FAIRFIELD, Conn., Sept. 15, 2003 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has signed an agreement to represent the method and system of using Supporting Insulating Panels for use in forming insulated concrete forms (ICFs) for walls or foundations. Ontario, Canada-based McKay, McLaughlin & Associates (MMA) developed the system. CTT will license MMA's system to major insulation panel manufacturers.
The MMA method uses extruded insulation panels to form and insulate concrete walls and foundations. In comparison to ICF methods currently in use, the MMA method is simpler and more cost effective. The panels remain on the concrete wall for insulation purposes, lowering heating and cooling costs. The combination of concrete and the panels provide a solid, lasting construction that resists the ravages of fire, wind, and time. In addition, the MMA insulation panels have the potential to lower building costs, and shorten the length of construction time, thereby making insulated concrete homes available to the average homebuyer at a competitive price.
"Harry McKay's invention satisfies an important need in the building industry", said Aris Despo, VP, Business Development at CTT. "It fills a niche in the environmentally and cost conscious ICF market. We believe the major board manufacturers will quickly and easily make the MMA technology an industry standard without having to modify their own board extrusion operations."
John B. Nano, CTT's President and CEO said, "The MMA system fits into CTT's strategy of determining market needs and fulfilling those needs through our client network. It is CTT's strategy to turn technology solutions into commercial dollars, leveraging our unique position in the $150 billion market for technology licensing and strengthening shareholder value."
About McKay, McLaughlin & Associates
Harry McKay and Darrel McLaughlin are partners in McKay, McLaughlin & Associates. Harry McKay, an engineer with over 30 years of experience in designing and manufacturing construction products, developed the new MMA process. Well known in the construction industry, Mr. McKay has obtained a number of patents including others related to ICFs. The current patent is McKay's latest evolution in improving the manufacture and assembly of ICFs. McKay, McLaughlin & Associates has been involved in the introduction of a number of construction products over the past 17 years.
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, digital, nano, and physical sciences developed by universities, companies and inventors. The global market for technology transfer services is estimated at $150 billion annually. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: http://www.competitivetech.net
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, including those set forth in Item 1 of the Company's most recent Form 10-K and in CTT's other 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.