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
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
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:
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
SOURCE Competitive Technologies, Inc.