Competitive Technologies Grants License for Use of Specialty Chemicals to Pure Energy
FAIRFIELD, Conn., Feb. 26 -- (PRNewswire-FirstCall) -- Competitive Technologies, Inc. (Amex: CTT) announced today that it has signed an agreement with Pure Energy Corporation (PEC) enabling them to incorporate CTT-licensed specialty chemical compounds into PEC products. The compounds, licensed exclusively to CTT for commercialization, are a cold-weather diesel performance treatment additive and a distillate fuel conditioner. The agreement provides for royalty fees to be paid to CTT for products sold separately and for technology incorporated into PEC products.
The diesel treatment additive increases power performance in cold weather by improving the combustion properties of the fuel, while simultaneously reducing emissions. Additionally, the treatment reduces filter clogging, disperses sludge, improves fuel economy by up to 12% and inhibits corrosion. The distillate fuel conditioner product addresses multiple tasks commonly associated with treatment of distillate fuels, e.g., No 2, 4 and 6 fuel oils. By using one single product, rather than a multitude of products for each assigned task, the distillate fuel conditioner reduces emissions, lowers the pour point, disperses and prevents sludge build-up and emulsifies water to allow safe burn-off.
"Our relationship with CTT allows PEC to aggressively source complementary technologies to meet global clean air requirements," comments Irshad Ahmed, PEC's President and CEO. "We are actively pursuing marketing and sales opportunities for these new diesel performance additives in India, as well as other emerging markets. PEC's alliance with the Indian Oil Corporation will hopefully facilitate the performance additive sales. Global fuel quality and environmental regulations are dynamic issues and our ongoing R&D program enables us to offer PEC's customers solutions with leading edge technologies."
Separately, CTT has an agreement with PEC, signed in November 2003, to service and represent PEC patented technologies and products in major Asian markets and Russia. "Our experience curve with PEC's technologies is enabling CTT to gain a solid position in these desirable markets," states S.B. Oh, CTT's Vice President Business Development for Asia. "By providing PEC with technologies that fit with their technology portfolio, we also help our customers in other parts of the world."
John B. Nano, CTT's President and CEO said, "Our dual association with PEC, as both our customer and client, clearly illustrates the leverage and power of CTT's business strategy. We are commercializing PEC products, and at the same time providing technologies to PEC for product improvement. CTT continues to fulfill customer needs from our portfolio of innovative technologies, building a recurring revenue stream and strengthening shareholder value."
About Pure Energy Corporation
A leader in engineered alternative fuel formulations, PEC is credited for incorporating renewable fuel components, such as ethanol, into conventional fossil fuels, to create gasoline and diesel-based fuel blends that work in both spark ignited and compression- ignition engines used in passenger cars, buses and trucks. One of the company's fuel formulations has successfully received designation from the U.S. Department of Energy (DOE) as an "Alternative Fuel" under the U.S. Energy Policy Act of 1992. PEC's patented Puranol(TM) and polymeric fuel additive systems are at the core of several of the company's breakthrough alternative fuels. In 2003, PEC completed a half-million dollar project funded by the DOE to further refine and commercialize its alternative fuel products, and to conduct "Tier 1" emissions and health effects testing for E-Diesel as per the requirements of the U.S. EPA. PEC's website is http://www.pure-energy.com.
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, digital, nano, and physical sciences developed by universities, companies and inventors. The global market for technology transfer services is estimated at $150 billion annually. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: http://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, including those set forth in Item 1 of the Company's most recent Form 10-K and in CTT's other 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 inquiries to:
Johnnie D. Johnson, Strategic IR, Inc.
Tel. (212) 754-6565; Fax (212) 754-4333