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Competitive Tech Reports Third Quarter 2013 Results
Date:11/20/2013

FAIRFIELD, Conn., Nov. 20, 2013 /PRNewswire/ -- Competitive Technologies, Inc., (OTCQX: CTTC) (CTI), a pain mitigation biotechnology company, reported results for three months and nine months ended September 30, 2013.

Three Months Ended September 30, 2013Revenue from the sale and shipment of Calmare® pain therapy medical devices (Devices), in the three months ended September 30, 2013 decreased 7% or $21,000 to $290,000 as compared with $311,000 for the comparable quarter of 2012.

Total expenses for the three months ended September 30, 2013 decreased 3% or $21,000 to $809,000 as compared with $830,000 in the three months ended September 30, 2012.

Personnel and consulting expenses in the three months ended September 30, 2013 decreased 21% or $58,000 to $219,000 as compared with $277,000 in the three months ended September 30, 2012.

General and administrative expenses in the three months ended September 30, 2013 increased 15% or $57,000 to $450,000 as compared with $393,000 in the three months ended September 30, 2012.

Interest expense in the three months ended September 30, 2013 increased 253% or $48,000 to $67,000 as compared with $19,000 in the three months ended September 30, 2012. This large increase is due to an increase in the use of debt financing.

Unrealized loss on derivative instrument for three months ended September 30, 2013 was $50,000, as compared with the $15,000 loss recorded in the three months ended September 30, 2012.

Net loss for the quarter ended September 30, 2013 increased marginally to $602,000 or $0.04 per basic and diluted share for the three months ended September 30, 2013 as compared with a net loss of $597,000 or $0.04 per basic and diluted share for the comparable quarter of 2012.

Basic and diluted weighted average number of common shares outstanding, for three months ended September 30, 2013, increased 11% or 1.683,206 to 16,867,971 as compared with 15,184,765 for the comparable period of 2012.

Nine Months Ended September 30, 2013Revenue from the sale and shipment of Devices in the nine months ended September 30, 2013 decreased 39% or $277,000 to $426,000 as compared with $703,000 in the similar period of 2012.

Total expenses in the nine months ended September 30, 2013 decreased 15% or $437,000 to $2,415,000 as compared with $2,852,000 in the nine months ended September 30, 2012.

Selling expensesin nine months ended September 30, 2013 decreased 59% or $180,000 to $127,000 compared with $307,000 in the similar period ended September 30, 2012.Personnel and consulting expenses in the nine months ended September 30, 2013 decreased 24% or $272,000 to $839,000 as compared with $1,111,000 in the similar period of 2012.General and administrative expenses in the nine months ended September 30, 2013, decreased 8% or $105,000 to $1,264,000 from $1,369,000 in the similar period of 2012.Interest expense in the nine months ended September 30, 2013 increased 251% or $103,000 to $144,000 as compared with $41,000 in the similar period of 2012. This increase is due to an increase in the use of debt financing.

Unrealized loss on derivative instruments in nine months ended September 30, 2013 was $41,000 as compared with the $24,000 loss recorded in the similar period of 2012.Net loss for the nine months ended September 30, 2013 decreased 12% or $273,000 to $2,061,000 or $0.13 per basic and diluted share as compared with a net loss of $2,334,000 or $0.16 per basic and diluted share for the nine months ended September 30, 2012.

Basic and diluted weighted average number of common shares outstanding, for nine months ended September 30, 2013, increased 11% or 1,274,769 to 16,205,578 as compared with 14930,809 for the comparable period of 2012.

Cash-on-hand for the nine months ended September 30, 2013 substantively increased $89,486 to $89,986 from $500 for the comparable quarter of 2012.

Total assets for the nine months ended September 30, 2013 marginally decreased by $63,041 to $4,708,346 as compared with $4,771.387 for the corresponding period in 2012.

Total liabilities for the nine months ended September 30, 2013 increased 18% or $1,626,767 to $10,427,224 as compared with $8,800,457 for the corresponding period in 2012.

