FAIRFIELD, Conn., Sept. 21, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) reported that its investee, Micro-ASI, Inc. of Dallas, filed under Chapter 7 of the Bankruptcy Code in August 2001. Micro-ASI planned to provide semiconductor packaging customers a one-stop shop for flip-chip technology, including design, prototype development, and volume manufacturing of modules and boards.
In April 2000, as part of an $8 million Series A venture capital financing, CTT purchased $500,000 worth of Preferred Stock in Micro-ASI, with associated warrants to acquire 300,000 additional shares.
An additional $100,000 was invested in Micro-ASI by CTT in May 2001 as part of a $731,000 secured bridge note round of financing that included two venture capital firms who were also investors in the Series A round.
Frank R. McPike, Jr., President and CEO of CTT, said, "It is unclear at this point as to what amount, if any, may be recoverable from the proceeds of the bankruptcy."
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, Conn., and has affiliates in Osaka, Japan and London.
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.