FAIRFIELD, Conn., April 17, 2009 (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, CT. John B. Nano, CTT's Chairman, President and CEO discussed the company's performance, the sales and distribution plan for its pain therapy medical device, and selected technologies. The full slide presentation is available under Investors on the CTT website: www.competitivetech.net.
"The implementation of the roll-out plan for our pain device is well under way," said Mr. Nano. "The device, with both U.S. FDA and European CE Mark authorizations for sales, is a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. Country-exclusive distribution agreements are in place for 35 countries around the world, accounting for about 50% of the world's population. Contractual minimums for the signed agreements have a retail value of over $25 million for 2009 and about $50 million for 2010. CTT will share in revenue derived from sales of the device to distributors. We believe revenue and profits from this technology will significantly increase CTT's market capitalization. More information on the device can be found at www.CalmareTT.com."
At the meeting, CTT shareholders elected the company Directors, including Mr. Nano, Joel M. Evans, M.D., Richard D. Hornidge, Jr., Rustin Howard, and William L. Reali. The company has reduced the number of Directors from six to five. Ralph Torello, a former Director, was recognized at the meeting for the service he has provided the company. In addition, shareholders ratified the appointment of MHM Mahoney Cohen, CPAs, as their independent public accounting firm.
Mr. Nano continued, "Our bone biomaterial is licensed to Soteira, Inc. for human-spine applications. They have recently completed a second fund raise for a total of approximately $18 million that is being used for clinical testing of the compound and their unique application device seeking U.S. and European approval. Other technologies we believe will generate revenue include our melanocortins, public key encryption, MPEG-4 image coding and compression, and our structural crack detection paint. CTT's management team is focused on creating value from technologies, and increasing share value by commercializing our technologies. Our full technology portfolio may be viewed on our website."
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, 2008, filed with the SEC on October 28, 2008, 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.