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.
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.