FAIRFIELD, Conn., Feb. 12, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced that its investee Digital Ink, a leader in electronic handwriting technology, today introduced a wireless pen, n-scribe, that will enable business professionals to email and record handwritten notes using any Web-enabled device. The n-scribe pen, currently available in beta, is featured at DEMO 2001 being held in Phoenix, Ariz. this week. DEMO is a leading industry venue for innovative products and technology.
Digital Ink is one of several development-stage acorn companies in which CTT is invested. In addition to making cash investments, CTT provides developing acorn companies with intellectual property and technology commercialization expertise. CTT seeks acorn investments in which it can nurture and incubate a technology to yield future returns that benefit its shareholders. Digital Ink, a privately held company based in Wellesley, Mass., was founded in 1998 to address the need for efficient universal input devices that can complement today's sophisticated voice, data, images and video communications.
"CTT owns an approximate 10% equity stake in Digital Ink, one of our acorn investments," said Frank R. McPike, Jr., President and CEO of CTT. "Digital Ink's unveiling of its n-scribe technology at DEMO 2001 provides a wonderful opportunity to showcase its product. This, following on the recent announcement of Intel's investment and development agreement, enhances CTT's investment, and increases the potential return to our shareholders."
Digital Ink developed the n-scribe pen using infra-red technology. In use, n-scribe looks, feels and works as easily as a ballpoint pen, requiring no special pads or paper. Handwritten information, including words, numbers, letters and drawings, is instantly captured in a digital-friendly format, offering a convenient way to email and store handwritten notes and sketches, and simplifying data input for cell phone and hand-held device users.
As the user writes, information is recorded in real-time and stored as a JPEG or PDF file in the pen cover. When finished, the user simply downloads the file to any Web-enabled appliance, such as a WAP cell phone or PDA, where it can be stored, sent as a message or emailed to others, or translated into typewritten text. Handwritten messages, graphics, or diagrams from the n-scribe pen can be displayed directly on the screen of any Web-enabled, graphically capable cell phone such as those from Sprint PCS(r).
"As the market for handheld devices soars and products continue to shrink in size, advancements in user interface technology have lagged behind. The small keypads and stylus devices are difficult to use, which may prevent users from taking advantage of the wireless Web features that are now available on their cell phones and PDAs," said Ilya Schiller, President and cofounder of Digital Ink. "Our n-scribe technology solves these interface issues with the efficiency and convenience of a ballpoint pen and natural handwriting communication. It is the missing link in mobile data communications, and we expect it will become the essential companion for today's handheld devices."
Digital Ink reports that the n-scribe pen can store up to 1Mbyte RAM (approx. 50 handwritten letter-size pages), support up to five hours of continuous use (approx. one week), and perform with accuracy greater than 0.5 mm. Digital Ink plans to support handwriting recognition in the next version.
Digital Ink expects to begin shipping n-scribe in the fourth quarter of this year at targeted retail prices between $99 and $299.
Digital Ink recently signed a development agreement with Intel. Under the agreement, Digital Ink and Intel's Microprocessor Research Laboratories will pursue joint development activities in the area of human interface technology.
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, licensees and acorn investees include: Sony, Matsushita Electric Industrial, the University of Colorado, the University of Illinois, Digital Ink, Inc., 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, England.
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, 2000 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.