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Competitive Tech: Acquires Equity Position/Board Seat in NTRU
For Immediate Release:
Competitive Technologies Acquires Equity Position and Board Seat in
NTRU Cryptosystems, Inc.
NTRU Receives $11 Million from Investors Greylock and Sony Corporation
Fairfield, CT (April 10, 2000) Competitive Technologies (AMEX: CTT) today
announced that it has acquired 3,161,983 shares of NTRU Cryptosystems, Inc
(www.ntru.com), approximately 10% of NTRU's equity on a fully diluted
post-funding basis, (with pre-emptive rights to maintain its equity
ownership interest up to an IPO, principally in exchange for CTT's
agreement to significantly reduce its royalty participation on NTRU's sale
of CTT licensed products). In addition, John Sabin, CTT's Chairman, will
join the NTRU board.
CTT has worked with NTRU and its founders since 1997 and acquired its
original royalty interest by providing NTRU with custom incubation
services, including patent filing support, interim business management,
technical marketing, licensing and initial capital sourcing services.
Coincident with the CTT transaction, NTRU announced that it had received an
equity investment of $11,000,000 from a team of investors led by Greylock,
a private venture capital firm (www.greylock.com) and Sony Corporation
(ADR NYSE: SNE). This will provide NTRU with the financial resources to
widely market and deploy the NTRU public key cryptography system.
"NTRU's world class mathematicians and cryptographers developed a new
generation of memory efficient high speed public key encryption solutions
which offer enhanced security features particularly suited for wireless
applications, a market that is projected to grow from $800 million in 2000
to $5.8 billion in 2004," said Frank McPike, CTT's President. "We look
forward to participating with the founders, Sony, and Greylock in the
success of this investment."
NTRU has reported that it has the world's fastest and smallest secure
public key cryptography system. The system delivers patent-pending
security solutions protecting content and communications in applications
such as wireless telephony, digital music and video distribution,
e-commerce, and imbedded applications.
NTRU has reported that William S. Kaiser, a general partner in Greylock,
will serve on NTRU's board of directors. Mr. Kaiser currently sits as a
director on the boards of Authentica, Inc., Digital Media on Demand (DMOD),
Sightpath, Mainspring Communications, Open Market Clarus, Red Hat, Student
Advantage, Wildfire Communications and WildTangent.
As reported, Greylock is a private venture capital firm founded in 1965
with committed capital of over $1 billion under management. Over the past
35 years, Greylock has provided equity capital and support to more than 300
developing companies, many of which have gone on to become leaders in their
respective industries. Of these companies, over 150 have become publicly
held with a current market capitalization in excess of $80 billion, while
another 100 have merged successfully with other companies.
Additional information may be found in NTRU Cryptosystems, Inc.'s release
that is available on their web site www.ntru.com.
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in identifying, developing and
commercializing innovative life sciences, physical sciences and digital
technologies. CTT's "ACORN" services enable the transition from concept to
corporate reality. Competitive Technologies' specialized expertise and
experience makes it a valuable partner for inventors, companies and
universities of all sizes. CTT's has been responsible for closing hundreds
of licensing agreements. CTT clients include: SONY, Lucent Technologies,
Matsushita Electric Industrial and Ribozyme Pharmaceuticals, Inc.
Competitive Technologies, Inc. is based in Fairfield, Connecticut and has
affiliates in Osaka, Japan and London, England. For more information, see
www.competitivetech.net.
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, 1999 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.
Direct CTT inquiries to:
Investor Relations or Johnnie D. Johnson
Competitive Technologies, Inc. Strategic IR
1960 Bronson Road 800 Third Avenue
P.O. Box 340 Suite 3700
Fairfield, CT 06430 New York, NY 10022
Tel. (203) 255-6044 Tel. (212) 754-6565
Fax (203) 254-1102 Fax (212) 754-4333
E-mail: ctt@competitivetech.net E-mail: jdjohnson@strategic-ir.com
Web site: http://www.competitivetech.net
For information on NTRU, contact:
Cheryl Delgreco
Media Strategies
617-723-4004
617-227-2604 (fax)
delgreco@shore.net
End.