FAIRFIELD, Conn., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced that it has entered into a two-year Equity Purchase Agreement for up to $10,000,000 of the Company's registered common shares with Southridge Partners II, L.P. ("Southridge").
"This Agreement represents an important step forward as we look towards executing our Business and Marketing Plans," said CEO Carl O'Connell. "We will first be taking steps to improve our balance sheet and then investing, in a very controlled manner, in those fundamental building blocks needed to develop a sustainable growth model for ongoing cash flow and the successful commercializion of the Calmare medical device for treatment of chronic pain, and most importantly, increasing shareholder value."
Pursuant to the Agreement, the Company has the right, at its discretion, to sell to Southridge up to $10 million of its common stock from time to time over a 24-month period. The Company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the Agreement which has been filed with the Securities and Exchange Commission (SEC). Both parties have also entered into a Registration Rights Agreement under which, the Company agreed to file a registration statement with the SEC with respect to the Shares. The ability to draw down funds pursuant to the Equity Purchase Agreement is conditioned on an effective registration statement.
About Southridge Partners II, L.P.
Southridge is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies. Southridge has successfully participated in providing over $1.7 billion in capital to companies in the United States, Asia, Canada, the United Kingdom and Australia amongst other markets.
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.) 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 forward-looking statement.
Direct inquiries to: Jean Wilczynski, IR Services, LLC
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