FAIRFIELD, Conn., Jan. 17, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that the United States International Trade Commission (ITC) has voted to institute an investigation of a complaint against Fujitsu Limited of Tokyo, Japan by CTT and the University of Illinois.
At issue in the investigation is violation of section 337 of the Tariff Act of 1930, as amended. CTT is requesting the ITC issue orders directing US Customs to stop Fujitsu and/or its subsidiaries from unlawfully importing into the US plasma display panels (PDPs) and other products that use the panels, including some flat screen televisions. The complaint is made on the basis that the panels infringe US Patent Nos. 4,866,349, and 5,081,400 held by CTT's client, the University of Illinois. CTT is a global technology commercialization firm representing technologies and inventions from leading universities and corporate clients.
Coincident with CTT's ITC filing on December 21, 2000, a complaint was also filed against Fujitsu in the United States District Court for the Central District of Illinois seeking damages for past infringements, and entry of an injunction against future sales of plasma display units that infringe these patents.
The ITC investigation has been referred to the Honorable Debra Morris, an ITC administrative law judge, who will schedule and hold an evidentiary hearing. Judge Morris will make an initial determination as to any violation, subject to review by the full commission. A target date for completing the investigation will be set within 45 days after the start of the investigation. ITC investigations are typically completed within 12 months.
The two patents emanate from the scientific discoveries at the University of Illinois of inventors, Larry F. Weber, Kevin W. Warren and Mark B. Wood. Their inventions provide for energy recovery used in large PDPs and plasma display flat television screens.
"This is a major step in the process of assuring that our client, the University of Illinois, enjoys the benefits of, and the protection afforded by its patents," said Frank R. McPike, President and CEO of CTT. "We look forward to the completion of the ITC investigation and the enforcement of U.S. patent laws."
Competitive Technologies represents and licenses a number of inventions developed at the University of Illinois. CTT is pursuing ITC action as a remedy to Fujitsu's unwillingness to negotiate a fair license agreement.
Fujitsu is currently selling PDPs and plasma display flat screen televisions in the US. Fujitsu indicates, in its promotion materials, that it is the world's largest manufacturer of PDPs, and has invested a total of $600 million in PDP manufacturing facilities in Japan between 1996 and 2000.
The use of the patented technology is a critical component of large-screen plasma displays and televisions. Matsushita Electric Industrial Co., Ltd., and Matsushita's subsidiary, Plasmaco, Inc., have each obtained a non-exclusive license from CTT to the patented technology. Their products include Panasonic brand 42 and 60-inch flat screen units.
CTT seeks an early resolution that will provide appropriate compensation for work done to conceptualize, invent and protect this important patented technology, which allows PDPs and plasma display flat screen technologies to operate.
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 makes 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 Colorado, the University of Illinois, 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 Form 10-K for the year ended July 31, 2000 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.