FAIRFIELD, Conn., Oct. 21, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced today that on Monday, October 18, 2010, its Geneva, Switzerland-based distributor, Life Episteme SARL ("LEG"), signed a contract to distribute CTTC's Calmare® pain therapy medical device, in several countries of the Middle East, including the Kingdom of Saudi Arabia, Yemen, United Arab Emirates, Qatar, Oman, Bahrain, Kuwait, Jordan, Turkey, Syria, and Lebanon, where the Distributor is headquartered. This agreement followed an extremely successful medical workshop featuring the Calmare device in Lebanon. Similar events are planned this month in the Kingdom of Saudi Arabia, as well as in the United Arab Emirates, Turkey, Jordan and other countries, later this year.
"Life Episteme is pleased to announce this distribution agreement with International Consulting Bureau ("ICB"), a professional organization whose core competency is assisting the most important Middle East distributors to bring innovative products, services and solutions to the market and whose competitive advantage is to ensure a comprehensive commercial operational strategy amongst all the countries in the area," said Life Episteme President and co-founder Dr. Domenico Pecorini. "This distribution agreement in the Middle East is one of several distribution agreements that Life Episteme is negotiating and/or signing in the coming weeks and months as part of our strategy for distributing CTTC's innovative Calmare Pain Therapy Treatment in the global marketplace. The contract with IBC, with an initial 4-year term through the end of December 2014, anticipates sales of 200 Calmare MC-5A medical devices per year in the assigned Middle East area for an overall total of 800 machines. LEG has already shipped the first 10 units, and will soon be shipping an additional 25, for a total of 35 Calmare MC-5A devices to be used by ICB for the initial phases of the commercial distribution in the area, which has already begun and is progressing well."
"ICB is the high-level 'hub' in the Middle East, coordinating the distribution through their important local associates, who have solid infrastructures and field experience in distributing some very well-known brands of medical equipment, devices and software from worldwide healthcare providers throughout the Middle East," said Aris Despo, CTTC's Executive Vice-President for Business Development. "We're pleased to have them join the distribution team for our Calmare Pain Therapy medical, which has successfully treated more than 3,000 patients in Europe and the US and is constantly expanding in the treatment of chronic pain."
"Pain treatment is coming to the forefront of medical care, globally, including in the Middle East," said Life Episteme SARL Chief Executive Officer Umberto Marangoni, who has an extensive, successful experience in pain relief markets through his previous senior management positions, in Italy and abroad, with Ohmeda and Dreager Medical. "I was happy to participate as an honored guest in a highly positive medical workshop held October 5-6 at the Lebanese Canadian Hospital in Beirut. We are grateful to the management of the Hospital and for the Lebanese TV reporters and newspapers that covered the event. All of patients treated had extremely positive benefits, with one of the most touching moments being the testimony of a woman who had been confined to a wheelchair for years, because of the intensity of neuropathic pain; she declared that after years of several other inconclusive pain therapies treatment she was finally able to walk without pain immediately after her first treatment with the Calmare Pain Therapy MC-5A machine. A key role was played by today's Middle East top specialist for the Calmare Pain Therapy Treatment, Dr. Hani Chidiac, who has a track-record of qualified work and training experiences, the last one being the Pain Treatment course run by Professor Marineo and kindly hosted at Palidoro facilities as a courtesy of Hospital Bambin Gesu of Rome."
Another high level event will take place next week in the Kingdom of Saudi Arabia, where the Calmare Pain Therapy Treatment will be publicly presented through the King Feisal Specialist Hospital and Research Centre at the 2nd Pain Management Society Conference. Plans are underway for joint participation by LEG and ICB at more events to be held soon in the United Arab Emirates, Turkey, Jordan and other countries in the Middle East. Additionally, LEG is in the advanced stages of negotiations with other interested partners to formalize further agreements in Europe, Far East Asia, Africa and South America over the next few months.
About Life Episteme SARL
The privately held Life Episteme is a Geneva, Switzerland-based medical device distribution company. Life Episteme's current agreement with CTTC provides for distribution of the Calmare Pain Therapy medical device in more than 30 countries throughout the world.
About Competitive Technologies
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. CTTC 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. Currently, CTTC's principal technology is the non-invasive Calmare pain therapy device, which uses the biophysical "Scrambler Therapy" technology, and was developed in Italy by CTTC's client, Professor Giuseppe Marineo who is assisted in the business operations by his legal Counsellor Avv. Giuseppe Belcastro. With U.S. FDA clearance and Medical Device CE Mark certification from the E.U. allowing sales throughout the U.S., Europe and several other countries, the Calmare device is currently being manufactured for sale by CTTC's partner, GEOMC Co. Ltd. of Seoul, Korea. For more information on the device, visit . Visit CTTC'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, 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.
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