SEOUL, South Korea, May 14, 2014 /PRNewswire/ -- GEOMC Co., LTD. announced today that it has honored the June 30, 2012 Amendment ("Amendment") between Professor Giuseppe Marineo/Delta Research & Development (correctively "Professor Marineo") and Competitive Technologies, Inc. ("CTTC" or "CTI") which was publicly disclosed in the SEC filing. Based on the Amendment notified by Professor Marineo, GEOMC has performed business obligations and entered into the License Manufacturing Agreement ("LMA") for the global manufacturing right with Professor Marineo (developer of the patent-protected Scrambler Therapy technology for the treatment of neuropathic and cancer pain) and Delta International Service and Logistic.
GEOMC, as the exclusive manufacturer of the Scrambler Therapy devices under the LMA, duly manufactures and supplies to the authorized distribution partners around the world, and provides all required product service according to the product warranty condition.
It is also stated that the inventory held by CTI has not been paid to GEOMC for prolonged period, and thus GEOMC currently demands CTI for immediate payment or total return of the inventory to GEOMC due to non-payment.
About GEOMC Co., LTD
GEOMC Co., LTD is the world leader in neuroscience technology of light and sound mind machine with 35 years of business history. GEOMC is also the exclusive licensed manufacturer of the patent-protected Scrambler Therapy technology for the worldwide supply.
About "Scrambler Therapy"
The official Scrambler Therapy scientifice and clinical information website is http://www.scramblertherapy.org/english.htm