FAIRFIELD, Conn., April 22, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it has signed an agreement with Northville, MI-based Native Energy & Economic Development LLC (Native Energy) granting them exclusive sales rights for selected U.S. Government agencies, including the Department of Veteran's Affairs (VA), the Department of Defense (DOD), and the Indian Health Service (IHS), for CTT's pain therapy medical device. The device, a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs, has FDA 510(k) status for sales in the U.S. CTT continues to review and select distributors representing other U.S. and global markets, including Europe, Asia and Latin America. CTT has exclusive worldwide rights to this device.
"Native Energy provides CTT with an established partner to reach U.S. government agencies that include the wounded warrior and the native American population in their healthcare programs," said John B. Nano, CTT's Chairman, President and CEO. "We believe that Native Energy's experience, contacts and knowledge of these important segments of the population will greatly facilitate sales of the device."
Steven J. Morello, founder of Native Energy, commented, "We welcome this opportunity to improve healthcare available to our veterans and Native Americans, by providing an alternative to harmful drug protocols for pain treatment. This non-invasive treatment, without side effects, will benefit these patients and relieve their pain."
Mr. Nano, added, "The distribution of our device to U.S. government agencies is an important and effective step in CTT's aggressive sales and marketing program. This breakthrough device brings CTT to the forefront in providing a solution to the needs of patients and the improvement of palliative healthcare in both the U.S. and globally. The technology is a prime example of our strategy to connect clinical science to patient care. We believe that revenue and profits from the pain therapy technology will significantly increase CTT's market capitalization."
Contractual minimums for signed distribution agreements have a retail sales value of over $25 million for 2009 and about $50 million for 2010. CTT will share in revenue derived from sales of the device to distributors. Both CTT and its distributors expect sales to exceed contract minimums.
Earlier agreements granted country-exclusive distribution rights to Life Episteme srl for each of 31 countries throughout Europe, Asia, Africa, the Middle East, South America and Oceania, to Excel Life Sciences, Inc. for India, to GEOMC Co., Ltd. for Korea, to AG Healthcare for Malaysia, and to Biogene Pharma Limited for Bangladesh. The U.S. Department of Commerce estimates the world market for medical devices at $248 billion. The United States represents about half that market. In addition to 510(k) status, this medical device has CE certification from the European Union allowing European sales.
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the device was brought to CTT through the efforts of the Zangani Investor Community(tm). The device, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin. CTT partner GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution. For more information on the device, visit www.CalmareTT.com.
The device has been used on over 3,000 patients in Europe, including the Pain Management Center at Tor-Vergata University Medical Center in Rome (http://www.ptvonline.it/uo_ter_ant_ing.asp).
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. CTT is a global leader in identifying, developing and commercializing innovative products and 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, 2008, filed with the SEC on October 28, 2008, 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.