Competitive Technologies Obtains Rights From Italy to Device for ...

Tag : Purifying Oil

Source: Competitive Technologies, Inc. Competitive Technologies Obtains Rights From Italy to Device forPurifying Compressed Air
FAIRFIELD, Conn., May 23, 2008 (PRIME NEWSWIRE) -- CompetitiveTechnologies, Inc. (AMEX:CTT) announced today that it has obtainedexclusive North American distribution rights to a compressed airdrying device from SECO Engineering S.r.l. of Rome, Italy. Thepatented air-purifying device extends the life of pneumaticcomponents by eliminating water condensation, oil residues, andsolid particles that are contaminants present in compressed airlines. CTT signed the agreement with SECO for their technology, andwill identify industrial supply distribution agents for the productfor its use wherever pneumatic air is important.
Developed in Italy by CTT's client, SECO, the device was brought toCTT through the efforts of Prof. Giancarlo Elia Valori of theItalian business development group, Sviluppo Lazio S.p.A., andassistance from the Zangani Investor Community(tm). SECO isproducing the device commercially for worldwide distribution. Thisis the second innovative technology brought to CTT through theauspices of both Sviluppo Lazio and Zangani. The first, a paintherapy technology, is currently under agreement with amulti-billion dollar European healthcare company in anticipation ofEuropean distribution. CTT has filed for FDA 510(k) approval of thepain therapy technology for medical device sales in the U.S.
"We are proud to continue our successful relationship with SviluppoLazio and the Zangani Investor Community," said John B. Nano, CTT'sChairman, President and CEO. "They have brought us several excitingopportunities which we have added to our portfolio. This agreementis another example of how CTT's management team is successfullyusing its global alliances. We look forward to commercializing thistechnology to increase revenue for our clients and CTT, and tostrengthen shareholder value. On May 22, CTT participated inZangani's PharmaFinance 2008 in Rome, expanding our globalrelationships and increasing global awareness of our innovativetechnology portfolio."
Prof. Valori stated, "This agreement highlights and reinforces thestrong technical, scientific and business relationship between theU.S. and Italy. In cooperation with the Zangani group, we haveproduced our second successful transaction with CTT, and areworking together to commercialize additional businessopportunities."
The SECO device has several major advantages for use in theindustrial environment. It is more effective for compressed airthan the commonly used cartridge filter of varying micron sizes.The SECO device provides cleaner outlet air which translates intofewer problems for pneumatic tools, reducing breakdowns andresulting in less costly maintenance. An added advantage is thatthe SECO device lowers the dew point, so it also dries thecompressed air.
Mr. Nano added, "CTT's management team is focused on creating valuefrom technologies, restoring stockholder value by commercializingnew license agreements. In addition to this new technology, CTT isaggressively marketing its pain management therapy, the breastcancer detection test, MC Square stress reduction device ( www.relaxmc.com ), solar panels, and UAD surgical prosthetics technologies to driverevenue growth, improve profitability and create shareholder value.CTT's full technology portfolio may be viewed on the website."
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full servicetechnology transfer and licensing provider focused on thetechnology needs of its customers and transforming thoserequirements into commercially viable solutions. CTT is a globalleader in identifying, developing and commercializing innovativetechnologies in life, electronic, nano, and physical sciencesdeveloped by universities, companies and inventors. CTT maximizesthe value of intellectual assets for the benefit of its customers,clients and shareholders. Visit CTT's website: www.competitivetech.net
Statements made about our future expectations are forward-lookingstatements and subject to risks and uncertainties as described inour most recent Annual Report on Form 10-K for the year ended July31, 2007, filed with the SEC on October 29, 2007, and other filingswith the SEC, and are subject to change at any time. Our actualresults could differ materially from these forward-lookingstatements. We undertake no obligation to update publicly anyforward-looking statement.
Keywords: AUTOMOTIVE