Competitive Technologies, Inc. No Longer an Authorized Agent or Representative of Scrambler Therapy(R)
ROME, April 9, 2014 /PRNewswire/ –
Professor Giuseppe Marineo, developer of the patent-protected Scrambler Therapy(R)
technology for the treatment of neuropathic and cancer pain, announced today that the
Amended, Restated and Extended Service and Representation Agreement between Competitive
Technologies, Inc. (“CTI” or “CTTC”), Professor Giuseppe Marineo and Delta Research and
Technologies (“Delta”), dated April 1, 2011 and last amended as of June 30, 2012 (the
“Service and Representation Agreement,” or “SRA”), was terminated effective March 9, 2014
pursuant to section 8.6.1 of the SRA.
Accordingly, effective March 9, 2014, Competitive Technologies, Inc. ceased to be an
authorized representative, agent, licensee or distributor of any device incorporating the
Scrambler Therapy(R) technology.
On June 30, 2012, Professor Marineo, Delta and CTI entered in an amendment to the SRA,
which limited CTI’s distribution rights to certain territories, and excluded Europe, the
Middle East and North Africa. The June 30, 2012 Amendment provided that the parties would
enter into a new agreement and expressly granted to Professor Marineo and Delta the right
to terminate the SRA following the expiration of a period of time should the parties fail
to enter into a new agreement. The June 30, 2012 Amendment was duly executed on behalf of
CTI by its Chief Executive Officer, Johnnie D. Johnson, and was specifically disclosed by
CTI in a Form 8-K filing, signed by Mr. Johnson, and filed by CTI with the United States
Securities and Exchange Commission. The parties failed to enter into a new agreement as of
March 9, 2014.
In a press release dated April 2, 2014, CTI announced that its Board of Directors had
unilaterally declared the June 30, 2012 Amendment null and void based on a self-serving
resolution claiming that CTI’s CEO had acted without authority to enter into the 2012
amendment. CTI announced its plan to ignore all of its obligations under the June 30, 2012
Amendment, including the territorial restrictions, as well as the express right of
Professor Marineo and Delta to terminate the agreement.
CTI also incorrectly claimed, in the April 2, 2014 press release, that the June 30,
2012 Amendment had prohibited CTI from obtaining approval from the FDA for the technology.
Professor Marineo and Delta intend to take all steps necessary to protect their patent
and other intellectual property rights in their Scrambler Therapy(R) technology from any
unauthorized conduct with respect to its manufacture, use, sale, or offer for sale.
About “Scrambler Therapy”(R)
The official “Scrambler Therapy”(R) scientific and clinical information website is at
Delta International Service & Logistic
DIS&L (http://www.st-team.eu) is an entity created for the international
development of Scrambler Therapy(R) Technology MC-5A and selection of medical device
CONTACT: Mariella Giorgieri: email@example.com, +39-3921603399
SOURCE Delta Research & Development