Fairfield, CT – June 3, 2019 – Calmare Therapeutics Incorporated, (OTC PINK: CTTC) ("CTI"), the pain mitigation company ("Calmare"), has received a favorable decision from the U.S. Court of Appeals for the Second Circuit (the "Court"), which refused to reconsider its March 2019 decision to vacate a $10.4 million judgment against the Company.
On May 28, 2019, the Court denied a petition for rehearing filed by GEOMC Co. Ltd ("GEOMC") – a South Korea corporation – in which GEOMC requested that the Court reconsider its March 12, 2019 ruling that vacated a $10.4 million final judgment previously awarded to GEOMC by the U.S. District Court for the District of Connecticut, stemming from a complaint filed by GEOMC on August 22, 2014.
"The Company has overcome an obstacle that has harmed operations over many years," said Calmare Therapeutics President & CEO Conrad Mir. "Now, we are in a better corporate position, and prepared to broaden our international footprint."
About Calmare Therapeutics, Inc.
Calmare Therapeutics, Inc. researches, develops and commercializes chronic, neuropathic pain devices. Our flagship medical device – the Calmare® Pain Therapy Device (the "Calmare Device") – is the world's only non-invasive and non-addictive modality that can successfully treat chronic, neuropathic pain. The Company holds a U.S. Food & Drug Administration 510k clearance designation on its flagship device, which grants it the exclusive right to sell, market, research and develop the medical device. The Calmare Devices are commercially sold to medical practices throughout the world. They are also found in U.S. military hospitals, clinics and installations.
Forward-Looking Statement
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.