FAIRFIELD, Conn., Sept. 17, 2008 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it received $400,000 from Federal Insurance Co. under CTT's theft insurance policy with Federal. CTT's policy claim resulted from its fraud case against the nutraceutical firm, Agrofrut E.U., and others.
John B. Nano, CTT's Chairman, President and CEO, said, "CTT can now move beyond this matter and focus on aggressively marketing our pain management therapy device, a non-invasive method for rapid treatment of high intensity oncologic and neuropathic drug-resistant pain.
"We have signed an agreement with Excel Life Sciences, Inc. giving them exclusive distribution rights to the device in India. The European Union's Medical Device CE certification allows for sale of the device in Europe, and we are in discussions with potential distributors throughout that market. CTT is working with the FDA for 510(k) approval for sale of the device in the U.S. market. Negotiations with potential distributors are proceeding in the U.S. and in targeted global markets around the world. We believe that revenue and profits from the pain management technology will dramatically exceed those produced by any other technology in our 40-year history. 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.