FAIRFIELD, Conn., May 16, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that Antonio Precise Products Manufactory, Ltd. (ATO), a Hong Kong corporation for consumer wireless audio headsets, was granted a non-exclusive license to the Aerielle Miniature Wireless Stereo Transmitter, a product of CTT client, Aerielle Group International, Inc. ATO agreed to introduce products by the Christmas 2002 holidays.
CTT administers the licensing and commercialization program for the patented, miniature wireless stereo transmitter. CTT receives fees from the revenue-based licensing agreement. The small device, 55 mm x 39 mm, powered by a small camera battery, is designed to plug into the stereo headphone jack of CD players, MP3 devices, portable cassette players, portable DVD players, computers, and other similar audio devices. The consumer wears a lightweight wireless headset to receive the transmitted stereo signal.
"We are pleased to have been selected by CTT as Aerielle's manufacturing and worldwide distribution arm in the Audio Products field of use. ATO looks forward to adding this newly introduced state-of-the-art wireless device to our extensive product line," said Johnny Wong, Director of ATO. "We are committed to providing Aerielle the highest level of quality, service and distribution to complement the design of this unique and versatile technology."
"I am extremely enthusiastic about the progress made thus far by CTT's licensing efforts. I look forward to CTT's continued commercialization of the Aerielle Wireless Stereo Transmitter in the identified market segments," said Art Cohen, President of Arielle Group International, Inc.
"The ATO license is the first of the Aerielle licenses and validates a strategic approach allowing us the opportunity to earn significant royalties in a short planning horizon," stated J. Scott Bechtel, CTT's Vice President responsible for commercializing CTT's electronics, systems and software portfolio. "CTT's strategy was to introduce the technology at the 2002 Consumer Electronics Show and stock retailers in time for this year's holiday season. I am truly excited to report that our team will achieve this objective."
"CTT committed resources necessary to reach this stage of the plan," said Wil Jacques, CTT's Vice President, Marketing. "With the signing of ATO, we expect the level of interest in the technology to increase dramatically. CTT will follow this recent success with an aggressive marketing campaign to secure additional licenses in our identified market segments."
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, Aerielle Group International, Inc., 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.