Company Honored for Its Environmentally-Benign, Single-Layer Barrier Encapsulation Technology for Use in the Manufacture of Durable Flexible OLEDs
EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (NASDAQ: PANL), an innovator behind
today’s and tomorrow’s displays and lighting through its
state-of-the-art OLED technologies, today announced that the company has
been awarded a 2008 U.S. Army Small Business Innovation Research (SBIR)
Achievement Award. The award recognizes the Company for its work in
developing a novel, environmentally-friendly, single-layer barrier
encapsulation technology, especially important for flexible OLEDs.
“It’s an honor for everyone at Universal Display to be recognized with
this competitive award from the U.S. Army”
Universal Display’s new single-layer barrier technology relies on the
use of non-toxic materials for formation of the protective barrier film.
The technology, originally conceived by researchers at Princeton
University, was successfully transferred to Universal Display to enable
the encapsulation of full-color, flexible OLED display prototypes for
delivery to the U.S. Army. This work also complements flexible display
development ongoing at the U.S. Army’s Flexible Display Center at
Arizona State University, of which Universal Display is a founding
member.
This single-layer approach has the potential to impart greater
flexibility, longer lifetime and lower costs compared to other
approaches under development. Encapsulation is considered to be a
critical component for light weight, low power, flexible OLED displays.
It may also offer similar benefits for OLED lighting, photovoltaics and
thin-film batteries, among other applications.
“It’s an honor for everyone at Universal Display to be recognized with
this competitive award from the U.S. Army,” stated Steven V. Abramson,
President and Chief Executive Officer of Universal Display Corporation.
“I am proud of the strong team effort demonstrated by our researchers at
Universal Display and our colleagues at Princeton University, as well as
the support that the U.S. Army has provided in this area. This
innovation has the potential to significantly improve the performance
and cost of flexible OLED displays for military and consumer
applications as well other thin-film technologies including OLED
lighting, solar cells and thin-film batteries.”
The award will be presented to Universal Display’s team during an awards
ceremony at the Pentagon in Washington D.C. on Friday, December 19th.
The U.S. Army SBIR Achievement Award process is extremely competitive.
This year, 755 Phase II projects were eligible, 41 nominations were
forwarded to the Achievement Awards Selection Committee, and Universal
Display was one of 10 awardees. Award winners are selected based on
originality and innovation of research; relevance of the research to the
Army mission; immediate commercialization potential of the research,
reflecting the primary goal of bringing technology and products to the
marketplace; and overall quality performance of the project.
Universal Display is currently developing flexible OLED technology with
the U.S. Department of Defense and commercial partners. Flexible
displays are important for enabling novel, compact and light weight
information and communications systems for soldiers’ use in the field.
Flexible OLED displays may also create a variety of new products for
industrial, consumer and medical applications such as automotive uses,
cell phones and personal electronic devices.
Display Bank, a leading Korean display analyst firm, has projected that
the worldwide market for flexible displays is going to grow from $280
million in 2010 to $12.2 billion in 2017. The OLED lighting market is
also projected to reach almost $4.5 billion by 2013 according to
NanoMarkets. Also, the markets for thin-film batteries are anticipated
to reach $11 billion by 2012 according to Wintergreen Research, Inc.
To see how Universal Display Corporation is changing the face of the
display please visit the Company at www.universaldisplay.com.
About Universal Display Corporation
Universal Display Corporation is a world leader in developing and
commercializing innovative OLED technologies and materials for use in
flat panel displays, solid-state lighting products, electronic
communications and other opto-electronic devices. Universal Display is
working with a network of world-class organizations, including Princeton
University, the University of Southern California, the University of
Michigan, and PPG Industries, Inc. Universal Display has also
established numerous commercial relationships with companies such as Chi
Mei EL Corporation, DuPont Displays, Inc., Konica Minolta Technology
Center, Inc., LG Display Co., Ltd., Samsung SDI Co., Seiko Epson
Corporation, Sony Corporation, Tohoku Pioneer Corporation and Toyota
Industries Corporation. Universal Display currently owns or has
exclusive, co-exclusive or sole license rights with respect to more than
850 issued and pending patents worldwide.
Universal Display is located in the Princeton Crossroads Corporate
Center in Ewing, New Jersey. Universal Display’s state-of-the-art
facility is designed to further technology and materials development,
technology transfer to manufacturing partners and work with customers to
develop OLED products that meet their needs. Visit Universal Display on
the Web at www.universaldisplay.com.
All statements in this document that are not historical, such as
those relating to Universal Display Corporation’s technologies and
potential applications of those technologies, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You are cautioned not to place undue reliance on any
forward-looking statements in this document, as they reflect Universal
Display Corporation’s current views with respect to future events and
are subject to risks and uncertainties that could cause actual results
to differ materially from those contemplated. These risks and
uncertainties are discussed in greater detail in Universal Display
Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the
Securities and Exchange Commission, including, in particular, the
section entitled “Risk Factors” in Universal Display Corporation’s
annual report on Form 10-K for the year ended December 31, 2007.
Universal Display Corporation disclaims any obligation to update any
forward-looking statement contained in this document.
Contacts
For:
Universal Display Corporation
Dean Ledger,
800-599-4426
or
From:
Gregory FCA Communications
Investor
contact:
Paul Johnson, 610-228-2113
paul@gregoryfca.com
or
Media
contact:
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