FAIRFIELD, Conn., May 17, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) today announced that its patent infringement case against Fujitsu Limited has moved from the U.S. District Court for the Central District of Illinois (Urbana) to the U.S. District Court for California Northern District (San Francisco). The court has issued a consent to proceed before a U.S. Magistrate Judge in the California court. The Case Management Conference is scheduled for August 9 in San Francisco.
CTT is awaiting court opinions in two other significant patent enforcement lawsuits: LabCorp and Materna(tm).
The case against Laboratory Corporation of America Holdings (LabCorp) was brought by CTT and its licensee, Metabolite Laboratories, Inc., in November 2001. A jury upheld the validity of CTT's patent, found that LabCorp had infringed it, and found that LabCorp's infringement was willful. The Court has not yet entered a final judgment and post-trial motions are pending.
In the Materna matter, a preliminary favorable opinion was offered in July 2001 in the case of CTT's client, the University of Colorado, against American Cyanamid regarding royalties due on sales of Materna, a pre-natal vitamin. CTT and its client still await final resolution, including matters of attorney fees, costs, interest on delayed payments and punitive damages. CTT is entitled to receive 18% of the net proceeds, after attorney fees, recovered in the suit.
The search for a new CEO for CTT as announced in January by the Board of Directors continues. Richard E. Carver, Chairman of CTT's Board of Directors reported that the Search Committee of the Board, consisting of Mr. Carver, Charles J. Philippin and George W. Dunbar continues to work with Christian & Timbers to identify a new CEO to lead the growth of CTT.
Mr. Carver stated: "While the search process has taken longer than expected, the committee is very pleased with the quality and depth of the high caliber candidates being presented. This search is a high priority and will be completed expeditiously and properly."
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.
Direct inquiries to: Johnnie D. Johnson Strategic IR, Inc. 800 Third Avenue Suite 3700 New York, NY 10022 Tel. (212) 754-6565 Fax (212) 754-4333 E-mail: jdjohnson@strategic-ir.com E-mail: ctt@competitivetech.net Web site: http://www.competitivetech.net