FAIRFIELD, Conn., June 12, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that they have negotiated a Liabilities Purchase Agreement with Southridge Partners II, LP. The agreement takes advantage of a provision in the Securities Act of 1933, Section 3(a)(10), that allows the exchange of claims, securities, or property for stock when the arrangement is approved for fairness by a court proceeding. The process, if approved by the court, has the potential to eliminate about $2 million of our financial obligations to existing creditors. There can be no assurance that CTTC will be successful in completing this process with Southridge.
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, 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® scientific and clinical information website is at http://www.scramblertherapy.org/english.htm.) 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, 2012, filed with the SEC on May 31, 2013, 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: Direct inquiries to: Jean Wilczynski, IR Services, LLC (860.434.2465 / firstname.lastname@example.org)Source:Competitive Technologies, Inc.