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® 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: .
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 .
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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