Nano Group Tries to Storm Competitive Technologies' Headquarters
Fairfield, CT (January 18, 2007) - Competitive Technologies, Inc.-(AMEX: CTT), a full service technology transfer and licensing provider, announced that its ex-CEO, Mr. John B. Nano, and three of his associates, today attempted to gain entry into Competitive Technologies' corporate headquarters. Mr. Nano and his group showed up unannounced, claiming that his group had won the recent proxy fight and demanding entry to CTT's offices. Competitive Technologies called the Fairfield Police Department to report Mr. Nano's actions and the police responded to the scene.
"We are appalled by Mr. Nano's erratic and irrational behavior today. Despite Mr. Nano's claims, no election of directors has yet taken place. In our press release yesterday, we published the information available from IVS Associates, Inc., the independent Inspectors of Election, about stockholders represented Tuesday at the Annual Meeting, and no quorum was present," said D.J. Freed, Ph.D., President and Chief Executive Officer of Competitive Technologies, Inc. "This is a critical time for CTT and we are disgusted by the chaos created by Mr. Nano's attempt to barge in on us, frightening our employees. We are looking forward to putting this matter behind us and moving forward with legitimate business initiatives, which we will do as soon as possible following the Annual Meeting of Stockholders, which is scheduled to resume on February 2, 2007 in accordance with Delaware law and the vote taken before Tuesday's meeting adjourned."
About Competitive Technologies
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider, focused on bringing the intellectual property assets of its clients to the marketplace. CTT specializes in identifying, developing and commercializing innovative technologies in a variety of areas, including life and physical sciences, electronics, and nanotechnologies. Through its global distribution platform, CTT maximizes the value of its clients' intellectual property assets. For more information, please visit: www.competitivetech.net.
Statements about our future expectations, including development and regulatory plans, and all other statements in this press release, 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.
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