"Third quarter 2013 results were a testament to CTI's ability to overcome adversity," said CTI President & CEO Conrad Mir. "There were a host of new sales prospects; but, due to a lengthy sales cycle, most are expected to close in the fourth quarter. Management believes that the re-engineering effort, announced in early October of 2013, may prove promising to our fourth quarter and year-end results."

Conference Call
CTI will host an earnings conference call on Monday, November 25, 2013 at 12:30 PM EST.  To participate in the conference call, please dial the following telephone numbers and appropriate call code a few minutes before the start time: U.S.: +1 (267) 507-0240 | Call Code: 530509As participation is limited to ensure a bridge line, please RSVP via email to: cmir@competitivetech.net or FAX: (203) 368-5399 by 9:00 AM EST, Monday, November 25, 2013 with "Earnings Call 2013" in the subject line.

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.Contacts:Competitive Technologies, Inc.JV Public RelationsConrad MirJanet VasquezPresident and CEOManaging Directorcmir@competitivetech.netjvasquez@jvprny.com  973.798.8882212.645.5498Scrambler Therapy®: www.scramblertherapy.org/english.htmCalmare®: www.calmarett.comwww.competitivetech.net 

[FINANCIAL TABLES TO FOLLOW]

 COMPETITIVE TECHNOLOGIES, INC. AND SUBSIDIARY
Condensed Consolidated Balance SheetsSeptember 30,2013December 31,

2012(Unaudited)AssetsCurrent Assets:Cash$89,986$

74,322Receivables, net of allowance of $101,154 at September 30, 2013, and December 31, 201261,658216,365Inventory, finished goods4,308,2204,360,156Prepaid expenses and other current assets223,13978,727Total current assets4,683,0034,729,570Property and equipment, net10,34326,817Security deposits15,00015,000TOTAL ASSETS$4,708,346$

4,771,387Liabilities and Shareholders' Interest (Deficit)Current Liabilities:Accounts payable, general$537,129$

1,806,346Liabilities under claims purchase agreement2,093,303-Accounts payable, GEOMC4,182,3804,181,225Accrued expenses and other liabilities635,868773,364Notes payable2,354,1751,310,000Conversion feature derivative liability47,250-Deferred Revenue8,0009,600Warrant liability61,286-Series C convertible preferred stock derivative liability132,833119,922Preferred stock liability375,000375,000Total current liabilities10,427,2248,575,457Long Term Notes Payable-225,000Total Liabilities10,427,2248,800,457Commitments and ContingenciesShareholders' interest (deficit):5% preferred stock, $25 par value, 35,920 shares authorized, 2,427 shares issued and outstanding60,67560,675Series B preferred stock, $0.001 par value, 20,000 shares authorized, no shares issued and outstanding--Series C convertible preferred stock, $1,000 par value, 750 shares authorized, 375 shares issued and
outstanding--Common stock, $.01 par value, 40,000,000 shares authorized, 19,176,789 shares issued and outstanding at
September 30, 2013 and 15,237,304 shares issued and outstanding at December 31, 2012 (see Note 12)191,767152,373Capital in excess of par value45,699,67245,367,796Accumulated deficit(51,670,992)(49,609,914)Total shareholders' interest (deficit)(5,718,878)(4,029,070)TOTAL LIABILITIES AND SHAREHOLDERS' INTEREST (DEFICIT)$4,708,346$

4,771,387 

 COMPETITIVE TECHNOLOGIES, INC. AND SUBSIDIARYCondensed Consolidated Statements of Operations
(Unaudited)Three months endedThree months endedSeptember 30, 2013September 30, 2012RevenueProduct sales$290,042$

310,867Cost of product sales119,939100,134Gross profit from product sales170,103210,733Other RevenueRetained royalties22,3325,955Other income14,49916,634Total other revenue36,83122,589ExpensesSelling expenses22,569125,633Personnel and consulting expenses219,379277,493General and administrative expenses450,272393,023Interest expense67,05818,628Unrealized loss on derivative instruments 49,86515,434Total Expenses809,143830,211Income (loss) before income taxes(602,209)(596,889)Provision (benefit) for income taxes--Net income (loss)$(602,209)$

(596,889)Basic income (loss) per share$(0.04)$

(0.04)Basic weighted average number of common shares outstanding:16,867,97115,184,765Diluted income (loss) per share$(0.04)$

