CTT - Sony News Out as Joe called it. This stock should have a good ride!
(COMTEX) B: COMPETITIVE TECHNOLOGIES, INC. ANNOUNCES SONY CORPORATION
B: COMPETITIVE TECHNOLOGIES, INC. ANNOUNCES SONY CORPORATION
Of America Investment in NTRU Cryptosystems, Inc.
* Collaboration Also Calls for Non-Exclusive Licensing Agreement With
Sony *
- New Technology Ensures Highest Possible 'Disposable Key' Digital and
Internet Security -
- Taps Global E-Commerce and Internet Security Market Projected to Hit
$7 Billion -
- Opens New Markets by Addressing Memory and Speed Issues -
FAIRFIELD, Conn., Dec. 7 /PRNewswire/ -- Competitive Technologies,
Inc. (Amex: CTT), a global leader in the licensing and
commercialization of new technologies, announced today that Sony
Corporation of America has invested in its client, NTRU Cryptosystems,
Inc. (NTRU) of Providence, RI. Sony America is a wholly owned
subsidiary of the Japanese electronics and entertainment company Sony
Corporation (ADR NYSE: SNE). The new collaboration also calls for a
non-exclusive licensing agreement with Sony Corporation of NTRU's new
encryption and authentication technology, the terms of which were not
disclosed. As part of its specialized services, CTT helped transform
the original NTRU encryption and authentication concept from scientific
white paper to market-ready technology, and then orchestrated the
investment and licensing arrangement.
Encryption and authentication software enables digital transactions of
all kinds to be more secure, and is developing into a crucial, 21st
century market. As more and more commerce, communication and sensitive
information flows across digital networks throughout the world,
security is becoming increasingly critical. According to a recent study
by Data Monitor, the worldwide Internet security market alone will hit
$7 billion by the year 2001.
"We're pleased to be associated with NTRU," said Mr. Hiro Uchida,
Sony's General Manager of Technology Planning, "and value their work in
the area of encryption and authentication techniques. With the rapid
emergence of the digital era, Sony considers NTRU's encryption
technology as one of various technologies that will play a key role in
the future."
NTRU's encryption software is based on a unique and highly
sophisticated mathematical system that simplifies and speeds the
creation of encryption "keys" which are necessary for all types of
secure digital transactions. Because NTRU's mathematics significantly
reduces the memory requirements that current encryption systems use, it
can generate new, "disposable" keys in real-time for each and every
secure transaction. This not only further increases security, but also
means that the NTRU approach can be applied to increasingly popular
Internet telephony, video and audio streaming techniques. These
opportunities in turn open entirely new encryption and authentication
markets.
"We are extremely excited about this agreement," said Competitive
Technologies' President Frank McPike. "This is a unique and powerful
technology that can change the landscape of digital security. In a
world where more and more sensitive information changes hands
digitally, any product that can protect the integrity and security of
that information is going to be crucial. Especially when it does it as
well as NTRU does."
The NTRU approach delivers significant advantages for Internet
applications and electronic devices that use "real-time" technology
like Internet telephony, and video and audio streaming. Mobile phones,
smart cards and personal digital assistants (PDAs), devices that use
"embedded" chip sets also benefit from NTRU. Neither Internet
streaming techniques nor mobile electronic devices have the bandwidth
to use current, memory intensive encryption techniques. NTRU's
encryption approach, on the other hand, makes it much easier to quickly
bring excellent security to these systems, many of which couldn't
support encryption and authentication at all prior to this.
Dr. Jeffrey Hoffstein, President of NTRU, added, "Early in our
corporate history we recognized the need for a business partner so we
formed a strategic partnership with CTT in 1997. We needed someone who
could exclusively manage all of our commercialization and licensing
issues. CTT brought a broad range of business, management, incubation,
marketing and legal expertise to NTRU. And, of course, they have
delivered the global network of relationships that is enabling us to go
to the next level."
CTT worked closely with NTRU Cryptosystems to transform its highly
complex paper concept into proven and usable technology. "When we
first looked at the original NTRU concept, we could immediately see its
potential," says CTT Senior Vice-President Dr. Peter Holden. "But
simply understanding the math wasn't enough. We also had to help NTRU
transform what was then an abstract concept into a viable technology
with excellent commercial prospects." CTT invested in patenting the
NTRU process, clarified its potential in the market and then worked to
bring it to the attention of Sony which ultimately culminated in the
investment and non-exclusive licensing deal. Holden adds further "We
view the Sony investment as the first step in CTT establishing a
broader relationship with NTRU. In addition, we continue to work
closely with Dr. Hoffstein and NTRU to establish additional strategic
tools and application partnerships to help bring the NTRU encryption
technology to market."
Competitive Technologies, Inc. is based in Fairfield, Connecticut, with
affiliates in Osaka, Japan and London, England. The company is in the
technology transfer business concentrating primarily on the
commercialization and licensing of company and university research and
technology. CTT has evaluated more than 25,000 technologies and has
been responsible for closing hundreds of license agreements. For any
additional information on CTT's digital technology practice, please
contact Senior Vice President Dr. Peter Holden by phone at 203-255-6044
or fax at 203-254-1102.
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 related to the market acceptance of and competition for
the Company's licensed technologies and other risks and uncertainties
inherent in CTT's business, including those set forth in Item I of the
Company's Form 10-K for the year ended July 31, 1998 and other factors
that may be described in CTT's 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.
NTRU Cryptosystems is a start-up company located in Providence,
Rhode Island. For more information on the company and its technologies
please visit its website at www.ntru.com.
SOURCE Competitive Technologies, Inc.
-0- 12/07/98 /CONTACT: Jennifer Helfer of
Ketchum Public Relations, 412-456-3525, for Competitive Technologies,
or John W. Fitzpatrick of Competitive Technologies, 203-255-6044/
/Web site: ntru.com (CTT SNE)
CO: Competitive Technologies, Inc.; Sony Corporation; NTRU
Cryptosystems,
Inc.; Sony Corporation of America ST: Connecticut, Rhode Island IN:
CPR SU: LIC
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