Independent Inspectors Confirm no Quorum Present at Competitive Technologies Annual Meeting of Stockholders
Fairfield, CT (January 23, 2007) - Competitive Technologies, Inc. (AMEX: CTT), a full service technology transfer and licensing provider, today confirmed that, in spite of misleading statements previously issued by the dissident group the Committee to Restore Value ("CRV"), IVS Associates, Inc., the independent Inspectors of Election ("Inspectors"), confirmed their preliminary results from CTT's 2007 Annual Meeting of Stockholders (the "Annual Meeting"), showing that no quorum was present at the Annual Meeting. At a challenge session held this morning in Delaware attended by the Inspectors, CTT and CRV, the initial report issued by the Inspectors showing that just 39.9% of the shares were present in person or by proxy at the Annual Meeting was confirmed. That total is approximately 806,000 shares short of a quorum, far below the majority of shares required under CTT's by-laws, which require that a quorum be present at the Annual Meeting in order to conduct business. As no quorum was present, no election of directors took place. The Inspectors' Report also confirmed that the motion to adjourn the Annual Meeting until February 2, 2007, at 1:00 p.m. Eastern Time at the American Stock Exchange, 86 Trinity Place, New York, NY, was approved. The Inspectors have released their report, and CTT will file the report with the Securities and Exchange Commission. CTT previously had announced that it had notified the SEC concerning false and misleading statements made by CRV.
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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