FAIRFIELD, Conn., Feb. 9, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced that John B. Nano, CTT's Chairman, President and CEO, cited for investors a growth plan and reaffirmed his commitment to the future of the company, his election by the newly installed slate of directors to his current position and the overwhelming success in the recent proxy solicitation of the Committee to Restore Stockholder Value, of which Mr. Nano was a member.
At CTT's Annual Meeting of Stockholders on February 2, 2007, the previous Board of Directors was replaced with the following new directors: John B. Nano, Ben Marcovitch, William L. Reali, Joel M. Evans, MD, Richard D. Hornidge, Jr., and Ralph S. Torello.
Mr. Nano expressed his appreciation to CTT's shareholders for their vote of support of the new Board. He stated that, "Our Board is committed to restoring stockholder value, and dedicated to promoting the shareholder's interests.
"The new Board and management are reviewing the entire organization to create a focus on business objectives. We are analyzing CTT's portfolio of licensed technologies to assure that we have been paid royalty revenue due the company for technologies such as the homocysteine assay, the sexual dysfunction therapeutic, and the melanocortin receptor Obesity technology. We are evaluating CTT's full portfolio of technologies to target the 'top 10' technologies currently under CTT control. We will intensify licensing plans for these targeted technologies with an aggressive marketing, commercialization and sales program. The Board is bringing new technologies to CTT in the fields of nutraceuticals and alternative energy that we believe offer outstanding opportunities for the company in the near term. Our objective is to create a strong, recurring revenue stream derived from innovative technologies based on aggressively implementing our 30-day, 90-day, 180-day, and first year plans.
"The losses with declining revenue for the last five quarters under the previous management are unacceptable to the new Board. Our initial actions will be to increase revenues and to reduce costs. We have discovered the previous management's strategic plan for 2007 forecasted revenues of $3.9 million, expenses of $8.3 million, and appalling losses of $4.3 million for fiscal year 2007 which ends July 31, 2007. Their strategic plan forecast was prepared prior to their proxy solicitation contest costing about $1 million; with more than $500,000 of those funds going to the Chicago law firm, Seyfarth Shaw, LLP, whose services we have now terminated. With these proxy solicitation costs, and adverse legal judgments, we expect the sixth quarter in a row under the previous management, which ended January 31, 2007, to also reflect a sizeable loss for the company. The results will be announced in early March after a complete audit by an independent audit firm. Fortunately, our current cash balance exceeds $10 million with no long-term debt."
Mr. Nano added, "CTT's management will meet frequently with its shareholders and the investor community. We will again have a regular program of meetings with current and potential investors in strategic markets around the country. We will be doing quarterly call-in conference calls, as well as industry presentations. We are confident we can meet our long-term growth goals of increasing revenue, improving profitability and strengthening shareholder value."
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: www.competitivetech.net
Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in Item 1A under the caption "Risk Factors," in our most recent Annual Report on Form 10-K for the year ended July 31, 2006, filed with the SEC on October 30, 2006, 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.