0001360865-11-000063.txt : 20110504 0001360865-11-000063.hdr.sgml : 20110504 20110504135145 ACCESSION NUMBER: 0001360865-11-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20110504 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110504 DATE AS OF CHANGE: 20110504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMPETITIVE TECHNOLOGIES INC CENTRAL INDEX KEY: 0000102198 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 362664428 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08696 FILM NUMBER: 11809478 BUSINESS ADDRESS: STREET 1: 1375 KINGS HIGHWAY EAST CITY: FAIRFIELD STATE: CT ZIP: 06824 BUSINESS PHONE: (203) 368-6044 MAIL ADDRESS: STREET 1: 1375 KINGS HIGHWAY EAST CITY: FAIRFIELD STATE: CT ZIP: 06824 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSITY PATENTS INC DATE OF NAME CHANGE: 19920703 8-K 1 cttc8kmay42011.txt COMPETITIVE TECHNOLOGIES, INC. CURRENT REPORT ON FORM 8-K FILED MAY 4, 2011 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 MAY 4, 2011 (SEPTEMBER 29, 2010) DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) COMPETITIVE TECHNOLOGIES, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE -------- (STATE OR OTHER JURISDICTION OF INCORPORATION) 1-8696 36-2664428 ------ ---------- (COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.) 1375 KINGS HIGHWAY EAST, FAIRFIELD, CONNECTICUT 06824 ----------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE) (203) 368-6044 -------------- REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 777 COMMERCE DRIVE, FAIRFIELD, CONNECTICUT 06825 ------------------------------------------------ (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)) CTTC8K5401 ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. Restore Medical Therapies, Inc. On April 20, 2011, Competitive Technologies, Inc. (the "Company") entered into a Sales agreement with Restore Medical Therapies, Inc. ("RMT"). RMT plans to establish pain treatment centers using the Company's Calmare Pain Therapy Treatment medical devices in several locations in the US, beginning with at least one in Wyoming, and is also considering several international locations. Under the agreement, RMT will have exclusivity in several listed regions provided that RMT opens its centers and purchases a minimum number of Calmare devices pursuant to an established timeline. Purchase of the two initial Calmare devices for use in Wyoming must be completed by May 31, 2011. Purchase of four devices for use in Colorado must be completed by August 31, 2011. The agreement Exclusivity in these regions, and in certain other regions of interest listed in the agreement, is contingent upon actually opening treatment centers and purchasing the minimum number of units. If the Company receives a purchase offer in one of the listed regions before RMT opens a treatment center in that region, RMT will have a right of first refusal. Exclusivity also does not prevent the Company from selling to hospitals, medical centers, hospice centers, private hospice centers, any Department of Veterans Affairs medical facilities, Department of Defense medical facilities and Native American government medical centers in any region. Spero Pain Relief Therapy, Inc. On September 29, 2010, the Company entered into a Sales agreement with Spero Pain Relief Therapy, Inc. ("Spero"), which was amended February 4, 2011. Under the amended agreement, Spero will establish eighteen clinics in the Western United States using the Company's Calmare Pain Therapy Treatment medical devices in exchange for regional exclusivity. Exclusivity in these regions, and in certain other regions of interest listed in the Agreement, is contingent upon actually opening treatment centers and purchasing the minimum number of units. Exclusivity does not prevent the Company from selling to hospitals, medical centers, hospice centers, private hospice centers, any Department of Veterans Affairs medical facilities, Department of Defense medical facilities and Native American government medical centers in any region. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. The following exhibits are filed herewith: No. Description --- ----------- 10.1 Sales Agreement Between Competitive Technologies, Inc. and Restore Medical Therapies, LLC dated April 20, 2011. Pursuant to Rule 24b-2 of the Exchange Act, confidential information has been omitted and marked as "[Confidential Information Omitted]", and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission. 10.2 Sales Agreement Between Competitive Technologies, Inc. and Spero Pain Relief Therapy, Inc. dated September 29, 2010. Pursuant to Rule 24b-2 of the Exchange Act, confidential information has been omitted and marked as "[Confidential Information Omitted]", and has been filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission. 10.3 Amendment to the Sales Agreement Between Competitive Technologies, Inc. and Spero Pain Relief Therapy, Inc. dated February 4, 2011. Pursuant to Rule 24b-2 of the Exchange Act, confidential information has been omitted and marked as "[Confidential Information Omitted]", and has been filed CTTC8K5402 separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Application filed with the Commission. 