FAIRFIELD, Conn., Oct. 9, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) reported today that NTRU Cryptosystems, Inc.'s GenuID technology was selected as one of the four finalists for an award to be presented in the best software category at the international tradeshow, CARTES & IT SECURITY 2002 (www.cartes.com). CTT holds approximately 7% of NTRU's outstanding equity and will receive a royalty on future revenues. CTT was key to the formation of NTRU in 1997 by providing custom incubation services, including patent filing support, business planning, technical marketing, licensing and initial capital sourcing services.
John B. Nano, CTT President and CEO said, "We are pleased to see the international community recognize the NTRU product in the fast-developing smart card market that is so important in today's security-conscious society. The CTT team diligently worked with NTRU from inception."
NTRU, a developer of fast, low-footprint public key cryptography, has been nominated as a finalist from 23 registered applicants in the best software category. The other three finalists are SchlumbergerSema, Gemplus, and Retail Logic Ltd. SchlumbergerSema was the winner in this category in 2001. A panel of international experts in smart card and contactless technologies will announce the award on November 5 in Paris. NTRU GenuID is a public key security solution to contactless smart card performance and security requirements on the low cost platforms required for mass-market adoption. NTRU GenuID lowers the cost of security in contactless applications and delivers a public key solution that is both fast and affordable.
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is customer-focused on recognizing and understanding the needs of the market and transforming those wishes into commercially viable technology. CTT is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences, digital technologies and electronics, and nanotechnologies. 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 other 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.