The following items were posted on the Yahoo Finance Shareholder Message
Board by a member of The Committee to Restore Stockholder Value on the dates
indicated:
Posted January 11, 2007
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Because Yahoo will not post this release on the main CTT information page, I am
posting it on this Board
Committee to Restore Stockholder Value to Competitive Technologies Reviews John
Nano's Success
Thursday January 11, 9:00 am ET
AUGUSTA, Ga., Jan. 11, 2007 (PRIME NEWSWIRE) -- The Committee to Restore
Stockholder Value to Competitive Technologies, Inc. (AMEX:CTT - News) 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
http://www.proxyvote.com; a phone vote can be placed at 1-800-454-8683.
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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 have 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,
http://www.sec.gov, under company filings. Any questions can be addressed by
contacting the Committee.
Contact:
The Committee to Restore Stockholder Value
John Derek Elwin III
(561) 789-6449
restorevalue@yahoo.com
Posted January 11, 2007
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Some stockholders who own CTT stock in the name of their broker or other nominee
have informed members of the Committee to Restore Stockholder Value that they
have not received their blue proxy package in the mail as of yesterday.
If any of this type of stockholder wish to vote for the Nano Group with the blue
proxy, you can contact the Committee at restorevalue@yahoo.com and the Committee
will walk you through the procedure to obtain your Control Number and Cusip
number through your broker to enable you to vote for the New Director slate via
the internet or by calling an 800 number. If you wish to talk to a real live
person, call John Derek Elwin at 561-789-6449.
Because of time constraints (Monday, January 15 is a Post Office holiday) , we
urge ALL blue proxy voters to vote electronically or by 800 number if you wish
new direction at CTT.
Posted January 9, 2007
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A number of shareholders have come forward and plan to file a triple damage
class action RICO (Racketeer Influenced and Corrupt Organizations Act of 1970)
suit against members of the current Board along with individuals and firms
acting in concert with the Board. There are NO plans to sue the Company, since
the described illegalities were the actions of individuals acting together to
enrich themselves. RICO allows for triple damages and with the stock decline
from the teens to roughly $2.50, the damages to be claimed to stockholders could
exceed a quarter of a billion dollars.
Any stockholders who have questions or have an interest in an action against
these parties, can Email the Committee to Restore Stockholder Value at
restorevalue@yahoo.com and the Committee will provide the evidence backing the
planned action.
Posted January 9, 2007
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The deceptions, innuendos, and outright lies by Carver and the boys (the BLACK
HAT guys with the white proxy) have reached new levels of desperation and
incompetence. They insinuate that John Nano (the WHITE HAT guy with the blue
proxy) lied about his presidency of Articulated Technologies during 2006 when
Carver got a negative response from the operator at that Company. If they had
bothered to do a little more investigation and work (God forbid), they would
have found out that John stepped down as President of Articulated last month to
pursue the CTT proxy contest full time, while still retaining consulting ties
and continuing as a member of that Board at the Chairman's request
They also characterize Richard D. Hornidge Jr. as a gadfly type tennis player.
Richard, after running a major program at Raytheon, sold out his succesful
recruitment firm to pursue his hobbies (tennis and sailing), while actively
overseeing his investment portfolio which included 62,000 shares of CTT stock on
the proxy record date.
Lastly, it should be noted that the Nano Group have purchased on the open market
more CTT stock than all the current CTT directors in total. I'm sure we haven't
seen the last of the current Board's deliberate lies, and a continuation of
their pathetic and desparate actions as they go kicking and screaming into the
night.
Posted January 7, 2007
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You can tell that Carver graduated from the Richard Nixon University of Dirty
Tricks. The white proxy sent out by CTT is included with a cover letter on blue
paper!!! Just why do you think they wrote it on blue paper? Did they get a
special discount at Office Max? Is blue the standard color of their corporate
stationary? Is blue Carver's lucky color? Did "Navy Boy" Kiley pick it out for
him?
Let's face it. CTT hopes to confuse shareholders to get them to sign the white
proxy card thinking their voting for the Nano Group. I'm sure their initial
direct conversations with shareholders were all negative so they went to their
bag of dirty tricks, the way that most lowlife politicians operate.
Really, you have to laugh when you think about it. Maybe next they will send out
white proxies with blue backing. These desperate actions will not stop the Nano
Group from accomplishing their objective, but will only make them work harder.
It will also increase the level of damages the present boardmembers will be
responsible for when the Nano Group takes over.
So, don't be fooled by blue letters, two letters with Carver's white proxy cards
with one of the letters blue, phone calls imitating Nano's voice telling you to
sign the white proxy, or any kind of subterfuge dreamed up by the practicioners
of deception. If you are tired of being hosed, just make sure you return the
Nano blue proxy or Email or fax the last page of the Nano material. A complete
Adobe Acrobat file of the Nano proxy can be Emailed to you by requesting it from
restorevalue@yahoo.com.
Posted January 6, 2007
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You can receive by Email a pdf copy of the complete Nano Group proxy material by
requesting it from restorevalue @yahoo.com. After you read the material, if you
wish, you can print out the last page (page 19 of the pdf file, page 17 of the
actual proxy brochure)), fill it out and sign it, and send it to:
Committee to Restore Stockholder Value
c/o Cutler Law Group
3206 West Wimbledon Drive
Augusta, GA 30909
or fax the signed copy to 706-738-1966 or scan the signed copy and Email to
rcutler@cutlerlaw. com. Anyone wishing to communicate with John Nano can reach
him at johnnano @optonline.net or if you note your telephone number on the
Email, he would be pleased to call you and answer your questions
Please note how many shares you are voting that you beneficially owned as of the
Record Date, November 20, 2006.