Company Takes Step to Protect Shareholders' Interests
FAIRFIELD, Conn., Dec. 13, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that the Company is expected to be profitable throughout calendar year 2011. Sales contracts for the Calmare® pain therapy medical device have continued to increase as the device gains recognition as a technological breakthrough in pain treatment. The Board and management are actively reducing costs which is expected to be completed in 2010, providing a lower operating base for the Company.
In line with the anticipated profitability, CTTC's Board of Directors at its December 2, 2010 meeting adopted a shareholder rights provision that will provide price negotiation time should another entity attempt to acquire more than 20% of the shares outstanding.
"The Board of Directors and management are of the opinion that the Calmare® pain therapy technology is much more valuable than is currently recognized by the FINANCIAL markets," said Johnnie D. Johnson, CTTC's Chief Executive Officer. "Therefore the shareholder rights OPTION will provide the Board time for proper valuation discussions should other entities attempt to purchase a controlling interest of CTTC shares."
"We have no problem with the sale of a controlling interest at the correct share price," Mr. Johnson continued. "We simply believe it is in the Company's and shareholders' best interests to correctly value this technology."
About Competitive Technologies
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. CTTC 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. Currently, CTTC's principal technology is the non-invasive Calmare® pain therapy medical device, which uses the biophysical "Scrambler Therapy" technology, and was developed in Italy by CTTC's client, Professor Giuseppe Marineo. The Calmare® device is currently being manufactured for sale by CTTC's partner, GEOMC Co. Ltd. of Seoul, Korea. For more information about 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.
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