(0.04)Diluted weighted average number of common shares outstanding:16,867,97115,184,765 

 PART I. FINANCIAL INFORMATION (Continued)COMPETITIVE TECHNOLOGIES, INC. AND SUBSIDIARYCondensed Consolidated Statements of Operations
(Unaudited)Nine months endedNine months endedSeptember 30, 2013September 30, 2012RevenueProduct sales$426,142$

703,113Cost of product sales185,132295,925Gross profit from product sales241,010407,188Other RevenueRetained royalties40,09270,337Interest income-1,496Other income72,82139,327Total other revenue112,913111,160ExpensesSelling expenses126,502306,889Personnel and consulting expenses839,1181,111,058General and administrative expenses1,264,4481,369,128Interest expense143,79640,923Unrealized loss on derivative instruments 41,13724,317Total Expenses2,415,0012,852,315Income (loss) before income taxes(2,061,078)(2,333,967)Provision (benefit) for income taxes--Net income (loss)$(2,061,078)$

(2,333,967)Basic income (loss) per share$(0.13)$

(0.16)Basic weighted average number of common shares outstanding:16,205,57814,930,809Diluted income (loss) per share$(0.13)$

(0.16)Diluted weighted average number of common shares outstanding:16,205,57814,930,809 

 PART I. FINANCIAL INFORMATION (Continued)COMPETITIVE TECHNOLOGIES, INC. AND SUBSIDIARY
Condensed Consolidated Statement of Changes in Shareholders' Interest (Deficit)
For the Nine Months Ended September 30, 2013
(Unaudited)Preferred StockCommon StockCapital in excessTotal shareholders'SharesoutstandingAmountSharesoutstandingAmountof parvalueAccumulateddeficitinterest (deficit)Balance January 1, 20132,427$

60,67515,237,304$

152,373$

45,367,796$

(49,609,914)$

(4,029,070)Net income (loss)-----(2,061,078)(2,061,078)Common shares issued into escrow (Note 12)--1,000,00010,000(10,000)--Common shares issued to settle accounts payable, general and accrued expenses--1,300,00013,000250,000-263,000Common stock issued to directors--21,2502127,443-7,655Stock option compensation expense----100,615100,615Common Stock issued in accordance with liability purchase agreement--1,618,23516,182(16,182)--Balance September 30, 20132,427$60,67519,176,789$191,767$45,699,672$(51,670,992)$(5,718,878) 

 PART I. FINANCIAL INFORMATION (Continued)COMPETITIVE TECHNOLOGIES, INC. AND SUBSIDIARYCondensed Consolidated Statements of Cash Flows
(Unaudited)Nine months endedNine months

endedSeptember 30, 2013September 30,

2012Cash flows from operating activities:Net income (loss)$(2,061,078)$

(2,333,967) Adjustments to reconcile net income (loss) to net cash used in operating activities:Depreciation8,41010,995Stock option compensation expense100,615138,630Share-based compensation – common stock7,655-Share-based consulting fees – common stock-35,000Loss on disposal of property and equipment-4,817Bad debt expense5,000- Warrant amortization13,775- Noncash finance charges102,710-Unrealized loss on derivative instrument41,13724,317Changes in assets and liabilities:Receivables149,707(124,501)Restricted cash-750,000Prepaid expenses and other current assets118,58840,358Inventory60,000(180,000)Accounts payable, accrued expenses and other liabilities182,745764,091Deferred revenue(1,600)-Net cash used in operating activities(1,272,336)(870,260)Cash flows from investing activities:Purchase of property and equipment-(20,000)Decrease in security deposits-2,275Cash used in investing activities-(17,725)Cash flows from financing activities:Proceeds from note payable1,288,5001,125,000Repayment of note payable-(265,000)Cash provided by financing activities1,288,500860,000Net increase (decrease) in cash15,664(27,985)Cash at beginning of period74,32228,485Cash at end of period$89,986$

500Supplemental Cash Flow Information:Cash paid for interest$15,0964,559
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SOURCE Competitive Technologies, Inc.
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