Competitive Technologies and Client Share $1 Million Received for Selected MPEG Patents
Fairfield, CT - (May 1, 2007) - Competitive Technologies, Inc. (AMEX: CTT) today announced that it has sold a portion of its MPEG patent portfolio for $1 million. CTT and its client, Lehigh University, each received approximately $500,000 from the sale. In addition to the MPEG patents sold, CTT has two MPEG-4 patents that are currently earning royalties in the MPEG-4 Visual Patent Portfolio License pool.
The two retained MPEG-4 patents, US Patents No. 6,580,834, and No. 6.134,269, were developed under the direction of Dr. Weiping Li at Lehigh University. The MPEG-4 Patent Pool is administered by MPEG LA, LLC, and provides users worldwide access to all MPEG-4 essential intellectual property through one organization that grants licenses and collects royalties. There are over 400 licensees of the Visual Patent pool including Sony, Microsoft, Mitsubishi, Panasonic and Hitachi.
"Our goal is to maximize the value of our MPEG portfolio for both CTT and our client. The MPEG technologies are just one of the exciting technologies in CTT's portfolio," said John B. Nano, CTT’s Chairman, President and CEO. "We are actively marketing our nutraceutical ingredients technology, the HB LED technology, bone biomaterial, cholesterol trapping/regeneration technology, Lupus diagnostic and monitoring technology, and the RFID tracking system to drive revenue growth, improve profitability and create shareholder value."
About Competitive Technologies
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: http://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.
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