FAIRFIELD, Conn.,
April 2, 2014
/PRNewswire/ -- Competitive
Technologies, Inc., (OTCQX: CTTC) (CTI), a
pain mitigation company, will sell into Europe, the Middle
East and North Africa (the
"EMENA territory") effective immediately, in an effort to
reestablish the global footprint that was compromised by the
signing of the 2012 Amended Distribution and Sales Agreement (the
"Amendment") between the inventor and the Company.
This Board-approved initiative (the "Initiative") was
designed to:
(a) proactively
address the 70% loss in gross revenues from $3.33 million in 2010 to $913,000 in 2011, which were largely attributed
to the terms of the Amendment that did not allow the Company to
sell in the EMENA territory – a global territory which was
prospected and developed by CTI funds and salespersons – and unduly
limited CTI sales to the Americas and Oceana;
(b) successfully
attain U. S. Food and Drug Administration (the
"FDA") approval for the Calmare® Pain Device, which the
Amendment expressly prohibited without the prior consent of certain
non-FDA bona fide professionals; and
(c) uphold its
fiduciary duty of preserving shareholder wealth and furthering the
Company's interests in its flagship product.
The Initiative is part of the comprehensive reengineering
effort commenced by the Company in October
2013 and in the furtherance of Competitive Technologies'
Board of Director's resolution that nullified all agreements,
transactions and corporate actions initiated and/or agreed to by
Johnnie Johnson, a former CTI
consultant and acting, but non-authorized, fiduciary, and
memorialized in a supporting 8-K filed on Monday, March, 17,
2014.
"CTI is prepared to regain its prior revenue footholds
while establishing new ones in the global medical device
marketplace," said CTI President & CEO Conrad Mir. "This initiative
is paramount in the future success of CTI, which may result in
greater revenues and attaining the long-awaited FDA product
approval."
About the Company
Competitive
Technologies Inc., the pain mitigation company, develops and
commercializes innovative wound and pain management products and
technologies. CTI is the licensed distributor of the non-invasive
Calmare® pain therapy medical device.
Forward-Looking
Statements
Certain statements contained in
this press release are forward-looking statements that involve
risks and uncertainties. The statements contained herein that are
not purely historical are forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements deal with the Company's current plans,
intentions, beliefs and expectations and statements of future
economic performance. Forward-looking statements
involve known and unknown risks and uncertainties that may cause
the Company's actual results in future periods to differ materially
from what is currently anticipated. Factors that could cause or
contribute to such differences include those discussed from time to
time in reports filed by the Company with the Securities and
Exchange Commission. The Company cannot guarantee its future
results, levels of activity, performance or
achievements.
Contacts:
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Competitive Technologies, Inc.
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JV Public
Relations
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Conrad Mir
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Janet
Vasquez
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President and CEO
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Managing
Director
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cmir@competitivetech.net
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jvasquez@jvprny.com
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973.798.8882
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212.645.5498
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|
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www.competitivetech.net
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SOURCE Competitive Technologies, Inc.