UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )
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14A-6(E)(2))
[ ] Definitive Proxy Statement
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[X ] Soliciting Material Pursuant to 240.14a-12
COMPETITIVE TECHNOLOGIES, INC.
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
THE COMMITTEE TO RESTORE STOCKHOLDER VALUE
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)
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PRESS RELEASE RELEASED BY THE COMMITTEE TO RESTORE STOCKHOLDER VALUE
Competitive Technologies, Inc.
Dec 4, 2006, -- The Committee to Restore Stockholder Value (Committee)
announced the filing with the Securities Exchange Commission (SEC) of a Letter
to Stockholders advising them that the Committee intends to file proxy materials
and subsequently commence a proxy solicitation to replace the current Board of
Directors of Competitive Technologies, Inc. (AMEX: CTT) based in Fairfield, CT.
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The Committee states that it is firmly committed to restoring CTT''s
profitability and shareholder value, to the replacement of the Board of
Directors, and to a return of a successful management team.
The filing includes an Urgent Message letter from the Committee, requesting that
current stockholders not send in proxies to management of CTT, as well as
information about the upcoming proxy solicitation. The letter advises that it
is NOT a proxy solicitation and that stockholders are requested to not send in
proxies at this time. The Message is signed by John B. Nano, CTT's former
President and CEO, a member of the Committee and a Committee nominee for
Director of CTT. He served as President and CEO of CTT from 2002 to 2005.
The Committee states that they are asking stockholders to refrain from voting
any proxy sent by the current CTT management until they have the opportunity to
consider the Committee's material. The Committee is not yet soliciting current
stockholder's proxies, but does ask them to use the coupon attached to the
Message to share their views and concerns about CTT.
The letter to stockholders discusses the out-of-control current situation,
reflected by current mounting losses, conflicts dividing management and a
plummeting stock price. In the Committee's opinion, Competitive Technologies'
viability as a public company is being seriously threatened under current
management, and during the tenure of, and because of actions by the current
Board and management, 80% of CTT's stock market value has been destroyed. The
Message points out that during Mr. Nano's tenure:
* Earnings rose $9.7 million over the three-year period
* The management team under Mr. Nano achieved three consecutive years' of
significant profit improvements, reaching $5.7 million in fiscal 2005
* Record revenue and profit growth resulted in CTT being the fourteenth largest
percentage gaining stock in 2004 as reported by The Wall Street Journal with an
increase share price of 345%
* The success of Mr. Nano's management team was reflected in CTT stock prices of
over $10 per share
After filing and clearance with the SEC, the Committee intends to mail to
stockholders material soliciting their proxy to elect a slate of directors in
opposition to the slate proposed by the existing management group. The
Committee's proxy will describe what they believe are the failures of the
current management. It will also describe the extensive qualification of their
slate of candidates, whom they believe will return to CTT substantial experience
in CTT's business, a successful track record in managing growth, and serious
management expertise through a legacy team. The Committee states that they are
urgently asking for support of stockholders, advisors or brokers to restore CTT
to profitability, to drive growth and to increase shareholder value.
More information on the filing and a complete copy of the letter and the coupon
for shareholder response is available at the SEC website, http://www.sec.gov
under CTT company filings.
CONTACT: The Committee to Restore Stockholder Value - John Derek Elwin III (561)
789-6449