FAIRFIELD, Conn., May 5, 2008 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT - News) announced today that it has applied for FDA 510(k) medical device authorization for U.S. sales of its pain management therapy device. The CTT device has Medical Device CE certification from the European Union allowing European sales for this non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. CTT has exclusive worldwide rights to this patented device.

CTT will launch and display the device in the U.S. at the American Pain Society's (APS) 27th Annual Scientific Meeting in Tampa, FL on May 8 and 9, 2008 (http://www.ampainsoc.org). The APS is a multidisciplinary community that brings together scientists, clinicians and other professionals to increase the knowledge of pain and transform public policy and clinical practice to reduce pain-related suffering.

``The application to the FDA is CTT's next step in the global commercialization of this amazing device,'' said Aris D. Despo, CTT's Executive VP, Business Development. ``This device offers relief to patients suffering extreme pain. We have high expectations for its use in the U.S. market. It has been used successfully on over 2,000 patients in seven hospitals in Europe. Upon FDA approval, our initial sales focus will be on hospitals, pain clinics, hospice centers and pain management specialists.''

Developed in Italy by CTT's client, Prof. Giuseppe Marineo, DSc, MD, the device was brought to CTT through the efforts of Prof. Giancarlo Elia Valori of the Italian business development group, Sviluppo Lazio S.p.A., and assistance from the Zangani Investor Community(tm). It uses a multi-processor designed to create self-like neurons by applying surface electrodes to the skin to simultaneously treat multiple pain areas. CTT partner, GEOMC Co. Ltd. of Korea, formerly Daeyang E&C, is producing the device commercially for worldwide distribution. GEOMC has invested about $1.3 million in design and tooling to produce the sleek, fully commercial product. A senior executive from GEOMC will be attending this meeting of over 3,000 delegates with CTT.

``We are proud to present this innovative technology to this gathering of pain management officials,'' said John B. Nano, CTT's Chairman, President and CEO. ``This device targets the American Pain Society's goal of reducing pain related suffering. CTT's objective is to commercialize this device worldwide. Based upon the European CE approval status, we have signed a letter of agreement with a billion-dollar European healthcare company for exclusive European distribution rights. We believe revenues from the device will dramatically exceed those produced by any other technology in our 40-year history, and reach approximately $20 million per year, as the device attains mature market levels.

``This is another example of a CTT technology fulfilling market needs. CTT's management team is focused on creating value from technologies, restoring stockholder value by signing new license agreements. In addition to the pain management therapy, we are aggressively marketing the breast cancer detection test, MC Square stress reduction device (http://www.relaxmc.com), solar panels, and UAD surgical prosthetics technologies to drive revenue growth, improve profitability and create shareholder value. Our full technology portfolio may be viewed on our website.''

About Competitive Technologies, Inc.

Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: http://www.competitivetech.net

Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended July 31, 2007, filed with the SEC on October 29, 2007, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.

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