Jul 13 2007
Competitive Technologies, Inc. announced today that CTT, its client, the University of Illinois, and all Fujitsu defendants have reached a settlement in the long-standing patent infringement suit regarding US Patent Nos. 4,866,349 and 5,081,400 covering plasma display panels (PDPs) and related circuitry.
As part of the settlement, CTT will pay Fujitsu a minor portion of the approximately $233,000 costs awarded to Fujitsu by the courts in 2006. The parties will dismiss with prejudice all claims and counterclaims in the suit. As noted in CTT's Form 10-K for the fiscal year 2006, filed in October 2006, Fujitsu was seeking counterclaim damages estimated to be in excess of $5 million. CTT's settlement will eliminate any need for contingent payment to CTT's prior counsel in the International Trade Commission and District Court actions against Fujitsu.
"We came to an agreement with both our client, the University, and with Fujitsu, that all interests were best served by settling and thus terminating and concluding this long-running litigation," said John B. Nano, CTT's Chairman, President and CEO. "Our overall interests are upheld by considering the long-term benefit to our client, the University, and to CTT and our shareholders."
Mr. Nano continued, "CTT looks forward to moving on from this point. We have a strong, viable portfolio of technologies. CTT is actively marketing our nutraceutical ingredients technology, molecular memory devices, HB LED technology, bone biomaterial, cholesterol trapping/regeneration technology, and Lupus diagnostic and monitoring technology to drive revenue growth, improve profitability and create shareholder value."