FAIRFIELD, Conn., Aug. 23, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that the full opinion issued by US Senior District Court Judge John Kane of the US District Court for the District of Colorado regarding the case of CTT's client, the University of Colorado Foundation, Inc. against American Cyanamid has been posted on CTT's website, www.competitivetech.net. The opinion, "Findings of Fact and Conclusions of Law on Damages and Equitable Remedies on Remand," issued on August 13, awards a $54 million patent infringement judgment for fraud and unjust enrichment against Wyeth's (NYSE:WYE) American Cyanamid Co. unit, and in favor the University of Colorado.
"The opinion can be read by accessing CTT's website," said John B. Nano, President and CEO of CTT. "We felt that making the full document easily available would be a service to both our clients and shareholders, and helps everyone better understand our position vis-a-vis any further activity on this litigation."
Mr. Nano continued, "This enforcement action began in 1993 for product sales between 1984 and 1994. We hope that this suit has finally come to an end with this second successful finding in favor of the University, the citizens of Colorado and the inventors. With this eighth consecutive successful enforcement CTT is hoping to move forward and concentrate on its strategy of turning technologies into commercial dollars, further strengthening our shareholder value."
The litigation involves a prenatal vitamin supplement marketed by Cyanamid under the Materna(tm) name. A preliminary opinion, issued in July 2000, found that Drs. Robert H. Allen and Paul A. Seligman, CTT's clients at the University of Colorado, are the sole inventors of the improved formulation of the prenatal vitamin supplement.
Upon appeal and remand, Judge Kane indicated that the University and the citizens of Colorado are entitled to equitable relief in the form of a disgorgement of Cyanamid's profits attributable to the exclusivity rights wrongfully secured and enforced against (Cyanamid's) competitors. The decision also awards exemplary damages to Drs. Allen and Seligman. CTT expects to receive 18.2% of the net proceeds, after attorney fees, or approximately $6 million of the $54 million to be recovered from Wyeth in this judgement.
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: 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.