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
January
30, 2007 (January 24, 2007)
Date
of
Report (Date of earliest event reported)
COMPETITIVE
TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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1-8696
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36-2664428
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(State
or other jurisdiction
of
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(Commission
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(I.R.S.
Employer
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incorporation)
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File
Number )
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Identification
No.)
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777
Commerce Drive, Suite 100, Fairfield, Connecticut 06825
(Address
of principal executive offices) (Zip Code)
(203)
368-6044
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
□
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01. Entry
into a Material Definitive Agreement.
On
January 26, 2007, Competitive Technologies, Inc. (the “Company”), John Nano
(“Nano”), and Commerce Bank, N.A. (the “Escrow Agent”), entered into an escrow
agreement (the “Agreement”). Pursuant to the terms of the Agreement, the Company
delivered $2,500,000 to the Escrow Agent be held in escrow until such time
as
the parties and their respective counsel agree, or upon receipt of a final,
non-appealable order from the court in the litigation between Nano and the
Company. Interest on the escrowed funds shall accrue to the Company. A copy
of
the Agreement is attached as Exhibit 10.1.
Item
8.01. Other
Events.
On
January 24, 2007, the Company announced that it had reached an agreement with
John B. Nano relating to a prejudgment remedy hearing scheduled to proceed
on
the same day before Federal Court Magistrate Judge Thomas P. Smith. Pursuant
to
the agreement, which the court ordered, the hearing was cancelled and the
Company agreed to post a bond from a reputable insurance company in the amount
of $2.5 million by the close of business on January 26, 2007, to serve as
security. In addition, the court agreed to assist the parties in expedited
settlement discussions. A copy of the press release is attached as Exhibit
99.1.
Due
to
time constraints, the Company was unable to secure a bond by the specified
date,
and the parties agreed that the Company would place the funds into an escrow
account in a bank.
Item
9.01. Financial
Statements and Exhibits
(c) Exhibits
| Exhibit
No. |
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Description |
| Exhibit
10.1 |
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Escrow
Agreement entered into as of the 26th day of January, 2007, by and
between
Competitive Technologies, Inc., John Nano, and Commerce Bank,
N.A.
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| Exhibit
99.1 |
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Press
release dated January 24, 2007.
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SIGNATURES
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.
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COMPETITIVE
TECHNOLOGIES, INC. |
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| Date: January
30, 2007 |
By: |
/s/ Michael
D. Davidson |
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Name: |
Michael
D. Davidson |
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Title: |
Senior
Vice President and
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EXHIBIT
INDEX
| Exhibit
No. |
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Description |
| Exhibit
10.1^ |
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Escrow
Agreement entered into as of the 26th day of January, 2007, by
and between
Competitive Technologies, Inc., John Nano, and Commerce Bank,
N.A.
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| Exhibit
99.1+ |
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Press
release dated January 24,
2007.
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^
Filed
herewith
+
Furnished herewith