Competitive Technologies, Inc. (AMEX:CTT - News) announced today that is has signed a letter of agreement with a billion-dollar European healthcare company in anticipation of granting them European distribution rights for CTT's pain management therapy device. The device is a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. It has Medical Device CE certification from the European Union allowing European sales.

Developed in Italy by CTT's client, Prof. Giuseppe Marineo, 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). The device, with a biophysical rather than a biochemical approach, uses single-use surface electrodes applied to the skin to simultaneously treat multiple pain areas. CTT has exclusive worldwide rights to the therapy device. CTT partner GEOMC Co., Ltd. of Korea, formerly Daeyang E&C, is producing the device commercially for worldwide distribution.

Prof. Valori stated, ``This agreement highlights and reinforces the strong technical, scientific and business relationship between the U.S. and Italy. In cooperation with the Zangani Investor Community, we have produced our first successful transaction, and are working together to commercialize additional business opportunities.''

CTT is working to obtain FDA 510(k) medical device authorization for U.S. sales, as well as seeking approval for sales in other countries. Revenue is expected to grow in succeeding years as global market penetration increases. CTT expects revenues to be approximately $20 million per year, as the device attains mature market levels. CTT will launch and demonstrate the device in the U.S. next week at the American Pain Society's 27th Annual Scientific Meeting in Tampa, FL.

``This important technology has been successfully used in seven hospitals in Italy on over 2,000 patients,'' said John B. Nano, CTT's Chairman, President and CEO. ``There are over 16,000 hospitals in addition to hospices and pain treatment centers throughout Europe that can utilize this pain treatment device. We are working to launch the sales program to these prospects. We believe that revenue and profits from the pain management technology will dramatically exceed those produced by any other technology in our 40-year history. There is exciting potential for its success in the global pain management market; a market estimated to reach $40 billion by 2010.''

The U.S. Department of Commerce estimates the world market for all medical products, excluding pharmaceuticals, at $248 billion. The United States represents about half that market, with Europe at $75 billion for a 30% share. The U.K., France, Germany and Italy are estimated to represent nearly 80% of the total European market.

Mr. Nano continued, ``This is another example of a CTT technology being at the forefront of the paradigm shift to treat individuals with integrative medicine, combining traditional and holistic medicine. 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.