Fairfield, Conn. - (May 28, 2014) - Competitive Technologies, Inc., (CTTC) (CTI), today announced the signing of a binding letter of intent to distribute and sell the Calmare® Pain Therapy devices (Calmare) exclusively throughout the Middle East and North African territories with The Mediterranean for Integration and Technology (Mediterranean), to distribute and sell Calmare.
"The reestablishment of distribution relations with Mediterranean brings great promise to the Company," said Competitive Technologies President & CEO Conrad Mir. "Their results in the MENA territories represented a substantive portion of the $3.1 million in sales in 2011. In our commitment to regaining market share in the MENA territories and increasing sales, we strongly believe that this rejuvenated business relationship will help grow global sales and increase shareholder value in short order."
Competitive Technologies Inc., the pain mitigation company, develops and commercializes innovative wound and pain management products and technologies. CTI holds the 510k clearance on its flagship product, the non-invasive Calmare® Pain Therapy Device, which grants it an exclusive right to sell, market, research and develop the medical device. The Company is the exclusive licensed global distributor of Calmare.
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
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