azor
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...patience!...I looked up one:
"David Guenthner
Email: dave.guenthnew@rtmedical.com
Tel: 402.660.7667"
...yessirree bob!...he's the man to see for a painkilling bug zapper:
http://www.bsmexecutiveadvisor.com/
...hmmmmmm...I wonder if Dave's been keeping up with those AA meetings...anyway, you might want to read his advice:
http://www.bsmexecutiveadvisor.com/documents/AHOWBERNIEMADOFFWITHTHEMONEYAPPROVED.pptxa.pdf
...cause when he's sober, I bet he can tell you a thing or two:
"YOUR MONEY
•
BE RESPONSIBLE
•
BE INFORMED
•
PAY ATTENTION
•
ASK QUESTIONS"
...aww, wait a minute!...I'm tryin'...really, I am!...sorry, I just can't hold it in any longer -- HAW, HAW, HAW!!!!
"No one cares about that deal or anything else from 1+ years ago."?????????...you don't care about a contract that granted "Innovative Medical Therapies" the exclusive distribution rights to CTT's pain therapy medical device in the United States and related territories excluding selected Federal agencies."????????...you don't care about the "minimum monthly cash payments to CTT totaling over $1 million for the first five months"???????...you don't care that, supposedly, the "minimum monthly payments increase throughout the term of the agreement with the fourth year minimum payments reaching $9 million and eighth year minimum payments of $21 million."???????...and you don't care that, evidently, NONE of that came to pass?????...moreover, none of that came to pass while YOUR company was being delisted because it couldn't raise a measly 4 million bucks??????...I'm almost afraid to ask what you DO care about...but in year, a rough estimate would be that CTT SHOULD have received somewhere in the vicinity of 12 million bucks...I'd be inclined to think the AVERAGE shareholder would care about that...well, anyway, for those that care, from the March 10-Q:
"In the U.S., we have decided to be the principal marketer for the Calmare device and have hired a Vice President, Sales and Marketing, and contracted with several salesmen in support of that decision. As a result, we have terminated the exclusive U.S. distribution agreement we had with Innovative Medical Therapies, Inc."
...of course, they left out the REASON they terminated the agreement...maybe it was because they didn't collect a dime from the "company"...maybe that was because the company never existed to begin with...
...should I take your laughter to mean you're not concerned about that alleged contract CTT signed with an alleged company...both of which seem to evaporated into thin air...
..."co-interim CEO position"?...for a company with a half dozen employees?...why not just make Despo temporary CEO or just CEO, period?...which brings up another question...whatever did happen to that alleged "growing U.S. sales force of over 35 sales representatives"...anybody know how to contact ANY of them?...makes a salesman's life a lot easier when customers know how to contact him...
..."Not every distributor has a website"...well, yeah...but most DO HAVE an address and telephone number...and there doesn't appear to be any "Innovative Medical Technologies" in Glastonbury...there is a company with that name in Plainville, CT, but they don't sell any painkilling bug zappers:
http://www.innovativemedical.com/products/products.html
...and you begged the question of the deal...what happened to that alleged deal?...I would think that would be of interest to concerned shareholders...
...I also find it very interesting that no one shows any interest in my post about "Innovative Medical Therapies":
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54080745
...no one cares that a presumed long term deal that involved a substantial amount of money seems to have been with a company that didn't even exist?
...I find it very interesting that everyone has a comment about who "musictimer" is and what the "motivation" behind the post might be...yet no one seems interested in commenting on CTT's board moving the "investor relations" guy into the CEO position...no one seems concerned that TWO VPs, a CTO, and a business consultant either were ignored or else they refused...I mean, come on, "investor relations" to "CEO"?????...that's almost as bad as the time they tried to hire that dead drug dealer...
...isn't it somewhat unusual to move someone from "Investor Relations" to "CEO"?...what happened to Despo, Rooney, Nallur, and Kutumbos?...that's two VPs, a CTO, and a business consultant that were bypassed in favor of an IR guy?...well, of course, we are talking about CTT...
...whatever happened to "Innovative Medical Therapies":
"FAIRFIELD, Conn., July 30, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it has signed an agreement with Innovative Medical Therapies, Inc. (IMT) granting them exclusive distribution rights to CTT's pain therapy medical device in the United States and related territories excluding selected Federal agencies. The contract provides for minimum monthly cash payments to CTT totaling over $1 million for the first five months. These minimum monthly payments increase throughout the term of the agreement with the fourth year minimum payments reaching $9 million and eighth year minimum payments of $21 million. IMT will receive shipments of CTT's pain therapy medical device in return for these payments....IMT intends to immediately deliver and begin training leading oncologists and spine specialists, along with their technical staff who have already agreed to further confirm the patient benefits and effectiveness of the CTT medical device."
