UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
JANUARY 23, 2009 (JANUARY 23, 2009)
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMPETITIVE TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-8696 36-2664428
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
777 COMMERCE DRIVE, SUITE 100, FAIRFIELD, CONNECTICUT 06825
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)
(203) 368-6044
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS
On January 23, Competitive Technologies, Inc. issued the following press
release:
COMPETITIVE TECHNOLOGIES COMPLIANCE PLAN
ACCEPTED BY NYSE ALTERNEXT US
FAIRFIELD, CT - (JANUARY 23, 2009) - COMPETITIVE TECHNOLOGIES, INC. (NYSE
ALTERNEXT US: CTT) announced today that the NYSE Alternext US has accepted CTT's
business plan to regain compliance with continued listing standards of the
exchange by June 2, 2010. In the meantime, the stock continues to trade on the
exchange.
CTT was notified on December 2, 2008 that it had fallen below the Section
1003(a)(ii) standard of the NYSE Alternext US Company Guide by having
shareholders' equity of less than $4 million and losses from continuing
operations and/or net losses in three out of its four most recent fiscal years
as reported and fully disclosed in the most recent Form 10-K filed October 28,
2008.
"Our submitted business plan emphasized the expected revenue from the successful
marketing of our pain therapy medical device," said John B. Nano, CTT's Chairman
President, and CEO. "This includes four signed country-exclusive distribution
agreements for the device for India, Korea, Bangladesh and Malaysia, the CE Mark
approval for sale of the device in Europe, and our pending FDA 510(k)
application for authorization to sell the device in the United States."
Mr. Nano continued, "The plan also described our equity financing arrangement
signed in July 2008 with Fusion Capital for up to $5.0 million of cash, with
$4.8 million remaining available, through sale of our common stock, at our
option."
To maintain its listing, CTT will be subject to periodic review by NYSE
Alternext US staff during the extension period. During this time, CTT is
required to make progress consistent with the plan and to regain compliance with
the listing standards by June 2, 2010. If CTT does not make progress consistent
with the plan or fails to reach the initial listing standards, the NYSE
Alternext US will initiate delisting proceedings pursuant to Section 1009 of the
NYSE Alternext US Company Guide.
ABOUT COMPETITIVE TECHNOLOGIES, INC.
Competitive Technologies, established in 1968, provides distribution, patent and
technology transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable product or
technology solutions. CTT is a global leader in identifying, developing and
commercializing innovative products and technologies in life, electronic, nano,
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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: www.competitivetech.net
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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, 2008, filed with the SEC on October 28,
2008, 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.
Direct inquiries to: Johnnie D. Johnson, IR Services, LLC
Tel: 860 434 2465
E-mail: jdjohnson@corpirservices.com
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COMPETITIVE TECHNOLOGIES, INC.
(Registrant)
Dated: January 23, 2009 By: \s\ John B. Nano
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John B. Nano
Chairman and Chief Executive Officer