FAIRFIELD, CT., Feb. 8, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) stated today that its investee Digital Ink, a leading developer of digital handwriting technology, has announced receipt of an investment from Intel Capital. The financial terms were not disclosed. Digital Ink has also signed an agreement with Intel under which Digital Ink and Intel's Microprocessor Research Laboratories will pursue joint development activities in the area of human interface technology.
Digital Ink is one of several development-stage acorn companies in which CTT is invested. In addition to making cash investments, CTT provides developing acorn companies with intellectual property and technology commercialization expertise. CTT seeks acorn investments in which it can nurture and incubate a technology to yield future returns that benefit its shareholders.
"Competitive Technologies owns an approximate 10% equity stake in Digital Ink," said Frank R. McPike, Jr., President and CEO of CTT. "The investment made by Intel Capital, plus the development agreement between Intel and Digital Ink, combine to reinforce our confidence in the potential of the unique technology created by our acorn investee."
"We hope to expedite the development of input devices that address computer interface technology issues," said Ilya Schiller, President of Digital Ink. "We look to achieve this by combining Digital Ink's expertise in wireless pen technology with Intel's research capabilities and computer devices. Our technology recognizes that handwriting is the fundamental way we communicate. This investment and agreement will help enable us to continue building ways to use handwriting to communicate in the digital age, especially in contexts where use of a keyboard may be impractical."
"Investing in communication technology that will improve how we interact with computers is important for the computing industry and the key underpinning of this business relationship," said Pat Gelsinger, VP and Chief Technology Officer, Intel Architecture Group. "This agreement with Digital Ink will help expand our research in technologies that can naturalize the computing experience."
About Digital Ink and Intel Capital
Digital Ink was founded in 1998 to address the need for efficient universal input devices that can complement voice, data, images and video communications. The company is developing a wireless pen technology called N-SCRIBE, which allows users to gather and store handwriting data, which can then be communicated over a cell phone or through any computing device or network, including the Internet. Digital Ink is a privately held company based in Wellesley, Mass.
Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy, including Internet infrastructure, content and services in support of Intel's strategic interests.
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, licensees, and investees include: Sony, Matsushita Electric Industrial, 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 Form 10-K for the year ended July 31, 2000 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.