FAIRFIELD, Conn., Oct. 3, 2000 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that its client NTRU Cryptosystems, Inc. (www.ntru.com) has confirmed that NTRU's Embedded Reference Implementation Software Toolkit implements the Rijndael symmetric cipher, which was selected yesterday as the Advanced Encryption Standard (AES) by the National Institute of Standards and Technology. The advanced encryption technologies of NTRU (pronounced "En' true"), makes it a leader in security solutions for wireless communications and content protection.
Scott Crenshaw, CEO of NTRU, said, "We selected the Rijndael cipher long ago as an excellent complement to our core public key technology, and are pleased with its selection for the AES standard. We expect our competitors will eventually offer this technology, which has been available in NTRU's toolkits for some time. NTRU delivers the smallest and fastest security technology for wireless, media, and consumer applications."
"Competitive Technologies owns approximately 10% of NTRU's equity and will also receive a small royalty on revenues produced by NTRU. CTT was instrumental in providing NTRU with a suite of custom incubation services at its founding," said Frank R. McPike, President of CTT. "We are pleased to see that the NTRU team is prepared to offer the Rijndael standard, which speaks volumes about the management and technical capabilities of NTRU."
Other NTRU applications include securing wireless data communications, digital music and video distribution, mobile e-commerce and Internet applications. The technology was developed by a team of Brown University mathematics professors.
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences and digital technologies. Competitive Technologies' specialized expertise and experience make it a valuable partner for inventors, companies and universities of all sizes. CTT has been responsible for closing hundreds of licensing agreements. CTT clients and licensees include: Sony, Matsushita Electric Industrial, The University of Colorado, NTRU Cryptosystems, Inc., Palatin Technologies, Inc. and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, Conn., and has affiliates in Osaka, Japan and London.
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 related to market acceptance of and competition for the Company's licensed technologies and other risks and uncertainties inherent in CTT's business, including those set forth in Item 1 of the Company's Form 10-K for the year ended July 31, 1999 and other factors that may be described in CTT's 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.