FAIRFIELD, Conn., July 2, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) reported today that its licensee NTRU Cryptosystems, Inc., a developer of fast, low-footprint public key cryptography, announced the release of Neo for Java, the first security system designed for all wireless Java devices and applications. NTRU reported that Neo for Java will allow for the deployment of wireless Java security in mass-market mobile devices such as smart phones and PDAs as it overcomes traditional size and speed constraints. NTRU said that major handset manufacturers have announced plans to include Java in every wireless phone. The security of NTRU's technology enables development and deployment of secured wireless applications and services for the hundreds of millions of Java-equipped handsets expected to ship in the next two years.
Competitive Technologies holds approximately 7% of NTRU's outstanding equity and receives a royalty on revenues. Other investors include Sony Corporation, Macrovision, Lehman Brothers Venture Capital, Investor AB, Granite Ventures, Greylock and 3i. As NTRU has indicated, Neo for Java's inherent qualities are strength, small size and incredible speed which the wireless Java environment requires. NTRU sees Neo for Java as an ideal solution for an expanding Java marketplace including low-end mobile to high-end smart phones. CTT was key to the formation of NTRU in 1997 by providing the company with custom incubation services, including patent filing support, technical marketing, licensing and initial capital sourcing services.
John B. Nano, CTT President and CEO, with a strong wireless industry background, said: "While at Sunkyong Group, Sunkyong Telecom commercialized the first major utilization of Qualcomm's CDMA technology for wireless telecom. I see this announcement by NTRU as validating CTT's strategic focus on consumer and industrial electronics technologies. CTT has begun the deployment of other such technologies as we continue to exploit this lucrative technology market space."
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences, digital technologies and electronics. CTT's specialized expertise and experience make it a valuable partner to assist technology-rich universities, inventors and companies, of all sizes, to maximize the value of their intellectual assets. Visit CTT's Website: http://www.competitivetech.net
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, including those set forth in Item 1 of the Company's most recent Form 10-K and 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.