FAIRFIELD, Conn., Feb. 6, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that the newly-elected Board of Directors has approved a three-year employment agreement with John B. Nano naming him as CTT's President and CEO. In connection with his employment agreement, Mr. Nano has agreed to withdraw pending litigation matters against CTT.
As soon as documents are finalized, Mr. Nano will withdraw his suits from both the State of Connecticut Superior Court and the U.S. District Court for the District of Connecticut for a projected total of approximately $5.1 million in damages. CTT placed $2.5 million in escrow in response to District Court Judge Thomas P. Smith's ruling at a hearing for pre-judgment remedy on January 24, 2007 in the U.S. District Court. In respect to shareholder value, Mr. Nano has agreed to a lower one-time payment of $1.0 million, plus legal fees of $0.65 million. The payment to Mr. Nano will fulfill CTT's obligation with the balance from the $2.5 million returned to CTT's treasury.
Mr. Nano's three-year employment agreement with CTT is essentially identical to the agreement he had with CTT prior to his termination by the former management 20 months ago.
In a statement, Mr. Nano said, "CTT and its new management team can now focus on growing its business and putting this matter behind us. We are excited about rebuilding the company to drive revenue growth, improve profitability, and significantly increase shareholder value. We look forward to working together for CTT shareholders."
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, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
Statements about our 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. If and when used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions, as they relate to us or our business or management, are intended to identify such forward-looking statements. These statements involve risks and uncertainties related to our ability to obtain rights to market technologies, market acceptance of and competition for our licensed technologies, growth strategies and strategic plans, operating performance and financing of our operations, industry trends, and other risks and uncertainties inherent in our business, including those set forth in Item 1A under the caption "Risk Factors," in our most recent Annual Report on Form 10-K for the year ended July 31, 2006, filed with the Securities and Exchange Commission (SEC) on October 30, 2006, and other factors that may be described in our other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.