Competitive Technologies Inc. (OTCQX:CTTC) held its annual meeting of shareholders earlier today at the Norwalk Inn and Conference Center in Norwalk, Conn. CTTC's Chairman, William Reali reviewed the company's performance and the management team of Mr. Reali, CEO Johnnie D. Johnson and EVP Aris Despo provided highlights of the company's sales plan for its Calmare(R) pain therapy medical device. Emphasizing the company's team approach, Mr. Johnson read supportive remarks provided by Professor Giuseppe Marineo, inventor of the "Scrambler Therapy" technology underlying the Calmare(R) device. S.B. Oh, EVP of GEOMC Co., Ltd. of Korea, which manufactures the Calmare(R) device for CTTC attended the meeting, also showing support of CTTC's plans.
At the meeting, CTTC shareholders re-elected the company's four sitting directors, including Mr. Reali, Joel M. Evans, MD, Richard D. Hornidge, and Rustin Howard. In addition, shareholders ratified the appointment of Mayer Hoffman McCann CPAs as CTTC's independent public accounting firm.
Anticipated revenues for the first quarter of 2011 will primarily be from the sale of 72 Calmare(R) devices with a gross value of $1.9 million, of which CTTC's share is approximately one half. Anticipated benefits from the company's other technologies, including bone cement, homocysteine assays, sexual dysfunction, RFID, and specimen cups, were also discussed. A copy of the presentation can be found under the "Investors" tab at the CTTC website: www.competitivetech.net.
"Competitive Technologies remains confident that it will be profitable throughout the fiscal year ending December 31, 2011," said Mr. Johnson. "The management team is committed to moving this company forward and focusing on building revenues. At the forefront of our activities this year is enabling Prof. Marineo's 'Scrambler Therapy' to help more physicians relieve their patients' neuropathic pain. As sales of the Calmare(R) device expand, we expect revenue and net profit to grow."
About Competitive Technologies, Inc.
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. CTTC's principal technology is the non-invasive Calmare(R) 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(R) device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on 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.