UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 30, 2003
COMPETITIVE TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-8696 36-2664428
(State or other (Commission File (IRS Employer
jurisdiction Number) Identification No.)
of incorporation)
1960 Bronson Road, Fairfield, Connecticut 06824
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 255-6044
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 2 and Item 5. Acquisition or Disposition of Assets and
Other Events and Regulation FD Disclosure.
Effective October 30, 2003, Competitive Technologies, Inc.
(CTT) sold to LawFinance Group, Inc. (LFG) a second portion of
its expected $6,000,000 patent infringement judgment against
American Cyanamid Company (Defendant) in the MaternaTM lawsuit.
On October 31, 2003, CTT received $900,000 cash in exchange for
the Assigned Portion (plus court awarded interest from October
31, 2003) of CTT's share of the potential award.
CTT will include this $900,000 in revenue in its first
quarter of fiscal 2004.
In management's opinion, it is most likely that the Assigned
Portion will be $1,125,000, in which case the remaining anticipated
proceeds from this expected award would be $3,585,000 in addition
to the $1,500,000 already received.
According to the Side Letter Addendum (see Exhibit 10.1),
the Assigned Portion will be:
a) $1,125,000 if, in the current Appeal, Defendant does not
file a petition for certiorari with the United States Supreme
Court (Supreme Court) or the Supreme Court denies Defendant's
petition for certiorari during the current 2003-2004 Term and LFG
receives full payment within 7 days of CTT's receiving payment
from Defendant, or
b) $2,160,000 if, in the current Appeal, Defendant files a
petition for certiorari with the Supreme Court and the Supreme
Court grants Defendant's petition and LFG receives full payment
within 7 days of CTT's receiving payment from Defendant, or
c) $1,400,000 in any circumstance that does not meet the
conditions of a) or b).
CTT retains the remaining anticipated a) $3,585,000, b)
$2,550,000, or c) $3,310,000 proceeds from this expected award in
addition to the $1,500,000 already received. (On May 19, 2003,
CTT received $600,000 cash in exchange for $1,290,000 (plus court
awarded interest from May 19, 2003) of CTT's share of the
potential award.)
CTT has no financial obligation to repay LawFinance or to
return any portion of the total $1,500,000 received from LawFinance.
If CTT's share of the potential award is less than the total amount
sold to LawFinance, the entire amount would be paid to LawFinance
and LawFinance would be deemed paid in full. CTT granted LawFinance
a security interest in CTT's share of the potential award.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. Page
10.1 Side Letter Addendum to Agreement closed
on October 31, 2003 between registrant and
LawFinance Group, Inc. 4-6
10.2 Agreement closed on October 31, 2003
between registrant and LawFinance Group,
Inc. 7-25
99.1 Registrant's press release dated
November 3, 2003 26-27
Signature
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
COMPETITIVE TECHNOLOGIES, INC.
Registrant
Date: November 10, 2003 /s/John B. Nano
By: John B. Nano
President and
Chief Executive Officer