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: May 4, 2011 By: /s/ Johnnie D. Johnson -------------------------- Johnnie D. Johnson Chief Executive Officer CTTC8K5402 8-K 2 cttc8kmay42011.pdf COMPETITIVE TECHNOLOGIES, INC. 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AND RESTORE MEDICAL THERAPIES, LLC DATED APRIL 20, 2011 Exhibit 10.1 April 20, 2011 Robert A. Schlidt, MD Restore Medical Therapies, LLC 4940 Dexter Casper, Wyoming 82609 RE: Sales Agreement Between Competitive Technologies, Inc. and Restore Medical Therapies, LLC Dear Dr. Schlidt, Based on your discussions with our sales representatives, Competitive Technologies is pleased to agree to the following: 1. Restore Medical Therapies ("RMT") will establish at least one treatment center utilizing Competitive Technologies, Inc.'s ("CTTC") Calmare(R) Pain Therapy Treatment medical device, model MC-5A, located in Wyoming. CTTC will grant RMT exclusive territory in the State of Wyoming for three (3) years from the date of this agreement in exchange for the purchase of a minimum of two (2) Calmare(R) devices. This exclusivity does not preclude CTTC's sales of the Calmare(R) MC-5A device to hospitals, medical centers, hospice centers, private hospice centers, any Department of Veterans Affairs medical facilities, Department of Defense medical facilities and Native American government medical centers The first Calmare(R) device was shipped to RMT in anticipation of this agreement, with payment expected upon signing. The second device for Wyoming will be shipped to RMT by the end of May 2011, with payment due no later than May 31, 2011. Pricing for devices, supplies and training are outlined on Schedule A. The pricing listed is guaranteed for all purchases through the end of January 2013. 2. RMT plans to establish additional treatment centers, according to the time frame shown on Schedule B, in the following locations: Colorado Front Range (Denver, Fort Collins, Colorado Springs), [Confidential Information Omitted]. Schedule B also indicates existing restrictions, if they exist, in these locations. International locations under consideration by RMT for clinics - [Confidential Information Omitted] - may be addressed under separate agreements with CTTC, as the requirements for international sales are not identical to domestic sales. *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5404 3. RMT will be granted exclusive territory within the Colorado Front Range area for three (3) years from the date of this agreement, in exchange for the purchase of a minimum of four (4) Calmare(R) devices, with these purchases to be completed by August 31, 2011. This exclusivity does not preclude CTTC's sales of the Calmare(R) MC-5A device to hospitals, medical centers, hospice centers, private hospice centers, any Department of Veterans Affairs medical facilities, Department of Defense medical facilities and Native American government medical centers. 4. Continued exclusivity in any location is predicated on RMT's purchase of the minimum number of devices indicated on Schedule B. Should the purchase plan be delayed or curtailed, exclusivity in more localized areas will be based on clinic locations, population density in vicinity of clinics, and number of devices purchased. CTTC's current rule of thumb is that a population of 100,000 can support a minimum of two (2) Calmare(R) devices. 5. Exclusivity for the additional metropolitan areas listed in paragraph 3 - [Confidential Information Omitted] - will be addressed as RMT's plan for each region is developed. Before those plans develop, should CTTC receive sales opportunities from other purchasers, CTTC will offer RMT the right of first refusal in those areas. Upon indication that another entity is interested in one of those locations, CTTC will advise RMT of such interest. RMT will then have five (5) business days to agree to move into that location and must open a treatment center in the desired location within 45 days of so agreeing. Similarly, should another entity indicate interest in a territory in one of the RMT locations, but not in close proximity to an existing or planned RMT treatment center, RMT will be offered the right of first refusal for an additional treatment facility in that location. RMT will then have five (5) business days to agree to move into that location and must open a treatment center in the desired location within 45 days of so agreeing. 