FOR IMMEDIATE RELEASE
COMMITTEE TO RESTORE STOCKHOLDER VALUE TO COMPETITIVE TECHNOLOGIES
REVIEWS JOHN NANO'S SUCCESS
AUGUSTA, GA (JANUARY 11, 2007) THE COMMITTEE TO RESTORE STOCKHOLDER VALUE to
Competitive Technologies, Inc. (AMEX: CTT) is reminding all CTT shareholders
that they deserve better than the current Board and management at CTT, and that
these shareholders need to act now to replace these individuals by voting the
BLUE Proxy card immediately on-line or by phone, and due to time, not by mail.
An on-line vote can be placed at www.proxyvote.com; a phone vote can be placed
at 1-800-454-8683. Necessary control, Cusip, account and client numbers are on
the BLUE proxy card received by shareholders. If the shareholder has not
received their BLUE proxy card, instructions can be obtained by contacting the
Committee directly.
Under John Nano's leadership, from fiscal year 2003 to 2005, CTT's revenues grew
from $2.7 million to $14.2 million - an increase of 526%. For fiscal year 2006,
after Mr. Nano's termination by the current Board, CTT's revenues dropped to
$5.2 million for a decrease of 63%. This is not self-serving information; this
is fact.
Under Mr. Nano's leadership, CTT profits increased every year. Profits reached
$5.7 million in fiscal 2005 for an increase of $9.7 million in three years. The
next year, without Mr. Nano, CTT lost $2.4 million for a profit decline of $8.1
million.
The poor financial performance under the current Board and management has been
coupled with a decline in CTT's market value from over $100 million down to $20
million - an 80% loss in value during a record high level for the overall stock
market. The lack of financial results, coupled with the stock price decline
under the current Board and management are unacceptable by any standard.
The Nano-led CTT ranked as the fourteenth largest percentage gaining stock in
2004 as reported by The Wall Street Journal - with an increase share price of
345%. The current Board and management have lost CTT's shareholder's money for
five straight quarters, and their unfavorable results were even worse in the
most recent quarter reported.
CTT's failed Board and management attacks Mr. Nano's stellar performance at CTT
by saying that technology was at CTT when Mr. Nano arrived. This argument
against Mr. Nano is a further indictment of CTT's current Board and management.
Under Mr. Nano's leadership, valuable CTT technologies were successfully
commercialized before their patents expired. An important example is the
homocysteine assay technology. Prior to Mr. Nano joining CTT, the company was
attempting to license the homocysteine assay technology to 11,000+ U.S. testing
laboratories. This approach yielded CTT very little revenue from this
blockbuster technology. Mr. Nano, whose investigation found that a few major
distributors supply the homocysteine test kits to almost all 11,000
laboratories, directed that each of the major distributors be contacted. As a
result, license agreements were signed with CTT. Mr. Nano's commercialization
strategies resulted in 2005 revenues of $14.7 million, generating profits of
$5.7 million. These are self-serving facts, serving the CTT shareholder.
CTT's current Board and management blame Mr. Nano for the dismal results under
Chief Technology Officer Michael E. Kiley, who fraudulently represented his
academic credentials as having a Ph.D. In fact, Mr. Kiley, a Virginia golfing
crony of CTT's current Chairman of the Board, Richard Carver, was chosen for his
position at CTT by Mr. Carver before Mr. Nano arrived. Although Mr. Kiley's
resume fraud and performance failure are now obvious, Mr. Kiley continues to
collect a minimum $20,000 per month from CTT shareholders while living in
Virginia.
Mr. Nano's commercialization agreements resulted in almost 93% of the 2005
revenues. CTT's Board and management have touted legal awards, but these
accounted for only 7% of CTT 2005 revenues. The emphasis of the current Board
and management on legal awards only shows their excessive reliance on
litigation, rather than on the sound business practices that Mr. Nano would
bring back to CTT.
In this vein, Mr. Nano has convinced the Committee for Stockholder Value not to
sue CTT, but to bring any lawsuit for insider trading, backdating options and
other improper acts, only against current management and Board members. Mr. Nano
is most concerned that these allegations are very serious, stating that the SEC
approved the Committee's distribution of its proxy statement making these
allegations. Mr. Nano does not believe, however, that CTT should be punished for
the wrongdoing of its officers and directors. Further, if the Committee is
successful in this proxy contest, Mr. Nano is committed to settling for a
fraction of what he is owed under his contract damages to end his litigation
with CTT. In sum, the Committee would put behind us the legal distractions under
the current CTT Board and management that are threatening CTT's viability.
Mr. Nano's understanding and proven success of commercial licensing of CTT's
technologies is critical to building shareholder value. As shown by the
financial results prior to and after Mr. Nano's leadership, a collection of
unlicensed technologies has no value to CTT. During the past five quarters, the
current Board and management has spent $9.6 million and have not been able to
successfully commercialize any technology to a level anywhere near the revenues
generated under Mr. Nano's leadership. Mr. Nano was an around-the-clock CEO,
often taking his work home with him to his nearby residence. Mr. Nano will again
give CTT this dedication.
Innovative technologies need to be commercialized to create value. CTT's
shareholders need to elect a team with a proven track record successfully
licensing technologies and generating revenue and profit growth to drive CTT's
market value. Act now and vote your BLUE Proxy card immediately on-line or by
phone.
The Committee believes that the extensive qualifications of their slate of
candidates, including John B. Nano, will return to CTT substantial business
experience in CTT's business, a successful track record in managing growth, and
serious management expertise through a legacy team. The Committee urgently asks
for support of stockholders, advisors and brokers to restore CTT to
profitability, to drive growth, and to increase shareholder value.
More information on the Committee's proxy filing (DFRN14A, filed by
non-management on December 26, 2006) is available at the SEC website,
www.sec.gov, under company filings. Any questions can be addressed by contacting
the Committee.
Committee Contact: John Derek Elwin III
Tel: 561 789 6449
Email: restorevalue@yahoo.com