...did the company even exist?...I remember trying to find it in Glastonbury, Connecticut -- the address given in one or the PRs -- and only found some attorney under "M & A Consulting LLC"...coincidentally, he bears a striking resemblance to the guy in the PR:
http://www.globenewswire.com/newsroom/news.html?d=170279
http://www.linkedin.com/in/clintonlawoffices
...now you don't suppose they would have just made up some phoney company for the purpose of misleading investors about the company's prospects, do you?...might that qualify as fraud?
...I wonder how much that cost...and will the "Committee to Restore Shareholder Value" rise again:
http://esignal.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingCONVPDF1?SessionID=XwWZHg6v6XwBwGh&ID=4878246
...you left out an important piece: (MARKETWIRE via COMTEX)..."via Comtex"...in other words, this is just another PR directed at "investors" and designed to boost the stock price -- more commonly known as "hype"...of course, given the pain CTT investors have had to suffer, maybe they figure they could find a bunch of potential clients...what's particularly humorous is tis statement:
"Instead of "blocking" the pain message which is what traditional TENS therapy offers..."
...considering TENS is a "quack" device as well, it seems like it would be rather difficult to assess how it works...but that hasn't stopped the "quacks" from trying and a quick search will come with a half dozen far ranging explanations of how it works...but the killer here is:
"...these electrical signals "re-program" the brain to recognize the pain signal as "normal" and achieve long lasting pain relief."
...well, first, that is just a bald-faced lie...or at least, there isn't one single, solitary piece of evidence to support such an outrageous claim...second, it seems the mechanism has changed since originally CTT said:
"The device communicates multiple "no-pain" signals through the nervous system, effectively "scrambling" the pain information transmitted to the brain by way of "nociceptive C-fibers" (pain nerves)."
...it doesn't really matter since they are both utterly absurd...do you notice they never get around to explaining exactly HOW they stimulate these nociceptive c-fibers...I mean, the only way I know of to do it is to stimulate the nociceptive receptor that the c-fiber is attached to...and to achieve that with a "low electrical current" would be a miraculous achievement -- something on par with walking on water...since the PR seems to be making claims far beyond the capabilities of science as it currently stands, and because it makes claims beyond what the TENS device approval issued by the FDA allows, and because the "spherotherapy" website makes enticing claims that I believe are bogus, I felt compelled to file a complaint with the Utah Division of Consumer Protection...gotta do my good deed for the day, don't you know...
...down 16 cents with 6700 shares traded...almost as much fun as watching moss grow...
...actually, I think the correct symbol will be "CTTC.PK"...although, granted, I might be wrong...
..."The company has been aggressive in its marketing of the device..."...yeah, right!...find me one ad in one throwaway medical journal or in one regular magazine like "Discover" for the "miracle" painkiller...CTT spent something like 70 grand for pumping stock reports but doesn't appear to have spent so much as a dime on advertising...you have to wonder why...
...I merely pointed out that CTT hasn't said word one about Crisnic violating any terms of the agreement...they haven't said anything about Crisnic, period!...DESPITE losing their listing as a consequence...DESPITE their stock price getting cut in half...I'd be more inclined to interpret that as meaning Crisnic DIDN'T violate any terms of the agreement...if, indeed, there was any kind of binding agreement to begin with...
...yessir, "Call for an appointment: 888-555-5555"!...one eight hundred "all five"?..."Please say the name of a word you saw in the ad you're calling about"...wow, really classy...of course, it is Utah...or so I guess since he doesn't bother to give any address...NO ADDRESS??...so you have an ob-gyn, who originally practiced seven years in Alaska but now is practicing in St. George, Utah, who -- after two years in St. George -- opens a pain clinic with no local phone number and no address...where did this guy get his MBA -- the CTT "School of Management"?...
..."good record of prosecuting companies"...so where's the money from Marcovitch, Rios Valencia, and Agrofrut?...or, at least, what are they doing about collecting it?...and Crisnic?...a no-name wannabe-hedge fund whose office is just a mail drop in some attorney's office in Costa Rica?...how much do you think you could collect?...for that matter, CTT actually hasn't said ANYTHING that even hints that Crisnic violated any terms of their agreement...kind of hard to sue someone when they haven't done anything wrong...
