FAIRFIELD, Conn., Sept.6, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has been informed that Samuel Fodale, a director of the Company, has fully complied with a Securities and Exchange Commission subpoena he received.
The subpoena was issued in connection with an investigation, as described by the SEC, to determine whether a former registered representative of a brokerage firm and/or others may have violated anti-fraud provisions of the securities laws by effecting manipulative transactions in the securities of the Company that affected its price and market during the period October 1, 1999 to October 31, 2000.
The Company had previously received a subpoena in connection with this investigation from the SEC, which it fully responded to in June 2001. The Company is unaware of any wrong doing on its behalf, or on behalf of any of its directors, relating to the trading of the Company's common stock.
The Company has strict requirements that its officers and directors comply with certain SEC regulations with respect to the purchase and sale of its common shares. The Company has been informed that Mr. Fodale has complied with these requirements and with all relevant SEC regulations.
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.