EXHIBIT 99.1
Competitive
Technologies
Unlocking the Potential of Innocation (R)
For immediate release
COMPETITIVE TECHNOLOGIES' COMMON STOCK EXPECTED TO TRADE OTC
FAIRFIELD, CT - (AUGUST 30, 2010) - COMPETITIVE TECHNOLOGIES, INC. (NYSE AMEX:
CTT) announced today that its common stock is expected to trade on the
Over-the-Counter Bulletin Board ("OTCBB") after receiving notification that the
NYSE Amex, LLC (the "Exchange") plans to suspend trading in the Company's common
stock effective at the open of trading on September 3, 2010. The Company will
follow the formal application procedures and notify investors as soon as
possible of the new trading symbol and the final status of the fund raise with
the Crisnic Fund that was announced June 2, 2010. The Exchange informed CTT of
its determination, subsequent to the August 25, 2010 oral hearing before the
Exchange's Listing Qualifications Panel, which affirmed the Exchange Staff's
earlier determination to delist the Company's securities from the Exchange
primarily due to continued losses and low equity.
The CTT Board of Directors stated that they are disappointed with the Exchange's
decision; however, are committed to moving the Company toward profitability and
to building a stronger organization going forward. The Board considers this to
be a temporary situation until the Company has demonstrated continued
profitability from its strong product and looks forward to regaining listing on
a major exchange.
The marketing plan that is now established for the Calmare medical device is
beginning to show success and the product is reaching numerous potential
customers. The Company continues to receive significant positive feedback as to
the success of the Calmare therapy treatments and these successes are beginning
to drive the market.
The Calmare product is providing the foundation needed to expand into a full
Contract Sales Organization (CSO). As a CSO the company assists inventors and
companies in the sales and marketing of their products and/or services
especially prevalent in the life sciences, medical device, and medical product
launch sectors. The Company is looking to expand its product lines and has leads
on specific products. CTT has a foundation of Sales Reps and will be tapping
every source to provide these Reps with additional products. The Company is not
abandoning its established model but is expanding its business model to be a
stronger sales organization.
Over the next month, the Company will be revisiting its status in the
international markets and determining what changes might need to be implemented
to enhance sales in all of these markets. The Board is not pleased with the
results of some marketing partners and plans to reestablish new marketing
partners where necessary.
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
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The non-invasive Calmare pain therapy device uses the biophysical "Scrambler
Therapy" technology, which was developed in Italy by CTT's client, Professor
Giuseppe Marineo. CTT's partner, GEOMC Co. Ltd. of Seoul, Korea is
manufacturing the Calmare device, which has U.S. FDA clearance and European
Union CE Mark clearance for sales. For more information about Calmare Pain
Therapy Treatment, visit www.CalmareTT.com.
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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, 2009, filed with the SEC on October 27,
2009, 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.
Direct inquiries to: Johnnie D. Johnson,
IR Services, LLC, Tel: 860 434 2465,
E-mail: jdjohnson@corpirservices.com
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