FAIRFIELD, Conn., April 19, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) held its annual meeting of shareholders today at the Hilton Stamford Hotel and Executive Meeting Center in Stamford, Conn. John B. Nano, CTT's Chairman, President and CEO reviewed the company's performance and highlighted the exciting progress on its sales and distribution plan for its Calmare® pain therapy medical device, and other selected technologies. The full slide presentation is available under the "Investors" tab on the CTT website: www.competitivetech.net.
At the meeting, CTT shareholders re-elected the company Directors, including Mr. Nano, Joel M. Evans, M.D., Richard D. Hornidge, Jr., Rustin Howard, and William L. Reali. In addition, shareholders ratified the appointment of MHM Mahoney Cohen CPAs, the New York Practice of Mayer Hoffman McCann P.C., as CTT's independent public accounting firm.
"The implementation of the roll-out plan for our Calmare pain therapy medical device is well under way," said Mr. Nano. "We believe revenue and profits from this technology will exceed those of any other technology in CTT history and significantly increase CTT's market capitalization. The device, with both U.S. FDA clearance and European CE Mark authorization for sales, is a highly effective, non-invasive method for treating high intensity oncologic and neuropathic pain, including pain resistant to morphine, without the adverse and harmful side effects linked to narcotic painkillers. The Calmare medical device is a prime example of our strategy to connect clinical science to patient care.
"Our revenues are increasing from the sales of the Calmare device in the U.S., Italy, Greece, India and Bangladesh," Mr. Nano stated. "Country-exclusive distribution agreements are in place around the world, accounting for about 50 percent of the world's population. More information on the device can be found at www.CalmareTT.com."
Mr. Nano continued, "We have several technologies that we believe will generate revenue, including our bone biomaterial which is licensed to Soteira, Inc. for human-spine applications, our melanocortins for female and male sexual dysfunction, and MPEG-4 image coding and compression. CTT's management team is focused on increasing shareholder value by successfully commercializing these 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.