FAIRFIELD, Conn., Dec. 20, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has initiated a search for a new President. Frank R. McPike, Jr. will continue to serve as Chief Financial Officer and Treasurer and will remain on the Board of Directors. However, Mr. McPike will relinquish the President and Chief Executive Officer assignments that he has held for the past three years. The changes will be effective with the employment of the new President. Mr. McPike will continue to serve as President and CEO until that time.
"At our Annual Meeting on January 18, 2002, we will present a new strategic plan for CTT. Based on that Plan, Frank recommended to the Board that in order to best execute the plan, the Board identify an individual with the appropriate experience and talent to take the Company to the next level," said Richard E. Carver, CTT Board Chairman. "However, the Board members felt strongly about retaining Frank as a key member of the Company's senior management team. Frank and the Board agreed to his continuing responsibilities with CTT," Mr. Carver continued.
"I am gratified that the Board, in connection with the plan, is moving forward; I believe we can create a stronger and more valuable CTT. I look forward to working closely with a new President and with the Board," said Frank R. McPike, Jr.
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences and digital technologies. Competitive Technologies' specialized expertise and experience make it a valuable partner for inventors, companies and universities of all sizes. CTT has been responsible for closing hundreds of licensing agreements. Other CTT clients and licensees include: Sony, Matsushita Electric Industrial, the University of Arizona, the University of Colorado, the University of Illinois, Digital Ink, Inc., NTRU Cryptosystems, Inc., Palatin Technologies, Inc. and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, Connecticut and has affiliates in Osaka, Japan and London, England.
Statements about the Company's future expectations, including development and regulatory plans, and all other statements in this document other than historical facts are "forward-looking statements" within the meaning of applicable Federal Securities Laws and are not guarantees of future performance. These statements involve risks and uncertainties related to market acceptance of and competition for the Company's licensed technologies and other risks and uncertainties inherent in CTT's business, including those set forth in Item 1 of the Company's most recent Form 10-K and other factors that may be described in CTT's filings with the SEC, and are subject to change at any time. The Company's actual results could differ materially from these forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statement.