6. The Calmare warranty is attached as Schedule C. CTTC provides complete device replacement at no cost in year one. In years two through five, CTTC provides replacement parts at no cost, shipping and labor costs would be borne by RMT. 7. This agreement is transferable and binding upon any new owners in the event of the change of control or ownership of either CTTC or RMT. If at any time RMT stops using the device for an extended period, any exclusivity offered based this agreement is void. We at Competitive Technologies look forward to a long and mutually beneficial business relationship with Restore Medical Therapies over the coming months and years. Sincerely, ___________________________ ____________________________ Johnnie D. Johnson Robert A. Schlidt, MD Chief Executive Officer Restore Medical Therapies, LLC Competitive Technologies, Inc. Date *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5405 SCHEDULE A - RESTORE MEDICAL THERAPIES/CTTC SALES AGREEMENT PRICING FOR PURCHASE OF CALMARE(R) PAIN THERAPY TREATMENT MEDICAL DEVICE, DISPOSABLE SUPPLIES, AND TRAINING CALMARE(R)PAIN THERAPY TREATMENT MEDICAL DEVICE. The price for each Calmare(R) ------------------------------------------------ Pain Therapy Treatment medical device, model MC-5A, is as follows: $[Confidential Information Omitted] GEOMC Co., Ltd. of Korea in Seoul, South Korea is the manufacturer. Devices will be shipped - either from CTTC's U.S. warehouse or direct from manufacturer - upon receipt of financing documentation or notice of successful wire transfer of funds. DISPOSABLE SUPPLIES. Each device purchased, leased or rented includes a package -------------------- of five (5) cables and four (4) packages of electrodes (30 latex-free electrode pads per package). Pricing for additional packages of these supplies is shown below: - 5-Cable Package: $[Confidential Information Omitted] - 30-Electrode Package: 1 package (30 electrode pads) $[Confidential Information Omitted] 40 packages (30 electrodes per package) per box $[Confidential Information Omitted] TRAINING. A three-day training session for physicians and nurses or technicians --------- will be provided with the delivery of the first device to each location. Additional training at purchaser's desired facility: $[Confidential Information Omitted]/Day plus travel and expenses *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5406 SCHEDULE B - RESTORE MEDICAL THERAPIES/CTTC SALES AGREEMENT TREATMENT CENTER LOCATIONS AND PURCHASING PLAN Initial plan is for minimum of 4 devices per location: Minimum Purchase within 1 year Timing of of Treatment Treatment Center Center Location Opening Opening* Location Comments ---------------------- ---------------- ------------- ----------------- Wyoming April 2011 2 ---------------------- ---------------- ------------- ----------------- Colorado Front Range [Denver, Fort Collins, Colorado Springs] June 2011 4 ---------------------- ---------------- ------------- ----------------- [Confidential Information Omitted] NOTE: CTTC HAS AN ONGOING RELATIONSHIP WITH U.S. ONCOLOGY FOR THE TREATMENT OF THEIR ONCOLOGY PATIENTS AND THEIR FACILITIES MAY BE LOCATED FROM TIME TO TIME IN THE ABOVE AREAS. *This is a minimum number of devices anticipated to be needed for initial start up of a single clinic/treatment center in a metropolitan area. CTTC's rule of thumb is that a population of 100,000 can support a minimum of two (2) Calmare(R) devices, thus in larger metropolitan areas it is anticipated that additional devices and/or treatment center locations would be added in future years. *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5407 EX-10.2 4 cttc8kmay42011x10-2.txt SALES AGREEMENT BETWEEN COMPETITIVE TECHNOLOGIES, INC. AND SPERO PAIN RELIEF THERAPY, INC. DATED SEPTEMBER 29, 2010 Exhibit 10.2 September 29, 2010 Spero Pain Relief Therapy, LLC 348 E. 600 S. St. George, UT 84770 RE: Sales Agreement Between Competitive Technologies, Inc. and Spero Pain Relief Therapy, LLC Dear Mr. Miller and Dr. Chalmers, Based on our discussions, we are pleased to agree to the following: 1. Spero Pain Relief Therapy, LLC ("Spero"), and its affiliates will, in selected areas, establish 14 treatment centers utilizing Competitive Technologies, Inc.'s ("CTTC") Calmare Pain Therapy Treatment medical device, model MC-5A. 2. Spero will be granted exclusive territory within the defined zip codes listed on schedule A for each selected region listed on Schedule B for five (5) years from the date of this agreement. This continued exclusivity is predicated on Spero's purchase or lease of the minimum number of devices indicated on Schedule B. Schedule C is an initial proposed maximum level of devices for each region. That might increase based on demand in each region. This exclusivity does not preclude CTTC sales to hospitals and their medical centers for inpatient treatment, hospice centers, private hospice centers or any Department of Veterans Affairs or Department of Defense medical facilities or Native American government medical centers. 3. Pricing for devices, supplies and training are outlined on Schedule D. The pricing listed is guaranteed for all purchases through the end of December 2012. 4. In addition to the above, Spero will purchase two Calmare devices by October 31, 2010, including the one currently in use at the Office of Dr. Chalmers in St. George, UT. 5. The Calmare warranty is attached as Schedule E. CTTC provides complete device replacement at no cost in year one. In years 2-5, CTTC provides replacement parts at no cost, shipping and labor costs would be borne by Spero. 