FAIRFIELD, Conn., Jan. 18, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) shareholders re-elected the following Directors at the Annual Meeting today: George C.J. Bigar, Richard E. Carver, George W. Dunbar, Jr., Samuel M. Fodale, Frank R. McPike, Jr., Charles J. Philippin, and John M. Sabin. Each of these individuals had been serving as a member of the Board prior to the current election.
Shareholders also approved Board-recommended amendments to the 1997 Employees' Stock Option Plan. The amendments increase the number of shares available for option grants, and the number of shares that may be granted in one year to specified newly-elected executive officers.
Richard E. Carver, Chairman of the Board, and Frank R. McPike, Jr., President, CEO and CFO, reviewed the fiscal year 2001 financial results and disclosed the expanded strategic direction of the company. The full presentation and accompanying slides are available on the Internet at www.competitivetech.net.
CTT's corporate direction will encompass its traditional strategies of licensing and acorn investments, the expanded strategies of acquisition of royalty streams and license management services assignments, and the continuing strategy of license and patent enforcement.
During his presentation, Mr. Carver said, "CTT's foundation of licensing high quality technologies to others provides the company with an "annuity" for further expansion. Also, its strong licensing tradition exposes the company to early stage acorn investment opportunities. A proposed Director of Acorn Investments will enable CTT to expand these capabilities going forward.
"The expansion of efforts to acquire royalty streams and to promote its license management services will allow CTT to accelerate both revenue and bottom line growth, as well as position the company as a significant licensing resource with universities, individuals and estates.
"CTT will continue the critical enforcement of its intellectual property rights with the objective of protecting patents, resolving current patent infringement issues, promoting the target of licensing technologies, and creating a revenue stream through valid patent licensing."
Mr. McPike, in reviewing the company's financials, said, "We expect to experience a net loss in fiscal 2002 largely due to the continued significant legal expenses that are anticipated in connection with pending enforcement actions."
The addition of several senior professional and support staff to accelerate growth and execute the strategic direction was also announced at today's meeting. In addition to the proposal for a Director of Acorn Investments, CTT will be adding a Chief Technology Officer as well as four other executive positions. Mr. Carver reaffirmed that CTT is also conducting an executive search for a new President and CEO. Frank R. McPike, Jr. will continue in his responsibilities as the Chief Financial Officer for the company.
"CTT will add senior leadership and core personnel to execute our plan," said Mr. Carver. "This will allow us to add new clients, manage technology opportunities, close transactions, and increase shareholder value."
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, 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.