Competitive Technologies, Inc.'s Chief Executive Officer, Carl O'Connell,
Elected to Board of Directors
Will Focus on Commercialization of Calmare(R) Chronic Pain Therapy Medical
FAIRFIELD, Conn., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies,
Inc. (OTCQX:CTTC), the licensed distributor of the non-invasive Calmare^® pain
therapy medical device, which incorporates the biophysical "Scrambler
Therapy"^® technology for the treatment of neuropathic pain, announced today
that its Board of Directors has elected President and Chief Executive Officer
Carl O'Connell to the Board, effective immediately. Additionally, Board member
Richard D. Hornidge, Jr. officially resigned January 29, 2013.
Peter Brennan, Chairman of the Board, said, "The Board has complete confidence
that Carl is a medical device industry veteran who can lead Competitive
Technologies in introducing Calmare to the chronic pain therapy marketplace.
Carl served as Global Vice President for Stryker Spine, President of the US
Healthcare Division of ITOCHU Corporation, and President for Carl Zeiss
"He has the skill sets required to lead a medical device company," Mr. Brennan
continued."Already in the first three months as President and CEO, he has
made significant strides towards the completion of first round funding that
will contribute to the future expansion and growth of the Company."
Mr. O'Connell said, "Competitive Technologies is at an exciting stage of
development and growth. Calmare is a non-invasive treatment with no documented
side effects that provides pain relief for chronic neuropathic pain where the
patient has exhausted the traditional treatments.There is a critical need for
an alternative treatment for patients suffering from intractable chronic pain
resistant to narcotic painkillers, traditional TENS, and expensive surgically
"The clinical studies being conducted by preeminent research hospitals and
clinics that use Calmare along with the very compelling and significant
patient VAS score reductions give me a great deal of confidence that we will
bring a much needed solution to the underserved market for the treatment of
chronic neuropathic and oncologic pain," Mr. O'Connell continued. "I am
honored by the Board's decision and the confidence they have placed in me.I
look forward to continue working with the outstanding team at Competitive
Technologies, our clinical partners and physicians."
"The Board and I thank Richard Hornidge for his hard work and dedication to
Competitive Technologies," Mr. Brennan stated. "Since 2007, he has provided
valuable insight and guidance as the Company transitioned to a new phase of
growth and opportunity. We wish Richard success in his future endeavors."
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in developing and commercializing
innovative products and technologies. CTTC is multifaceted in providing
distribution, patent and technology transfer, sales and licensing services.
CTTC is the licensed distributor of the non-invasive Calmare^® pain therapy
medical device, which incorporates the biophysical "Scrambler Therapy"^®
system developed in Italy by CTTC's client, Professor Giuseppe Marineo to
treat neuropathic pain, including cancer pain.(The official "Scrambler
Therapy"^™ technical website is at
http://www.scramblertherapy.org/english.htm.)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
www.calmarett.com.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 December 31, 2011, filed with the SEC
on April 16, 2012, 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
CONTACT: Direct inquiries to:
Jean Wilczynski, IR Services, LLC
(860.434.2465 / firstname.lastname@example.org)
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