FAIRFIELD, Conn., Oct. 26, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced that for the fifth year in a row, it has been recognized as one of Connecticut's 50 fastest growing technology companies by the Connecticut Technology Council (www.ct.org) and Deloitte & Touche LLP (www.us.deloitte.com). Rankings in the 2001 Fast 50 are based on five-year percentage revenue growth (1996 - 2000).
Commenting on the Fast 50 honor, Frank R. McPike, President and CEO of CTT said, "We are pleased that CTT has been honored again by the Connecticut Technology Council and Deloitte & Touche. The award recognizes CTT's continued strategy to build on past achievements, as we construct a strong platform for global technology commercialization, and move with strength into the future."
The companies cited in the 2001 Fast 50 represent several industry segments in which CTT is active, including software, electronics, telecommunications, bioscience technology and medical devices. To qualify for the award, companies must be a U.S. public or private technology company based in Connecticut, and have had operating revenues of at least $50,000 in 1996 and $1 million in 2000. A technology company is defined as a business that produces technology, manufactures a technology product, or devotes a high percentage of effort to research and development of technology.
In addition to Deloitte & Touche and the Connecticut Technology Council, the Connecticut Fast 50 is sponsored by Deutsche Banc Alex. Brown, Marsh Inc., the Nasdaq-Amex Market Group, Pullman & Comley LLC and Royal & SunAlliance Insurance.
"The technology sector continues to transform the Connecticut economy, and will be a primary driver in rejuvenating the marketplace as we move forward," said Michael Theodore, President of the Connecticut Technology Council.
David Carver, partner-in-charge, Deloitte & Touche Technology and Communications Group, Connecticut, stated, "The Deloitte & Touche Technology Fast 50 provides important recognition to those companies that are supporting Connecticut's economy and leading the technology revolution, which today, continues to shape the way we do business and lead our lives. In working with technology companies, our goal is to help them build the type of business infrastructure and implement the necessary planning to achieve long-term growth and success."
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 Arizona, 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, Connecticut 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 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.