6. This agreement is transferable and binding upon any new owners in the event of the change of control or ownership of either CTTC or Spero. CTTC8K5408 SPERO/CTTC SALES AGREEMENT (PAGE 2) We at Competitive Technologies look forward to a long and mutually beneficial business relationship with Spero Pain Relief Therapy over the coming months and years. Sincerely, ------------------------------------- ---------------------------------------- Johnnie D. Johnson Signature Spero Pain Relief Therapy, LLC Chief Executive Officer Printed Name Competitive Technologies, Inc. Date ---------------------------------------- Signature Spero Pain Relief Therapy, LLC Printed Name Date CTTC8K5409 SCHEDULE A - SPERO/CTTC SALES AGREEMENT SPERO PAIN RELIEF THERAPY DEFINED ZIP CODES [Confidential Information Omitted] *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5410 SCHEDULE B - SPERO/CTTC SALES AGREEMENT MINIMUM DEVICE PLAN FOR SELECTED OFFICE LOCATIONS, BY REGION [Confidential Information Omitted] *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5411 SCHEDULE C - SPERO/CTTC SALES AGREEMENT MAXIMUM DEVICE PLAN FOR SELECTED OFFICE LOCATIONS, BY REGION [Confidential Information Omitted] *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K54012 SCHEDULE D - SPERO/CTTC SALES AGREEMENT PRICING FOR PURCHASE OF CALMARE PAIN THERAPY TREATMENT MEDICAL DEVICE, DISPOSABLE SUPPLIES, AND TRAINING CALMARE PAIN THERAPY TREATMENT MEDICAL DEVICE. The price for each Calmare Pain ---------------------------------------------- Therapy Treatment medical device, model MC-5A, is $[Confidential Information Omitted], Ex Works Manufacturer. GEOMC Co., Ltd. of Korea in Seoul, South Korea is the manufacturer. Devices will be shipped upon receipt of financing documentation or notice of successful wire transfer of funds. DISPOSABLE SUPPLIES. Each device purchased, leased or rented includes a package -------------------- of five (5) cables and ten (10) packages of electrodes (10 latex-free electrode pads per package). Pricing for additional packages of these supplies is shown below: - 5-Cable Package: $[Confidential Information Omitted] - 10-Pad Package: $[Confidential Information Omitted] TRAINING. A three-day training session for physicians and nurses or technicians --------- will be provided with the delivery of each device to each location. Additional training at purchaser's desired facility: $[Confidential Information Omitted]/Day plus travel and expenses *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5413 EX-10.3 5 cttc8kmay42011x10-3.txt AMENDMENT TO THE SALES AGREEMENT BETWEEN COMPETITIVE TECHNOLOGIES, INC. AND SPERO PAIN RELIEF THERAPY, INC. DATED FEBRUARY 4, 2011 Exhibit 10.3 February 4, 2011 Spero Pain Relief Therapy, LLC 348 E. 600 S. St. George, UT 84770 RE: Amendment to Sales Agreement Between Competitive Technologies, Inc. and Spero Pain Relief Therapy, LLC, dated September 30, 2010 Dear Mr. Miller and Dr. Chalmers, Based on our discussions, we are pleased amend our agreement with you which is dated September 30, 2010 as follows: 1. Spero Pain Relief Therapy, LLC ("Spero"), and its affiliates will, in selected areas, establish 18 treatment centers utilizing Competitive Technologies, Inc.'s ("CTTC") Calmare Pain Therapy Treatment medical device, model MC-5A. The original agreement was for 14 clinics. The 4 additional clinics are in [Confidential Information Omitted]. 2. Schedule A-1 is amended to include the zip codes for [Confidential Information Omitted] on Amended Schedule B. Continued exclusivity is predicated on Spero's purchase or lease of the minimum number of devices indicated on Schedule B. 3. The exclusivity conditions, pricing for devices, supplies and training, as well as warranty provisions of the original agreement remain in place. 4. This agreement is transferable and binding upon any new owners in the event of the change of control or ownership of either CTTC or Spero. We at Competitive Technologies look forward to a long and mutually beneficial business relationship with Spero Pain Relief Therapy over the coming months and years. Sincerely, ------------------------------------- ---------------------------------------- Johnnie D. Johnson Signature Spero Pain Relief Therapy, LLC Chief Executive Officer Printed Name Competitive Technologies, Inc. Date ---------------------------------------- Signature Spero Pain Relief Therapy, LLC Printed Name Date *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5414 SCHEDULE A-1 - SPERO/CTTC SALES AGREEMENT, AMENDED JANUARY 26, 2011 SPERO PAIN RELIEF THERAPY DEFINED ZIP CODES [Confidential Information Omitted] *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5415 SCHEDULE B-1, SPERO/CTTC SALES AGREEMENT, AMENDED JANUARY 26, 2011 DEVICE PLAN FOR SELECTED OFFICE LOCATIONS, BY REGION [Confidential Information Omitted] *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5416 SCHEDULE B-1, SPERO/CTTC SALES AGREEMENT, AMENDED JANUARY 26, 2011 DEVICE PLAN FOR SELECTED OFFICE LOCATIONS, BY REGION [Confidential Information Omitted] *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5417 SCHEDULE B-1, SPERO/CTTC SALES AGREEMENT, AMENDED JANUARY 26, 2011 DEVICE PLAN FOR SELECTED OFFICE LOCATIONS, BY REGION [Confidential Information Omitted] *Confidential information on this page has been omitted Pursuant to Rule 24b-2* CTTC8K5418