Something to remember ....
GEOMC Co., LTD. Issues Statement on Scrambler Therapy
SEOUL, South Korea, May 14, 2014 /PRNewswire/ -- GEOMC Co., LTD. announced today that it has honored the June 30, 2012 Amendment ("Amendment") between Professor Giuseppe Marineo/Delta Research & Development (correctively "Professor Marineo") and Competitive Technologies, Inc. ("CTTC" or "CTI") which was publicly disclosed in the SEC filing. Based on the Amendment notified by Professor Marineo, GEOMC has performed business obligations and entered into the License Manufacturing Agreement ("LMA") for the global manufacturing right with Professor Marineo (developer of the patent-protected Scrambler Therapy technology for the treatment of neuropathic and cancer pain) and Delta International Service and Logistic.
GEOMC Co., LTD. States on Recovering the Inventory of the Scrambler Therapy Device.
"SEOUL, South Korea, May 28, 2014 /PRNewswire/ -- GEOMC Co., LTD. announced today that it will take a due procedure in taking possession of the inventory of the Scrambler Therapy Device held by Competitive Technologies, Inc.("CTTC" or "CTI"). The majority of the inventory has been secured under the UCC filing by the secured party of GEOMC. The entire inventory also needs to be factory-inspected or updated for safety and performance guarantee, as it has exceeded a normal storage period. If any units are found missing from the number of the inventory units secured under the UCC filing, CTI will be responsible for all legal consequences."
Source: www.deltard.com/new-page-2.htm
In response to the recent public release of false information by Conrad Mir, President and CEO of Competitive Technologies, Inc. ("CTTC" or "CTI")
"............Professor Marineo had previously clarified, in his April 8, 2014 press release, that the Amended, Restated and Extended Service and Representation Agreement dated April 1, 2011 between CTTC, Professor Marineo and Delta Research & Development S.r.l. (the “SRA”), had been terminated as of March 9, 2014, and responded to certain misleading statements from CTTC concerning its authority to distribute the Scrambler Therapy® devices under the SRA and the validity of the Amendment to the Agreement dated June 30, 2012 (the “Amendment”). The Amendment was an enforceable agreement among CTTC, Professor Marineo and Delta Research & Development S.r.l. (“Delta”, a respectable and well-known research company), fully executed and expressly acknowledged by CTTC, which filed the Amendment with the U.S. Securities and Exchange Commission and publicly announced the benefits deriving from it in a press release. CTTC also confirmed the validity of the Amendment by executing subsequent amendments on August 31, 2012, September 31, 2012 and October 31, 2012. CTTC has not taken any legal action in order to challenge the validity or enforceability of the Amendment or the letter of termination sent by Professor Marineo and Delta on March 9, 2014.
The SRA was duly terminated by Professor Marineo and Delta on March 9, 2014 in accordance with their rights under the Amendment. Professor Marineo and Delta confirm, in response to Mr. Mir’s series of recent misleading public statements, that they are not negotiating any additional amendments to the SRA with CTTC and have no intention to reestablish any commercial relationship with CTTC. Professor Marineo further confirms that he has no intention to speak with Mr. Mir in the next month or at any other time.
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