Competitive Technologies to Offer Licenses for Pure Energy's Fuel Additive Products
FAIRFIELD, Conn., Nov. 24 -- (PRNewswire-FirstCall) -- Competitive Technologies, Inc. (Amex: CTT - News) announced today that it has signed an exclusive agreement with Pure Energy Corporation (PEC) to license and commercialize their patented technologies and products dedicated to building a clean and sustainable energy supply. CTT has obtained the exclusive rights to market PEC's technology in Russia, and the major Asian markets of China, Japan, Korea, Taiwan and Thailand. Privately held, Paramus, NJ-based PEC is the premier provider of fuel additives, marketed under the Puranol(TM) label, that utilize and enhance the benefits found in ethanol-containing fuels. PEC's patented Biorefinery System is the leading technology enabling low-cost production of ethanol from renewable biomass sources. CTT will also have licensing and commercialization rights for PEC's newly developed high performance fuel additive technology for non-ethanol diesel and gasoline fuels.
"In light of upcoming U.S. Environmental Protection Agency and Euro IV regulations that will require stricter emissions standards, we believe that there is a significant market opportunity worldwide for cleaner burning, high-performance alternative fuels and performance additives," said Irshad Ahmed, Pure Energy's President & CEO.
"PEC's technology complements CTT's ongoing commercialization projects in Asia," said S.B. Oh, who is responsible for CTT's International Business Development. "Most Asian countries are heavily dependent on diesel fuel for transportation vehicles, resulting in a serious air pollution problem. PEC's patented E-Diesel technology is the only proven fuel additive to mix ethanol with diesel, a process called splash blending, providing the lowest cost solution to dramatically reduce diesel-generated air pollution. The Chinese government expects to spend $12 billion to clean up air pollution in preparation for the 2008 Olympic games. This world-class technology should provide a window of opportunity for CTT."
"We are pleased to have Pure Energy's products join our portfolio of technology solutions. PEC is satisfying important energy needs with environmentally friendly methods," said John B. Nano, CTT's President and CEO. "It is our strategy to bring technology solutions to the market, building a recurring revenue stream to increase shareholder value."
Mr. Nano continued, "With our new team's expertise in innovative technologies, and broad business experience in successfully licensing technologies in the global market, we are actively marketing and commercializing recently acquired technologies including bone biomaterial, wound sealant, language-mastering software, silicon carbide wafer testing, pollution abatement, insulated concrete forms and automotive safety sensors."
About Pure Energy Corporation
Pure Energy Corporation, a leader in engineered alternative fuel formulations 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 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, which have been demonstrated in over one million miles with industry partners such as Archer Daniels Midland Company, the Chicago Transit Authority, various engine OEMs, the State of Illinois, the DOE, Southwest Research Institute, and others. 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