FAIRFIELD, CT / ACCESSWIRE / March 19, 2019 / Calmare Therapeutics Incorporated, (OTC PINK: CTTC) ('CTI'), the pain mitigation company ('Calmare'), had a $10.4 million judgment vacated by the United States Court of Appeals for the Second Circuit (the 'Second Circuit').
On September 29, 2017, the U.S. District Court for the District of Connecticut (the 'District Court') entered a final judgment awarding GEOMC Co., Ltd. - a South Korea corporation - monetary damages of $4,673,406 and pre-judgment interest of $5,678,764 totaling $10,352,170 stemming from a complaint filed on August 22, 2014. Calmare appealed the ruling.
On March 12, 2019, the United States Court of Appeals for the Second Circuit vacated the District Court's judgment and remanded the case to the District Court for further proceedings. Each of the parties may seek reconsideration of the Second Circuit's judgment on or before March 26, 2019.
'This is a significant event for the Company,' said Calmare Therapeutics President & CEO Conrad Mir. 'Calmare's position has been steadfast. We are grateful for this favorable outcome.'
About Calmare Therapeutics, Inc.
Calmare Therapeutics, Inc. researches, develops and commercializes chronic, neuropathic pain and wound affliction devices. Our flagship medical device - the Calmare® Pain Therapy Device (the 'Calmare Device') - is the world's only non-invasive and non-addictive modality that can successfully treat chronic, neuropathic pain. The Company holds a U.S. Food & Drug Administration 510k clearance designation on its flagship device, which grants it the exclusive right to sell, market, research and develop the medical device in the United States. The Calmare Devices are commercially sold to medical practices throughout the world. They are also found in U.S. military hospitals, clinics and other military installations.
Forward-Looking Statement
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:
Calmare Therapeutics Incorporated |
Conrad Mir |
President and CEO |
cmir@calmaretherapeutics.com |
203.368.6044 |
www.calmaretherapeutics.com
SOURCE: Calmare Therapeutics Incorporated
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https://www.accesswire.com/539392/Calmare-Therapeutics-Has-104-Million-Judgment-Vacated-by-The-US-Court-of-Appeals-for-The-Second-Circuit
