FAIRFIELD, Conn.--(BUSINESS WIRE)--Feb. 24, 2006--Competitive Technologies, Inc. (AMEX: CTT) today announced that it has further strengthened its business development team with the addition of Mr. Joseph P. Ausikaitis and Mr. Kevin J. Drumm. Both individuals will be responsible for finding new technologies for CTT's portfolio, and generating new business.
Mr. Ausikaitis joins CTT as Senior Business Development Executive. He is a proven top performer with extensive global business leadership experience in industrial technical products, technology and services, most recently as Vice President and General Manager in charge of sales and operations for UOP LLC, one of the world's largest providers of technology, products, systems and services to the petroleum, refining, petrochemical, gas and other processing, and various manufacturing industries. Mr. Ausikaitis also has had significant licensing experience as Vice President in UOP's petrochemicals business unit. He has a Bachelor of Science and a Master of Science in chemical engineering from the University of Massachusetts and the Pennsylvania State University, respectively, and he has completed the Advanced Executive Program at Northwestern University's Kellogg School.
Mr. Drumm joins CTT as Business Development Executive. He has an impressive track record with extensive sales, business development and licensing experience, both in the U.S. and internationally. Most recently, Mr. Drumm has been a principle providing management and engineering consulting solutions. During the past fifteen years, he also has been a General Manager at Mettler Toledo, a global provider of precision instruments and services, a regional sales manager with Alfa Laval, a provider of specialty products and engineering solutions, and also as a global product marketing manager with UOP LLC. Kevin holds Bachelor of Science and Master in Business Administration degrees in chemical engineering, both from the University of Notre Dame.
"Everyone at CTT is pleased to add Joe and Kevin to our Business Development team. The plan has been to put more 'feet on the street', finding opportunities, closing agreements and building revenues, and we are looking forward to the immediate contribution that they will make to our operations," said Mike Kiley, Executive Vice President and Chief Technology Officer.
Added Dr. D. J. Freed, CTT's President and Chief Executive Officer, "The addition of these two highly qualified people is an integral part of our new strategic plan. We knew when we prepared the plan that we had to invest more resources today to build up our professional business development and marketing capabilities to produce recurring revenues in the future. We believe that Joe and Kevin will help us accomplish that objective."
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 "may," "will," "should," "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 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 for the year ended July 31, 2005, filed with the Securities and Exchange Commission ("SEC") on October 13, 2005, 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.