FAIRFIELD, Conn., Aug. 16, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that the arbitrator gave award to the Company's former Chairman, President and CEO, despite the Company's strongly held belief that the Board of Directors exercised its reasonable discretion in finding that the former executive engaged in willful misconduct and gross negligence and that the executive's actions were cause for employment termination under the employment agreement and governing law. The former executive had requested a payment of $750,000, which he believed was due under his employment agreement. The Company has posted that amount in escrow pending the outcome of this case, which has been before the American Arbitration Association since September 2010.
The Company is analyzing the arbitrator's decision document to determine its future course of action.
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, providing distribution, patent and technology transfer, sales and licensing services. CTTC's staff is focused on the needs of customers and matching those requirements with commercially viable products or technology solutions.
CTTC is the licensed worldwide distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy™" technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. The Calmare® device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC'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, 2010, filed with the SEC on October 27, 2010, 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.