..."no current relevance"???...well, CTT sued a bunch of people with respect to that incident:
"On September 8, 2009, the Judge ruled favorably on CTT's motion for default judgment. The judgment entered against Marcovitch, Rios Valencia, Agrofrut and Strauss, jointly and severally, is for $750,000, as well as reasonable attorneys' fees and costs of $600,788. Additionally, judgments were entered against Marcovitch, Rios Valencia, and Agrofrut, jointly and severally, for $2.25 million, treble damages, and for $600,788, punitive damages.
A judgment was also entered against Rios Valencia and Agrofrut, jointly and severally, for punitive damages of $750,000."
...quite a bit of money there...in fact, enough to have kept them listed...have they recovered so much as a thin dime?...have they even tried?...they spent close to a million shareholder bucks pursuing the case, yet they don't seem too interested in keeping shareholders current on collecting what's due...
..."those that contain old news being posted for ulterior motives"???...let me guess, anything YOU decide seems contrary to YOUR opinion of CTT was posted with "ulterior motives," right?
..."irrelevant to the now and the future"???...oh, I have to disagree...there's a LOT to be learned from the past...especially when the same people are involved...
...and a couple of years later:
"Fairfield, CT (June 2009) - Judge Yamile Mogollon Erazo ruled in favor of former Board member Mr. Benjamin Marcovitch in his case against Competitive Technologies, Inc of Fairfield Connecticut. Competitive Technologies, Inc, its CEO and Board of Directors were sued in a criminal action in Cali, Columbia. While the case is remanded for further proceedings, prosecutor Luz Marita Palacios Flores said at the hearing that it is quite clear that libel and slander are evident in materials released by Competitive Technologies, Inc. The company and its CEO, John Nano, are named in an additional criminal proceeding for Criminal Fraud.
The libel and slander charges Marcovitch brought against CTT addressed material of a CTT press release given to the media after his wrongful removal. The release claimed that Mr. Marcovitch’s dismissal resulted from a civil complaint—not a conviction or judgment passed against Marcovitch in a court of law. Not only is it illegal to make that type of public accusation according to Columbian law, but CTT also claimed that Marcovitch and his spouse had links to drug trafficking.
Marcovitch claims that the company’s management operated recklessly, illegally and without regard for the facts in its public comments.
According to its public filing, CTT now has less than $200,000 dollars on hand. Once operating with more than $10 million in cash, CTT has seen the company’s worth drastically fall since Marcovitch’s dismissal.
In the United States, Competitive Technologies, Inc. received more bad news when its motion for a summary-judgment (Case 3:07-cv-01327-PCD) was denied and Federal Judge Peter Dorsey found that the Plaintiff’s statement of the facts raised as many questions as it answered, not least of which is why Plaintiff, a presumably sophisticated corporation which represents itself as “a global leader in identifying, developing, and commercializing innovative technologies in life, electronic, nano, and physical sciences” would have been so readily taken in by what it now characterizes as a “scheme to loot the corporate treasury.”
“The Plaintiff’s apparent failure, as a sophisticated party, to take reasonable steps to protect its own interests, calls into question somewhat the credibility of its claim that it was simply duped into investing in Defendants’ fraudulent Agrofrut scheme,” Judge Dorsey said in the decision.
Benjamin Marcovitch said that finally he is getting the opportunity to present in court his side of the history elaborated by CTT’s misleading public statements. Marcovitch, who lives in Columbia, strongly believes that there is overwhelming evidence that CTT operated recklessly and without regard for the truth in its dealings with him and has filed a countersuit seeking $50 million in damages for aspersions against his person, as well as slanderous and libelous actions by CTT, its Board of Directors and its officers. "
...gosh!...50 million bucks?...remind me not to insult that guy!...CTT "operated recklessly and without regard for the truth"...aw, go on!...CTT???...surely not!..."The company and its CEO, John Nano, are named in an additional criminal proceeding for Criminal Fraud."...well, he's not in jail so I guess he got out of that one...
...and I just noticed something from that PR quote that I mentioned in a previous post:
"CTT has a foundation of Sales Reps and will be tapping every source to provide these Reps with additional products."
..."additional products"???...did I read that right?!...so now the Calmare reps are going to be selling other stuff, too?...like what?...vacuum cleaners?...Avon products?...or what?!!...moreover, they will be "tapping every source" for these "products?!!...well, that don't sound too good, does it?...sounds kind of desperate, in fact!...kind of like they need something -- ANYTHING -- to sell!...at least it sure doesn't sound like those "reps" are busy selling pain killers!...
