FAIRFIELD, Conn., July 12, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that CTT, its client, the University of Illinois, and all Fujitsu defendants have reached a settlement in the long-standing patent infringement suit regarding U.S. Patent Nos. 4,866,349 and 5,081,400 covering plasma display panels (PDPs) and related circuitry.
As part of the settlement, CTT will pay Fujitsu a minor portion of the approximately $233,000 costs awarded to Fujitsu by the courts in 2006. The parties will dismiss with prejudice all claims and counterclaims in the suit. As noted in CTT's Form 10-K for the fiscal year 2006, filed in October 2006, Fujitsu was seeking counterclaim damages estimated to be in excess of $5 million. CTT's settlement will eliminate any need for contingent payment to CTT's prior counsel in the International Trade Commission and District Court actions against Fujitsu.
"We came to an agreement with both our client, the University, and with Fujitsu, that all interests were best served by settling and thus terminating and concluding this long-running litigation," said John B. Nano, CTT's Chairman, President and CEO. "Our overall interests are upheld by considering the long-term benefit to our client, the University, and to CTT and our shareholders."
Mr. Nano continued, "CTT looks forward to moving on from this point. We have a strong, viable portfolio of technologies. CTT is actively marketing our nutraceutical ingredients technology, molecular memory devices, HB LED technology, bone biomaterial, cholesterol trapping/regeneration technology, and Lupus diagnostic and monitoring technology to drive revenue growth, improve profitability and create shareholder value."
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 are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve 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 SEC on October 30, 2006, and 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.