FAIRFIELD, Conn. July 24, 2000 (PRIMEZONE) - Competitive Technologies, Inc. (AMEX:CTT) confirmed the issuance on June 27, 2000 of patent number 6,081,597 - Public Key Cryptosystem Method and Apparatus - invented by Jeffrey Hoffstein, Jill Pipher and Joseph H. Silverman and assigned to NTRU Cryptosystems, Inc.
NTRU, a leading provider of wireless solutions delivering secure communications and content for next generation Internet connectivity, and Aladdin Knowledge Systems (Nasdaq:ALDN), a global leader in the field of Internet content and software security, have announced they have formed a partnership which they state will provide customers with unmatched security solutions by combining eToken, Aladdin's USB authentication token, with NTRU's advanced security algorithm.
Patent Award
Competitive Technologies was instrumental in providing NTRU with a suite of custom incubation services, including patent filing support related to this important patent. Recently, in connection with an $11 million round of financing led by Greylock and Sony, CTT converted a substantial portion of its royalty interest in NTRU into approximately 10% equity interest (with a pre-emptive right up to an IPO) and retained a small ongoing royalty interest.
Frank R. McPike, President of CTT commented, "The issuance of this patent is an important milestone in the development of a comprehensive intellectual property portfolio by NTRU."
NTRU and Aladdin Partnership
Aladdin and NTRU expect to provide a secure method of using the web for legitimate digital content transactions working towards the secure distribution of music, films and other digital media downloaded from the Internet.
Scott H. Crenshaw, CEO of NTRU said, "The Aladdin/NTRU solution brings secure, tamper resistant public key security - including encryption and authentication - to any consumer device, including portable MP3 players. Using eToken technology, a consumer's electronic identity can be carried on a key chain, and plugged in to devices to enable secure commerce, communication and music or video playback."
The NTRU technology is ideal because it requires limited storage capacity, operates at a significantly higher speed compared to other similar technology and uses disposable security keys. Because of these features, for example in the field of music, the NTRU technology can encode each second of a three minute song, producing 180 disposable keys, making it almost impossible and impractical to attempt to invade the secured document. NTRU indicates that these same features also make NTRU technology ideal for applications such as wireless phones, smart cards, banking transactions and other highly confidential transactions or communications.
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. CTT clients and licensees include: Sony, Matsushita Electric Industrial, 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 Form 10-K for the year ended July 31, 1999 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.