FAIRFIELD, Conn., April 18, 2008 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) held its annual meeting of shareholders today at the American Stock Exchange in New York City. John B. Nano, CTT's Chairman, President and CEO discussed the company's performance and its portfolio of technologies. The full slide presentation is available under Investors on the CTT website: www.competitivetech.net.
"We are moving in the right direction," said Mr. Nano. "A significant factor in our future development is the Pain Management Therapy device in our technology portfolio. CTT has exclusive worldwide rights to this patented device, a non-invasive method for rapid treatment of high-intensity oncologic, neuropathic and drug-resistant pain through a biophysical rather than biochemical approach. We believe revenue and profits for this technology will dramatically exceed those produced by any other technology in our 40-year history."
At the meeting, CTT shareholders re-elected the company Directors, including Mr. Nano, Joel M. Evans, M.D., Richard D. Hornidge, Jr., Rustin Howard, William L. Reali and Ralph S. Torello. In addition, shareholders ratified the appointment of Mahoney Cohen & Company, CPA, P.C., as their Independent Public Accounting firm. A total of over 82% of the outstanding shares was represented at the meeting. Of the voting shareholders, over 84% voted in favor of the Directors, and over 92% voted in favor of the accounting firm.
Mr. Nano continued, "We are creating shareholder value by marketing a portfolio of technologies that exploit the paradigm shift resulting from record high costs of healthcare and energy. In addition to pursuing increased revenues, CTT has reduced operating costs by over $3.0 million per year. We just received a commitment for a royalty payment of about $600,000, 40% of which will be retained by CTT, for the patent-expired homocysteine assay. This marks a successful step in our strategy of continuing to collect royalties for our clients and recovering due, but withheld, royalties for this technology.
"The pain management device, a component of our medical strategy, is being successfully used in Europe, and is soon to be in both Asia and the U.S. markets. Our structural crack detection paint, ever more important in today's aging infrastructure, is under agreement with a multi-billion dollar company. CTT's management team is focused on creating value from technologies, restoring stockholder value by signing new license agreements. We continue to find technologies that fulfill market needs. We are aggressively marketing the pain management therapy, breast cancer detection test, MC Square stress reduction device (www.relaxmc.com), solar panels, UAD surgical prosthetics, and the LED portfolio technologies to drive revenue growth, improve profitability and create shareholder value. Our full technology portfolio may be viewed on our website."
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
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, 2007, filed with the SEC on October 29, 2007, 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.