It has been more than three years (about a month longer) since Mir was appointed to his job, see below. Try to track, if you wish to, the share price over that period and also, try to identify the plan that the announcement indicates was being implemented. While you are at it, also please identify what services have been provided by O'Connell over this same three year period. Nice to know that three years ago the company was indebted to the hard work that Johnny Johnson had provided.
In summary, the more things change, them ore things stay the same. Also, it appears that those who fail to learn from the past are condemned...................
Fairfield, CT - (October 4, 2013) - The Board of Directors of Competitive Technologies, Inc. (OTCQX: CTTC)(CTI), today announced the appointment of Conrad F. Mir as President and chief executive officer, with full responsibility for running the corporation, and as a member of the Board of Directors. Mr. Mir will also serve as interim chief financial officer while the Board of Directors commences a search process to identify a suitable candidate to fill the role on a permanent basis.
"With Mr. Mir's expertise in the micro-cap biotechnology space, along with his experience turning around distressed biotech companies, CTI has the right leadership in place to execute its corporate reengineering plan and enhance long-term shareholder value," said Peter Brennan, chairman of the Board of Directors of CTI.
Mr. Mir has been mandated to implement a corporate reengineering plan (Plan), which he designed and presented to the Board of Directors. The Plan reengineers CTI's core business, cuts expenses, develops the wound care and bone technologies, and furthers our flagship Calmare® platform.
The Board of Directors also announced the acceptance of Carl O'Connell's resignation as CEO. Mr. O'Connell has chosen to pursue other business opportunities, but will remain on the Board of Directors to provide continuity and ensure the Plan's success. He has agreed to serve as a special advisor to CTI in various medical technology capacities, including the ongoing development of Calmare.
"Carl has a wealth of knowledge in the medical device field and will continue to be an instrumental part of the CTI team through his direction and guidance in the board room," added Mr. Brennan.
In addition, CTI will not extend its consulting agreement with Johnnie Johnson, chief financial officer and consultant to CTI. The company is indebted to his hard work and wishes him success in future endeavors.
