Competitive Tech Appoints Conrad F. Mir as New President, CEO &
Member of the Board
Competitive Tech Appoints Conrad F. Mir as New President, CEO &
Member of the Board
Seasoned Turnaround CEO and Microcap Healthcare Executive Helped
Raise More Than $40 Million for Distressed Biotech Companies
FAIRFIELD, CT--(Marketwired - Oct 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.
About Mr. Mir
Mr. Mir has over twenty years of investment banking,
financial structuring, and corporate reengineering experience. He
has served in various executive management roles and on the Board
of Directors of several companies in the biotechnology industry.
Most recently, Mr. Mir was CFO of Pressure BioSciences, Inc., a
sample preparation company advancing its proprietary pressure
cycling technology. Before that, he was chairman and CEO of Genetic
Immunity, Inc., a plasmid, DNA company in the HIV space, and was
the executive director of Advaxis, Inc., a vaccine company. Over
the last five years, he was responsible for raising more than $40
million in growth capital and broadening corporate reach to new
investors and current shareholders.
Conrad has worked for several investment banks including Sanford
C. Bernstein, First Liberty Investment Group, and Nomura Securities
International. He holds a BS/BA in Economics and English with
special concentrations in Mathematics and Physics from New York
University. He is a classically trained pianist and teacher, and a
student of the martial arts. He is married with two children,
alumni council chairman of Tau Kappa Epsilon fraternity - Tau Alpha
chapter (NYU), and a member of NIRI.
About the Company
Competitive Technologies Inc., (CTI) is a
biotechnology company developing and commercializing innovative
products and technologies. CTI is the licensed distributor of the
non-invasive Calmare? pain therapy medical device, which
incorporates the biophysical "Scrambler Therapy"?
technology developed to treat neuropathic and cancer-derived pain
by Professor Giuseppe Marineo.
Forward-Looking Statements
Certain statements contained in this press release are
forward-looking statements that involve risks and uncertainties.
The statements contained herein that are not purely historical are
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements deal with the Company's current plans, intentions,
beliefs and expectations and statements of future economic
performance.?Forward-looking statements involve known and unknown
risks and uncertainties that may cause the Company's actual results
in future periods to differ materially from what is currently
anticipated. Factors that could cause or contribute to such
differences include those discussed from time to time in reports
filed by the Company with the Securities and Exchange Commission.
The Company cannot guarantee its future results, levels of
activity, performance or achievements.
The Calmare device is currently
being manufactured for sale by GEOMC Co., Ltd. of Seoul, South
Korea.
Scrambler Therapy?:
www.scramblertherapy.org/english.htm
Calmare?: www.calmarett.com
CTI: www.competitivetech.net