FAIRFIELD, Conn., Oct. 8, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that Rustin Howard has been elected to CTT's Board of Directors. Mr. Howard has over 25 years of experience in technology and hi-growth business development and has served on several boards and advisory councils for business and charitable organizations. He is a principal of Whitesand Investments LLC, an angel investment organization based in Pensacola, Florida, that operates as a traditional venture fund.
"Rus Howard brings CTT significant expertise in both the business and biotech fields," said John B. Nano, CTT's Chairman, President and CEO. "We look forward to benefiting from his knowledge of an important segment of our target market, as well as his understanding of the business and technology aspects of our company."
Mr. Howard earned his MBA from Cornell University's Johnson Graduate School of Management, where he focused his studies on Entrepreneurship, and managing innovation and technology.
In 1990, he founded and served as CEO and Chairman of Phyton, Inc., a world leader in the use of proprietary plant cell fermentation technology, including the production of paclitaxel, the active ingredient of Bristol-Myers Squibb's multi-billion dollar anticancer drug, Taxol(r). Phyton was sold to DFB Pharmaceuticals, Inc. in 2003.
Additionally, Mr. Howard is the Chairman of DeepGulf, Inc., and a co-owner and officer of Silver Bullet Technology. DeepGulf builds underwater pipelines and associated facilities in deep and ultra-deep offshore oil and gas production fields. Silver Bullet Technology, where he has been primarily responsible for corporate and financial oversight as well as strategic planning, manufactures and sells software for the banking and payment processing industry. Previously, he served as president and CEO of BioWorks Inc., a biotechnology company he founded to develop, produce, and sell products that replace chemical pesticides.
As a member of the New York Biotechnology Association, he served as the federal liaison for the government affairs committee of the New York Biotechnology Association and Biotechnology Industry Organization (BIO). He serves on several boards including the Belmont Art Center, the Pensacola Opera, and was formerly on the board of the Make-A-Wish Foundation of Northwest Florida.
Mr. Nano added, "This is another step in our commitment to drive revenue, improve profitability and create shareholder value. CTT looks forward to benefiting from the knowledge and experience that Mr. Howard brings to the board. The strength of a company is personified by the business and intellectual contributions of its directors."
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.