Competitive Technologies, Inc.
AMEX : CTT

Competitive Technologies, Inc.

October 10, 2005 17:29 ET

Competitive Technologies Files Lawsuit against Palatin

FAIRFIELD, Conn.--(CCNMatthews - Oct 10, 2005) -

Competitive Technologies, Inc. (AMEX: CTT) today announced that it has filed a complaint against licensee Palatin Technologies, Inc. ("Palatin", AMEX: PTN) in Connecticut State Court for breach of contract. In the suit, CTT claims that Palatin breached the agreement reached between CTT and Palatin which was the result of mediation that had taken place in June of 2005 to settle an arbitration demand previously filed by CTT against Palatin. As part of the agreement, Palatin agreed to deliver promptly to CTT 170,000 unrestricted shares of Palatin common stock. On July 5, 2005, Palatin delivered restricted, untradeable shares to CTT and has failed to deliver unrestricted shares, as agreed. In the complaint, CTT seeks unrestricted shares, damages, and reimbursement for attorneys' fees, interest and court costs incurred in enforcing the agreement.

"We expected Palatin to honor all the terms of the mediated agreement completely," said Paul A. Levitsky, CTT's Vice President and General Counsel, "and when that was not done, we, unfortunately, had to resort to litigation."

Mr. Levitsky further stated that, "It also is important to note that the mediation entered into by CTT and Palatin referred only to the disposition of a particular $20 million sublicensing fee received by Palatin from King Pharmaceuticals, and did not pertain to any future milestone payments, or to any other future payments to be made by King to Palatin that may be covered under the License Agreement. While we understand that Palatin has at times claimed otherwise, we disagree with their claims. We continue to reserve our rights under the original license granted to Palatin."

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 and physical sciences, electronics, and nanotechnologies developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit our website at: www.competitivetech.net

Statements about our future expectations, including development and regulatory plans, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. If and when used herein, the words "anticipate," "believe," "intend," "plan," "expect," "estimate," "approximate," and similar expressions, as they relate to us or our business or management, are intended to identify such forward-looking statements. These statements involve risks and uncertainties related to market acceptance of and competition for our licensed technologies, growth strategies, operating performance, industry trends, and other risks 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 Securities and Exchange Commission ("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.

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