Competitive Technologies Announces Management Changes
Competitive Technologies, Inc. /
03.09.2010 22:11
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FAIRFIELD, Conn., Sept. 3, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies,
Inc. (OTCQB:CTTC) today announced that its Board of Directors has made
organizational changes to the management of the Company. John B. Nano has been
terminated as Chairman, President and CEO, effective September 3, 2010. Johnnie
D. Johnson will serve as interim CEO. Mr. Johnson has over 20 years experience
as an executive with
Marathon Oil Company and U.S. Steel, plus over 20 years
consulting with both large and small companies.
Also, the Board of Directors has elected William Reali as Chairman and has
appointed Mr. Reali as the Board's Director of Operations to oversee Company
operations for the Board. Mr. Reali has 40 years of consulting experience
working with both large and small businesses. Richard Hornidge, Chairman of the
Compensation Committee of the Board, is organizing an advisory committee to
define the attributes and experience required to fit the management needs of
the Company. This committee will interview and recommend candidates for the CEO
position.
'Johnnie Johnson has been active in all aspects of Competitive Technologies'
business operations over the last several years and we fully believe the
Company will move forward with Johnnie as CEO,' said Mr. Reali. 'Aris Despo,
the Executive Vice President, Business Development will be working closely with
Johnnie and together they will direct the day-to-day operations of the Company.
The Directors have enormous confidence in Johnnie and Aris and their skills in
managing the operations of the Company.'
'The Company employees are excited about the success of the Calmare(r) medical
device and expect sales to increase on a continuing basis,' Mr Reali continued.
'The Company now has a marketing model that best fits this medical device. We
plan on reviewing every aspect of the current U.S. and international agreements
to determine those individuals or entities whose skills and abilities best fit
our marketing model.
'We are also excited about potential additional products that Aris Despo has
been reviewing that appear to have great market potential. Aris has over 25
years of experience in business development, manufacturing and operations. He
has been enhancing his contacts in the industry over the past several years and
has, more recently, been actively discussing potential products with them.'
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.
The non-invasive Calmare(r) 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.
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.
CONTACT: IR Services, LLC
Jean Wilczynski
860.434.2465
jdjohnson@corpirservices.com
News Source: NASDAQ OMX
03.09.2010 22:11 Ad hoc announcement, Financial News and Press Release
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Language: English
Company: Competitive Technologies, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN:
US2045121074 (
COMPETITIVE TECHNOLOGIES Aktie)
WKN:
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