FAIRFIELD, Conn., Feb. 6, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that the final confirmed vote by shareholders has supported the installation of a new slate of directors proposed by the Committee to Restore Stockholder Value. The tally, confirmed by the Independent Inspectors of Election, is as follows: 2,893,470 for the Committee's slate, as opposed to 1,549,754 for the former management slate, a margin of 1,343,716 votes.
On February 2, 2007, at the reconvened Annual Meeting of Stockholders of CTT, the existing management was replaced with the following new directors: John B. Nano, Ben Marcovitch, William L. Reali, Joel M. Evans, MD, Richard D. Hornidge, Jr., and Ralph S. Torello.
Immediately following Friday's Annual Meeting the new Board of Directors met and elected John B. Nano as Chairman of the Board, Chief Executive Officer and President of CTT. The Board terminated Donald J. Freed as CEO and President.
The new Board also appointed Mr. Reali as Chairman of the Audit Committee with Mr. Hornidge and Dr. Evans as members; Mr. Marcovitch as Chairman of the Nominating Committee with Mr. Reali and Dr. Evans as members; Mr. Hornidge as Chairman of the Compensation Committee with Messrs. Marcovitch and Torello as members.
In a statement, Mr. Nano said, "We thank CTT's shareholders for their vote of support. CTT and its new management can now focus on the business at hand, driving revenue growth, improving profitability and increasing shareholder value. We look forward to working for CTT shareholders."
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, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
Statements about our 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. If and when used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions, as they relate to us or our business or management, are intended to identify such forward-looking statements. These statements involve risks and uncertainties related to our ability to obtain rights to market technologies, market acceptance of and competition for our licensed technologies, growth strategies and strategic plans, operating performance and financing of our operations, industry trends, and other risks and uncertainties inherent in our business, including those set forth in Item 1A under the caption "Risk Factors," in our most recent Annual Report on Form 10-K for the year ended July 31, 2006, filed with the Securities and Exchange Commission (SEC) on October 30, 2006, and other factors that may be described in our other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.