FAIRFIELD, Conn., April 11, 2014 /PRNewswire/ -- Responding to
inaccurate information released in the public marketplace,
Conrad Mir, President & CEO of
Competitive Technologies, Inc., ("CTTC" or "CTI"),
the pain mitigation company, issued the following statement:
"On April 8, 2014 (Rome), an unauthorized and misleading press
release was issued by Mr. Giuseppe
Marineo, an inventor of the Calmare® pain therapy
device, and Delta Research and Technologies (collectively the
"Group") regarding CTI and its global authority to sell, distribute
and manufacture Calmare as an exclusive agent of the Group. This
statement is false; and, consequently, the press release has been
purged by the overseeing body of wire services.
"This unauthorized press release is one of many such
questionable events since the establishment of the Group – a
company comprised of non-scientists and Mr. Marineo, and which was
created to specifically implement the 2012 Amendment (the
"Amendment"). As disclosed in an April 2,
2012 press release, the Amendment stripped CTI of its
European, Middle Eastern and North African ("EMENA") territory
rights in order to realign the global territories and realize the
roughly $3.0 million in revenues of
this region.
"As of March 31, 2014, the
Amendment had been nullified by the Group's failure to countersign
and consummate the document. Therefore, by default, the Sales and
Representation Agreement (the "SaRA"), being the only duly ratified
document, is the active agreement between CTI and the Group. This
document grants rights to CTI as the sole exclusive distributor of
Calmare with rights to sell, distribute and manufacture the pain
management device.
"In an April 2, 2014 press
release, CTI announced its intent to reestablish the global
footprint it forewent by entering into a "Good Faith" understanding
of the Amendment with the Group. While not a popular course of
action with the Group and other self-interested parties, this
mission will ensure the future success of CTI. The Company stands
firm in driving revenues throughout the globe and giving much
attention to the re-cultivation of the EMENA territories.
"The Company has a vested equity stake in all global patents for
the Calmare device, and is the rightful holder of its FDA 510K
clearance for US sales; European Union Medical Device CE approval
as an electronic-analgesic apparatus; and all related trademarks.
CTI is committed to successfully attaining FDA approval for
Calmare, honoring all terms and conditions of the SaRA that
strengthens CTI's global position, and rightfully bestowing Mr.
Marineo with fair royalty rights as an inventor of Calmare. As a
policy, CTI will formally break away from any amendment(s) and/or
understandings that strays from the Company's duty to protect its
shareholder's interests. CTI is committed to ensuring the
successful introduction and promotion of Calmare and its viability
as a pain management treatment alternative."
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 Statement
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:
|
|
Competitive
Technologies,
Inc.
|
JV Public
Relations
|
Conrad
Mir
|
Janet
Vasquez
|
President and
CEO
|
Managing
Director
|
cmir@competitivetech.net
|
jvasquez@jvprny.com
|
973.798.8882
|
212.645.5498
|
Calmare®: www.calmarett.com
Visit us: www.competitivetech.net | Follow us:
Facebook.com
Logo -
http://photos.prnewswire.com/prnh/20131015/NY97852LOGO
SOURCE Competitive Technologies, Inc.