FAIRFIELD, Conn., Nov. 7, 2000 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that the Board of Directors, at a meeting held on Nov. 2, named Frank R. McPike, Jr. as CEO of the Company.
Mr. McPike has been Competitive Technologies' President and Chief Operating Officer since October 1998, and Chief Financial Officer since December 1983. He will retain those titles.
John Sabin, Chairman of the Board said, "CTT's Board recognized that Mr. McPike has been functioning for some time as CEO, and the Board wanted to make this role official. Additionally, CTT's Board also recognizes and appreciates Mr. McPike's plan of focusing on enhancing near-term revenue, coupled with disciplined cost control. This plan has led to our recent solid financial performance. Mr. McPike's devotion to CTT and focus on shareholder value are notable and commendable."
As a member of CTT's executive management team for 17 years, Mr. McPike has been an integral part of the development and refinement of CTT's specialized approach to technology commercialization. He has guided the company through several important transitions that have made it a global leader in technology commercialization. He crafted and is implementing a restructuring plan that has brought the company to significantly improved financial performance and profitability for the last two years. Additionally, the company has more technologies with near-term potential success than ever before in its history.
"I am very appreciative of the recognition given me by our Board of Directors," Mr. McPike said following the announcement Thursday. "It is my goal to dramatically increase shareholder value through both our licensing program as well as our acorn investment component. We continue to seek solutions to today's business and health problems through new and emerging technology."
Prior to joining CTT in 1983, Mr. McPike was a Senior Audit Manager with Coopers & Lybrand where he was responsible for several multinational corporate clients and a number of venture capital partnerships. He holds a Bachelor of Science degree in Accounting from Manhattan College and is a licensed CPA.
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 Colorado, 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 Form 10-K for the year ended July 31, 2000 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.