FAIRFIELD, Conn., Oct. 12, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has settled a long-standing lawsuit with the Securities and Exchange Commission (SEC) regarding the 1998 stock repurchase program approved by the prior Board of Directors. Under that program the company repurchased shares of its stock from time to time during the period of October 28, 1998 to March 22, 2001. The SEC filed a civil suit against the company in 2004 alleging stock price manipulation. This settlement agreement has been approved by the SEC. Its anticipated acceptance by the Connecticut Federal District Court will close the SEC's six-year long investigation and proceedings against the company. No members of CTT's current Board or management held positions with the company during the period of 1998-2001.
On August 11, 2004, the SEC filed a civil suit naming Frank R. McPike, Jr., a former CTT President and CEO, and six individual brokers, alleging that from at least July 1998 to June 2001 these persons were involved in a scheme to manipulate the price of CTT's stock. CTT was named as a defendant in the suit due to the alleged conduct of Mr. McPike, whose conduct was imputed to the company.
Without admitting or denying the allegations of the complaint, CTT has consented to be permanently restrained and enjoined from violating Sections 9(a) and 10(b) of the Securities Exchange Act of 1934, and rule 10b-5 thereunder. No fines or penalties were imposed by the SEC in connection with this settlement.
"We are pleased that this matter has come to a conclusion," said John B. Nano, CTT's Chairman, President and CEO. "CTT's management team is focused on creating value from technologies, restoring stockholder value by signing new license agreements, and utilizing its strong sales team and effective global alliances. We are aggressively marketing the 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.