FAIRFIELD, Conn., Sept. 16, 2003 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced that it has retained BDO Seidman, LLP (BDO) as its independent auditors, effective immediately. BDO replaces PricewaterhouseCoopers LLC (PwC) which served as CTT's independent auditors since fiscal 1985.
The decision by CTT's audit committee and board of directors to approve a change in auditors was based on obtaining auditors suitable for CTT's needs. The change was not the result of any disagreement between CTT and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
"CTT is pleased to announce the engagement of BDO. Our audit committee determined that BDO's service levels and rate structure are more appropriate for CTT and the best choice for us going forward," said John B. Nano, CTT's President and CEO.
About BDO Seidman, LLP
BDO Seidman, LLP is a leading national professional services firm providing tax, assurance, financial advisory and consulting services to private and publicly traded businesses. For more than 90 years, they have provided quality service and leadership through the hands-on involvement of experienced and committed professionals.
BDO Seidman, a member firm of BDO International, serves clients through more than 35 offices and 200 alliance firm locations nationwide leveraging a global network of resources comprised of nearly 600 member firm offices in 100 countries. For more information about BDO Seidman, visit http://www.bdo.com.
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.