FAIRFIELD, Conn., May 2 /PRNewswire-FirstCall/ -- Competitive Technologies, Inc. (Amex: CTT) announced today that it expects double-digit growth in fiscal 2005 revenue and net income over 2004 results. The CTT fiscal year ends July 31, 2005. "In response to the erroneous reporting by a financial website," said John B. Nano, CTT's President and CEO, "we felt it was important to reiterate CTT's strong revenue picture and its exciting portfolio of technologies. As stated when we released record revenue and profit figures for the six months ended January 31, 2005, revenue will vary quarter to quarter. We expect fiscal third quarter financials to continue us on our upward path, with resulting fiscal 2005 results to be substantially stronger showing double-digit growth in revenue and earnings over fiscal 2004. CTT continues to leverage near-term opportunities while executing our longer-term strategies for sustained growth and increased shareholder value." Mr. Nano continued, "Our aggressive homocysteine assay-licensing program has been very successful. In this quarter alone we have signed two major companies, Roche and Axis-Shield. They join a group of CTT-licensed companies that include Bayer, Abbott, Quest and Diagnostic Products. We believe CTT-licensed companies perform the majority of homocysteine assays in the marketplace. A marketplace that is estimated at over 20 million homocysteine assays performed annually, with the number growing substantially each year. We expect millions of dollars of recurring revenue from our homocysteine assay technology in each of the fiscal years 2005, 2006 and 2007." Another important technology in the CTT portfolio is Video and Audio Signal Processing. Two of CTT's encoding and compression technologies are included in the MPEG-4 Visual Patent Portfolio License Pool administered by MPEG LA. The pool of 188 licenses includes Microsoft, Sony, Samsung, Apple, Canon, Cisco, General Instrument, Hitachi, LG Electronics, Toshiba, Matsushita, Mitsubishi, Fujitsu, Eastman Kodak and Sharp. CTT is currently earning royalties from this rapidly growing pool as applications and licensees increase. Exclusive licensee Palatin Technologies is developing CTT's male/female sexual dysfunction therapeutic in collaboration with King Pharmaceuticals. CTT's patented RFID "event-driven" information technology allows movement of individuals or assets to be tracked, coordinated and managed in applications including medical patient information, homeland security, military and general business. The exclusive sub-licensee for CTT's sunless tanning technology, EpiTan Ltd., is researching the technology as a skin cancer preventative, and as a therapeutic for vitiligo, albinism and psoriasis. CTT has exclusive rights to commercialize a patented injectible calcium phosphate-based nanotechnology bone biomaterial which can be used for human bones and for dental and veterinary uses. Other technologies in CTT's dynamic portfolio include encryption technology, the EZSpeech(TM) software platform, an anti- cancer compound, plasma display panel energy recovery technology, and the Therapik(R) device. Mr. Nano further stated, "It is our view that our stock should trade higher than its current p/e ratio below 9.0 based on trailing four quarters of earnings per share of $1.08. CTT has many valuable and innovative technologies in its portfolio. A portfolio that continues to create revenue and profit growth for CTT's clients and shareholders." 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. The global market for technology transfer services is estimated at $150 billion annually. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: http://www.competitivetech.net . Statements about our 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 inherent in our business, including those set forth in Item 7 under the caption "Risk Factors," in our most recent Annual Report on Form 10-K filed with the SEC on October 29, 2004, and other factors that may be described in our 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. Direct inquiries to: Johnnie D. Johnson, Strategic IR, Inc. Tel. (212) 754-6565; Fax (212) 754-4333 E-mail: firstname.lastname@example.org E-mail: email@example.com
SOURCE Competitive Technologies, Inc.