FAIRFIELD, Conn., Oct. 3, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced that Judge Peter C. Dorsey of the U.S. District Court of the District of Connecticut has ordered a Disclosure of Assets hearing for October 22, 2007 as part of the Application for Prejudgment Remedy in CTT's complaint against Benjamin Marcovitch, Betty Rios Valencia, the President and CEO of Agrofrut and Mr. Marcovitch's former spouse, Agrofrut, E.U. and John Derek Elwin, III. On August 31, 2007, CTT filed a complaint in U.S. District Court against Ben Marcovitch and the other co-defendants stating that the parties, among other things, conspired to "loot" the company's treasury. The Court granted the Motion for Disclosure of Assets stating that all defendants in the case are required to present a statement of any and all real and/or personal property in which any defendant has an interest, and any and all money, sums or debts owing to any of the defendants, including but not limited to accounts in banks or other institutions, sufficient to satisfy the prejudgment remedy of $750,000 granted to CTT in the complaint filed on August 31, 2007.
Mr. Marcovitch was removed from CTT's Board of Directors on August 8, 2007 by unanimous vote of CTT's five Directors for violating CTT's Code of Conduct. At that time, CTT also withdrew from its involvement with Agrofrut, a nutraceutical firm brought to CTT by Mr. Marcovitch.
"The Court's order for disclosure of assets is a successful next step in CTT's procedure to recovering funds from the Agrofrut option agreement," said John B. Nano, CTT's Chairman, President and CEO. "Among other relief, CTT is also requesting punitive damages and payment of attorneys' fees."
As announced on August 15, 2007, CTT retained Greenberg Traurig, LLP, an international law firm, to recover the funds from Agrofrut, and Juan Carlos Esguerra of the Bogota, Colombia-based law firm, Esguerra, Barrera, Arriaga, to handle CTT's affairs in Colombia. Also, as stated in the complaint, Breen & Associates, an independent investigative firm, developed evidence that showed that Mr. Marcovitch and Agrofrut provided CTT's Board of Directors with false and misleading information in a conspiracy to defraud the company using the Agrofrut transaction. Mr. Marcovitch had sold this transaction to CTT's Board by representing that Dr. Raul Aragon Davalos, listed as an executive and Chief Scientist of Agrofrut in papers submitted by Mr. Marcovitch and Agrofrut, had invented a revolutionary new technology for Agrofrut that would remove highly complex compounds such as bromelain and xylitol, at better than 99% purity, from pineapples, and other organic waste. Included in the Breen findings was the fact that Dr. Raul Aragon Davalos had actually been killed in a drive-by shooting in Cali, Colombia on February 28, 2007. This significant fact was not disclosed to CTT by Mr. Marcovitch or Agrofrut prior to or during the March 28, 2007 Board meeting held to evaluate the Agrofrut transaction, at which Mr. Marcovitch was in attendance. As noted in the complaint, Dr. Raul Aragon Davalos's assassination was known to Mr. Marcovitch and Ms. Rios Valencia, as well as to other executives of Agrofrut, but was never revealed to CTT by them. Mr. Marcovitch had admitted to a CTT outside counsel, and to a CTT shareholder, that he had attended Dr. Raul Aragon Davalos's funeral. The investigations have shown that Dr. Raul Aragon Davalos was a convicted drug trafficker and that Ms. Rios Valencia also has a drug conviction record. Among other things, the involvement of Ben Marcovitch, Betty Rios Valencia and John Derek Elwin, III with convicted drug traffickers resulted in CTT's decisive actions against these individuals.
Mr. Nano added, "CTT continues to move ahead, aggressively marketing our pain management therapy, stress reduction device, UAD tubular-connection, LED portfolio, and Radio Alert Warning System technologies, as well as our bone biomaterial, Lupus diagnostic and monitoring, cholesterol trapping and regeneration, and HB LEDs, to drive revenue growth, improve profitability and create shareholder value. Our full technology portfolio may be viewed on our website."
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.