FAIRFIELD, Conn., Feb. 14, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) today announced new members of its revenue growth and market commercialization team: John Derek Elwin III as Vice President Marketing, Aris D. Despo, returning to CTT as Sr. Vice President, Business Development, and Paul A. Levitsky, rejoining CTT as Vice President and General Counsel.
"As part of the corporate reorganization by the new Board and management, including a strong focus on sales and business development, we have brought in three individuals with impressive sales accomplishments," said John B. Nano, CTT's Chairman, President and CEO. "We are pleased to have them as part of our strategy to increase revenue. Our board is committed to restoring stockholder value, and dedicated to promoting shareholders' interests. Our growth commercialization team will support our plan to rebuild the company and achieve profitable growth."
John Derek Elwin's new position as Vice President Marketing gives the company a strong, experienced voice in marketing and sales programs for CTT's clients and customers.
Mr. Elwin's financial and sales background provides an assertive, effective focus for CTT's sales team. Prior to joining CTT, Mr. Elwin had over 15 years' experience in executing sales and marketing plans, and approaching new markets with innovative strategies based on trends and research. Fluent in both written and spoken Spanish, Mr. Elwin brings a unique knowledge of both domestic and international markets to his position. His ability to identify and analyze market conditions and demands allowed him to acquire worldwide rights for his distribution company to globally market a Fortune 500 company's product. His international business experience includes sales training, product promotion, and new business development in product wholesale markets, as well as brokerage and investment banking.
Rejoining CTT are both Aris D. Despo as Sr. Vice President, Business Development, and Paul A. Levitsky as Vice President and General Counsel. During former employment at CTT, the two were together instrumental in signing many of the licenses issued for CTT's homocysteine assay technology, and for structuring the licensing and royalty programs for that technology. Both individuals have extensive backgrounds in patents, technology and successful commercialization of technologies.
In his position, Mr. Despo is responsible for identifying innovative medical/life science technologies, developing commercialization strategies, and managing relationships with universities and industry.
Prior to joining CTT in 2004, Mr. Despo had over 20 years of experience in business development, manufacturing and operations. Mr. Despo was founder and CEO of a privately held specialty chemical manufacturing and marketing operation. The company manufactured products and provided services for Fortune 500 clients in the food and beverage processing and bottling markets, with both domestic and international distribution channels.
After the company's business assets and intellectual properties were sold to a global Fortune 500 competitor in 1999, Mr. Despo consulted to U.S. and Canadian firms for strategic assessment and new market evaluation and entrance strategies.
Paul A. Levitsky is responsible for all of CTT's corporate and licensing initiatives. This includes managing CTT's patent portfolio, and drafting and negotiating nondisclosure, licensing, intellectual property, strategic partnership, and other legal agreements.
Mr. Levitsky has a varied and distinguished background with both intellectual property and business experience. Prior to joining CTT in March 2001, Mr. Levitsky was at Pitney Bowes Inc. for more than 15 years. At Pitney Bowes, he was Corporate Counsel Intellectual Property & Technology Law representing several business units. In addition, he served as International Product Manager for their Shipping & Weighing Systems Division and as the Manager of Marketing Programs in the Facsimile Systems Division. Before Pitney Bowes, Mr. Levitsky was a Communication Officer in the U.S. Marine Corps where he served as the Officer in Charge of the Fleet Marine Forces Atlantic Communication Center.
A successful inventor himself with five U.S. patents, Mr. Levitsky is a Registered Patent Attorney licensed to practice law before the Connecticut Bar, the U.S. Court of International Trade, the U.S. Court of Appeals for the Armed Forces, and the U.S. Court of Appeals for the Federal Circuit.
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 are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve 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 SEC on October 30, 2006, and 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.