FAIRFIELD, Conn., Aug. 8, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) today announced it has restructured its organization to lower overhead costs by establishing a more affordable corporate structure.
"CTT needed to reduce its costs as this company has been unprofitable for seven quarters," said John B. Nano, CTT's Chairman, President and CEO. "These decisions are difficult but necessary. Since accepting responsibility on behalf of our shareholders in February 2007, the new Board and management have lowered costs by more than $2 million per year, reduced extraneous litigations and obtained new technologies to build revenue. We have actively acquired innovative technologies from Korea, Italy, and the U.S., and are focused on marketing these technologies to potential customers. We believe the restructuring will restore a solid foundation for sustainable profitability, and allow CTT to retain its core competencies, customers and relationships."
Mr. Nano continued, "Effective immediately, CTT has reduced its staff by an additional four executives. Since February 2007, the new management has reduced the executive level staff from 13 to six. The reductions are across all functional departments of our company, with the resulting organization allowing our resources to be both comprehensive and tactical. Our objective is to build a strong revenue stream for CTT. We are actively promoting our newly acquired pain management technology from Italy and stress reduction technology from Korea, as well as our other technologies, including nutraceuticals, molecular memory devices, HB LEDs, bone biomaterial, cholesterol trapping and regeneration, and Lupus diagnostic and monitoring, to drive growth in revenue, profitability and shareholder value."
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
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