FAIRFIELD, Conn., June 28, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that is has made a strategic decision to activate its previously filed patent suit in the U.S. District Court for the Central District of Illinois against Fujitsu Limited of Tokyo, Japan and its subsidiaries (Fujitsu). The District Court complaint alleges that plasma display panels (PDPs) being sold by Fujitsu infringe U.S. Patent Nos. 4,866,349 and 5,081,400 held by CTT's client, the University of Illinois.
At the same time, CTT will seek to withdraw its complaint before the International Trade Commission (ITC), which sought the limited remedy of stopping Fujitsu from importing PDPs into the U.S. on the basis that the panels infringe these two patents.
"This decision will allow CTT to pursue additional legal remedies against Fujitsu not available at the ITC, including a permanent injunction and damages for past infringing sales, as well as permitting us to raise the issue of the willfulness of Fujitsu's acts," said Frank R. McPike, Jr., President and CEO of CTT. "Because much of the discovery necessary for the District Court case has been completed in the ITC proceeding, we intend to seek to expedite the case in the District Court."
The two patents under question emanate from the scientific discoveries at the University of Illinois inventors, Larry F. Weber, Kevin W. Warren and Mark B. Wood. Their inventions provide for energy recovery used in PDPs and plasma display flat television screens. CTT represents and licenses numerous inventions made at the University of Illinois.
The use of the patented technology is a critical component of plasma display screens and televisions. Matsushita Electric Industrial Co., Ltd., and Matsushita's subsidiary, Plasmaco, Inc., have each obtained a non-exclusive license from CTT to the patented technology. Their products include Panasonic brand 42 and 60-inch flat screen units.
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, NTRU Cryptosystems, Inc., Palatin Technologies, Inc. and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, Conn., 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.