FAIRFIELD, Conn., Nov. 21, 2013 /PRNewswire/ -- Competitive Technologies, Inc., (OTCQX: CTTC) (CTI), a pain mitigation biotechnology company, was notified yesterday, Wednesday, November 20, 2013 at 2:24 EST that it had returned to good listing compliance with the OTCQX.
On June 3, 2013, CTI was notified of its non-compliance with the rules and ongoing obligations of a publicly traded OTCQX company as so delineated in Section 3.1.r.(i) of the OTCQX Rules of U.S. Companies. On or about September 27, 2013, Management requested a three month extension to rectify the compliance shortfall due to the fact that there was a new management team in place as of September 26, 2013, which had initiated a corporate reengineering initiative that would rectify the non-compliance issue in short order. OTC Markets verbally agreed to an extension deadline of December 2, 2013.
"Being back in compliance with the OTC Markets is an enormous weight lifted off of CTI's shoulders," said CTI President & CEO Conrad Mir. "The Street has responded well to the recent changes made in the Company, which has contributed to this achievement. We believe this re-compliance may greatly contribute our fourth quarter results."
About the Company
Competitive Technologies Inc., (CTI) is a biotechnology company developing and commercializing innovative products and technologies. CTI is the licensed distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy"® technology developed to treat neuropathic and cancer-derived pain by Professor Giuseppe Marineo.
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.
SOURCE Competitive Technologies, Inc.