® Therapy Treatment medical device expanded. Revenues for the first half of fiscal 2010 were $0.4 million compared to revenues of $0.1 in the first half of fiscal 2009.

"We are pleased that our Calmare Therapy Treatment medical device has gained a greater foothold in the global healthcare market," said John B. Nano, CTT's Chairman, President and CEO. "Sales and profit prospects for our Calmare pain therapy medical device are more encouraging than ever. Our medical device sales have been to customers in the U.S, Italy, India, Greece and Bangladesh. We have signed country-exclusive distribution agreements for the device, currently covering nearly half the world's population, and are actively seeking new international distribution partners. 

"We have chosen to be the principle distributor of the Calmare medical device in the U.S. and have terminated the U.S. distribution agreement we had with Innovative Medical Therapies, Inc. We have hired John Rooney as Vice President, Sales and Marketing, and contracted with several salesmen to aggressively expand our U.S. sales," said Nano. "I firmly expect our revenue from sales of the Calmare medical device to continue to grow substantially in the remaining quarters of fiscal 2010 and into the future."

Total revenue for the second quarter of fiscal 2010 was approximately $0.3 million, compared to less than $0.1 million in the same period of the prior year. Expenses increased slightly in the second quarter for fiscal 2010, leading to a net loss for the quarter of approximately $0.7 million, or $0.07 per share, a 33% per share improvement over the net loss of approximately $0.9 million, or $0.11 per share, for the prior year quarter. 

Revenue for the first half of fiscal 2010 was approximately $0.4 million as compared to $0.1 million in the first half of fiscal 2009. Expenses in the first half of fiscal 2010 were $1.9 million leading to a net loss for the half year of $1.5 million, or $0.15 per share, a 35% per share improvement over the net loss of approximately $1.9 million, or $0.23 per share, in the first half of fiscal 2009.

"With our recently expanded sales force, we are aggressively selling the Calmare device in the U.S. and abroad," Mr. Nano commented. "Pain treatment is moving to the forefront of medical care, in the U.S. and globally, and we are in an excellent position at the right time to exploit this attractive business opportunity. The Calmare Therapy Treatment is a prime example of CTT's strategy to connect clinical science to patient care. We are convinced that the ability to help patients with debilitating pain by using our non-invasive pain therapy treatment device is an increasingly attractive alternative for physicians who may be reluctant to prescribe powerful, harmful narcotic painkillers that have been linked to multiple adverse side effects.

"In addition to the Calmare Therapy Treatment, we continue to actively seek out new technologies and to aggressively market and license technologies currently in our portfolio," Mr. Nano affirmed. "Our joint venture with XION Corporation for the research, development and commercialization of our patented melanocortin analogue compounds which have shown promise in treating sexual dysfunction and obesity is showing very encouraging progress. Our management team is focused on creating profitable revenue growth, restoring shareholder value, building global alliances, and maximizing the dynamic opportunities for our technologies."

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.