FAIRFIELD, Conn., March 15, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) today announced that it has successfully negotiated and executed two new non-exclusive licenses to use CTT's patented high power laser diode technology. CTT granted these licenses to Tottori Sanyo Electric Co., Ltd., and Hitachi Ltd.
CTT's technology provides the ability to increase the performance and durability of high-powered lasers used in high power optical storage devices, such as DVD drives, to solve the common problem of low reliability during long-term operation.
Frank McPike, President and CEO of CTT, stated, "We are pleased to add Tottori Sanyo and Hitachi to our growing list of licensees for the laser diode technology. CTT continues its aggressive program to license companies requiring high power durable lasers as storage requirements increase in a wide variety of devices. This technology has provided CTT significant revenue growth in the last two years and we expect the growth to continue."
Background
The laser diode technology invented in the 1980s at the University of Illinois at Urbana-Champaign, known as impurity induced layer disordering, or disordering, was invented and developed in the laboratory of Professor Nick Holonyak, Jr. Professor Holonyak is a recipient of the highly prestigious Japan Prize, awarded by the science and technology foundation of Japan to scientists and researchers who make original and outstanding contributions to science and technology.
Disordering technology involves introducing disordering substances into layers of a III-V (e.g. gallium arsenide) semiconductor structure to convert the layers into an "alloy" having important electronic properties.
Our aggressive licensing program for the technology will allow the burgeoning laser diode industry to benefit from an efficient way to manufacture more durable and more reliable laser diodes needed for DVD-RAM drives, DVD recorders and other optical storage equipment. A portfolio of patents, the last of which will expire in 2004, protects CTT's high power laser diode 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 experiences make it a valuable partner for inventors, companies and universities of all sizes. CTT has been responsible for closing hundreds of licensing agreements. In addition to the new companies above, CTT clients and licensees 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, 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 most recent Form 10-K 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.