CTT on the move today on good news, matthew
Competitive Technologies (CTT) Booking Revenue From Worldwide Shipments of Pain Therapy Medical Devices
FAIRFIELD, Conn., Nov. 2, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it is moving forward with its plan to restore profitability. Its Calmare Therapy Treatment*, pain therapy medical device is treating patients in several locations worldwide. Revenue for product shipments has been recorded for shipments made during the fiscal quarter ended October 31, 2009.
The first shipment of 10 devices has been received by CTT's Switzerland-based distributor, Life Episteme Group. This shipment will be followed by four additional shipments of 10 devices each. In the U.S., Calmar Pain Relief, LLC, of North Providence, RI, has received two devices at its offices in Rhode Island in anticipation of the official opening of its pain therapy clinic on November 16, 2009. Four additional devices have been shipped to other organizations in the U.S. and one device has also been shipped to Biogene Pharma, Ltd., CTT's distributor in Bangladesh.
"Revenue is recorded based on shipments rather than orders from these devices and has been booked in the first quarter of fiscal year 2010," according to John B. Nano, CTT's Chairman, President and CEO. "We expect to see revenues from sales of our Calmare Therapy Treatment grow throughout the fiscal year.
"Each of CTT's five directors has recently made an open market purchase of CTT stock, which demonstrates confidence in CTT's performance.
