FAIRFIELD, Conn., Sept. 17, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) today announced that it has been named in a lawsuit filed by Fujitsu Limited and Fujitsu Hitachi Plasma Display Limited, brought in United States District Court for the District of Delaware. Plasmaco, Inc. of Highland New York was also named in the lawsuit.
The lawsuit alleges, among other things, that Competitive Technologies misappropriated confidential information and trade secrets supplied by Fujitsu. The lawsuit also alleges that CTT, with the assistance of Plasmaco, abused the process of the International Trade Commission to obtain information as to which it otherwise would not have been entitled and which CTT will use in its action against Fujitsu in its Federal District Court case in Central Illinois. The lawsuit seeks damages in an unspecified amount and injunctive relief.
Frank McPike, President and CEO of CTT, stated, "We categorically deny the claims made against CTT and intend to vigorously defend against them. At the same time we will continue to press forward with the related patent infringement case brought by CTT and the University of Illinois in Federal District Court in Central Illinois. This case relates to certain energy recovery patents that were invented at the University of Illinois."
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences and digital technologies. Competitive Technologies' specialized expertise and experience make it a valuable partner for inventors, companies and universities of all sizes. CTT has been responsible for closing hundreds of licensing agreements. CTT clients and licensees include: Sony, Matsushita Electric Industrial, the University of Arizona, the University of Colorado, the University of Illinois, Digital Ink, Inc., NTRU Cryptosystems, Inc., Palatin Technologies, Inc. and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, Connecticut and has affiliates in Osaka, Japan and London, England.
Statements about the Company's 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. These statements involve risks and uncertainties related to market acceptance of and competition for the Company's licensed technologies and other risks and uncertainties inherent in CTT's business, including those set forth in Item 1 of the Company's most recent Form 10-K and other factors that may be described in CTT's filings with the SEC, and are subject to change at any time. The Company's actual results could differ materially from these forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statement.