FAIRFIELD, Conn., June 16, 2003 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has signed an agreement with Novacon Energy Systems, Inc. of Bedford, NY giving CTT the right to be the exclusive agent for Novacon's patented process for reducing the major pollutants resulting from the burning of coal, wastes, petroleum and other fuels. The unique low cost process can be put into use immediately to remediate a majority of the undesirable by-products and emissions produced from burning fossil and other fuels in boilers and for power generation.
Novacon developed and holds all rights to the process that can also assist in improving combustion efficiency and reducing boiler operating costs. The process introduces "Thermally Active Marble" (TAM) an inexpensive, naturally occurring sorbent into the boiler combustion chambers where major pollutants are generated. TAM reacts with sulfur to reduce the amount of sulfur oxide (SOx) emitted into the atmosphere. Nitrogen oxides (NOx), mercury, particulates and other pollutants are also reduced. The uniqueness of the process lies in its ability to reduce emissions to a greater degree and at lower cost than other technologies now in use; a win for both industry and the environment.
"The Novacon Process is the first low cost, effective technique to reduce SOx, the leading contributor to acid rain, and simultaneously lower the emissions of other pollutants while facilitating more efficient combustion," said Wil Jacques, CTT VP Marketing and Technology Commercialization. "The patented technology satisfies global needs in the air pollution control marketplace. Prospective licensees include on-site users such as power producers, waste disposal companies, chemical and paper manufacturers and other manufacturing companies that require reduced emissions. Manufacturers can sub-license the technology to their out-source service providers."
"The technology directly, efficiently and inexpensively converts pollutants produced in the combustion chambers into harmless products. The use of TAM is appreciably more effective than other technologies currently in use, and far less expensive to install, operate and maintain, including less down time," said Stephen Baer, the inventor and CEO of Novacon. "Our technology is well proven, well documented and fulfills a true need. The market for this unique technology is estimated to exceed $30 billion."
John B. Nano, President and CEO of CTT said, "This agreement allows Novacon to take advantage of CTT's extensive global network of customers. Through cost savings and ease of installation, the Novacon process benefits both industry and the environment, increasing coal demand and creating the possibility of jobs in the ailing US coal mining industry. This technology is another example of CTT bringing a needed technology to market. CTT's strategy is to turn these technology solutions into commercial dollars, leveraging our position in the $150 billion market for technology licensing and strengthening shareholder value."
As an example, in a 500-megawatt coal-fired power plant, installation of capital equipment estimated at $5 million can generally be completed in one day during a normally scheduled maintenance shut down period. This is significantly less cost and down time when compared with conventional scrubber and combustion modification or installation programs. Novacon data shows its process can reduce SOx emissions by about 80% or more, at calcium to sulfur ratios of two or less. On an operating basis, one ton of sulfur can be removed for approximately $100, including amortization of the cost of capital, materials and all operating expenses. Typically carbon in ash streams are reduced by 30%, oxidized mercury emissions by 75% and plant fuel costs by approximately 3%. The on-site equipment requires a small real estate footprint. When employed in the most modern combustion devices, such as Circulating Fluidized Bed, and even in more advanced systems, the technology has shown the ability to dramatically reduce costs while increasing operating efficiency.
About Novacon Energy Systems, Inc.
Novacon Energy Systems focuses on technology development and remediating existing facilities that wish to burn coal, culm, oil, and waste in a manner that complies with current EPA regulations.
The Novacon process has been under development since 1990 and received patents on 28 claims in 23 countries, including the United States. In order to protect it's intellectual property, several significant aspects of the process are embodied in trade secrets. It has been used in several plants for months at a time with excellent results.
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, digital, nano, and physical sciences developed by universities, companies and inventors. The global market for technology transfer services is estimated at $150 billion annually. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. 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.