..."this person is far from stupid"...so don't listen to him?...that's pround advice...seems to be well-supplied with information about CTT from either his employers or other sources"?...uh, yaeh...from like the SEC, CTT, and the internet...which brings up my favorite CTT story that I'm sure you're all dying to hear!...from a SEC filing:
"Information developed by Breen and presented to the Board included the fabricated and misleading resume for the Chief Scientist of Agrofrut, Dr. Raoul Aragon Davalos. Dr. Davalos, was later revealed to have been convicted of drug trafficking, and was, in fact, assassinated on February 28, 2007 in a drive-by shooting in Cali, Colombia...
...Mr. Marcovitch recently admitted to a CTT outside counsel, and to a CTT shareholder, that he attended Dr. Davalos's funeral. However, in the initial due diligence process Agrofrut provided CTT with Dr. Davalos's resume and employment agreement after Dr. Davalos's assassination without revealing his demise. Additional due diligence has revealed other disturbing facts and information regarding Mr. Marcovitch and others associated with Agrofrut."
...is that rich or what?!!!...that's gotta take the booby prize "due diligence"!...not only was he a convicted DRUG TRAFFICKER, hell, he was a DEAD convicted drug trafficker!!!...a dead, convicted drug trafficker killed in a DRIVE BY SHOOTING!!!!...man, I've read read a lot of SEC filings in my day, but I swear, I have never seen any mention of convicted drug traffickers killed in drive by shootings until I read CTT's...
..."I think they just want more pressure (trade shows etc.)"??...I think everybody just recognizes it for what it is -- a "quack" medical device -- and aren't willing to shell out for 50 grand for a TENS device with some blinking lights...I would refer you to a website called "quackwatch.com"...go to the subsection entitled "25 Ways to Spot It" and read about the characteristics that help identify quack devices...then take a look at the "Calmare" device and count how many of the criteria it meets...
..."taking this Country & the World by Storm"??...are you sure about that?...that comment in the last PR didn't sound so optimistic:
"In the next month, the Company will be revisiting its status in the international markets and determining what changes might need to be implemented to enhance sales in all of these markets. The Board is not pleased with the results of some marketing partners and plans to reestablish new marketing partners where necessary."
...another interesting quote:
"CTT has a foundation of Sales Reps and will be tapping every source to provide these Reps with additional products."
...hmmmmm...exactly WHO are these reps and WHERE are they hiding?...there's supposed to be something like thirty of them, right?...how would anyone contact them?...seen any ads for Calmare devices?...funny, isn't it, that CTT could afford something like 70 grand for pumping stock reports but evidently hasn't spent a nickel on advertising their "miracle machine"...moreover, how are the sales reps getting paid?...certainly not by CTT who, by my estimate, should be just about broke right now...
..."The Board is not pleased with the results of some marketing partners and plans to reestablish new marketing partners where necessary."...doesn't exactly sound like customers are beating down the doors, now, does it?
..."Veterans Administration's results and conclusion that it will be purchasing 80 of these machines"?????...and in what delusional state were you when you arrived at that conclusion?...because to the best of my knowledge, the VA hasn't committed to buying anything from CTT...all the VA did was add CTT to its vendor list...there's a wide gulf between being a vendor and actually selling something...what you might want to ponder is what happened to the sale of those 100 Calmare to Episteme group announced back in April...a hundred gizmos at 50 grand a pop plus the cash they had on hand should have generated the 4 million bucks needed to maintain listing...where are those funds?
...you still don't get it, do you?...the company has NO future...their LAST hope rested on the success of a "quack" medical device...and the realization of that is the reason that NO ONE is interested in investing money in the company...
..." The Company will follow the formal application procedures and notify investors as soon as possible of the new trading symbol and the final status of the fund raise with the Crisnic Fund that was announced June 2, 2010."?..."final status of the fund raise"??...is that a euphemism for "we didn't get jack from Crisnic"?...
...one might wonder why, although CTT "updated" their "financial status" to the NYSE, they apparently didn't think shareholders deserved the same consideration......
..."They want to sell 2 Million shares to a fund."...tis a wide gulf between "want to" and "sell"...
..."11. 2 million dollars is in escroe"???...well, presuming you meant "escrow," WHAT "escrow"?...I don't see any mention of escrow in the 10Q...besides which, escrow means they can't touch it unless certain conditions are met...so what exactly does CTT have to do to obtain this probably fictitious escrow?
When's chapter 11 goin' to be announced?...per last 10Q, cash was around 630,000...burn around 1.2 MILLION per quarter...and that was at the end of April...that means that right now they ought to be not only flat broke, but about 600 grand in the HOLE!!...where I come from, that spells B-A-N-K-R-U-P-T-C-Y...