Professor Giuseppe Marineo, developer of the patent-protected Scrambler Therapy® 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® 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® technology from any unauthorized conduct with respect to its manufacture, use, sale, or offer for sale.
About "Scrambler Therapy"® The official "Scrambler Therapy"® scientific and clinical information website is at https://www.scramblertherapy.org/english.htm.
About Delta International Service & Logistic DIS&L (https://www.st-team.eu/) is an entity created for the international development of Scrambler Therapy® Technology MC-5A and selection of medical device distributors worldwide.
SOURCE Delta Research & Development
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