Company Highlights the Past Year’s Achievements, Its Outlook on the
Future, and a Showcase of Commercial OLED Products and Prototypes That
Use Its Proprietary Technologies and Materials
EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (NASDAQ:PANL), a key innovator behind
today and tomorrow’s displays and lighting through its UniversalPHOLED™
technology, today held its 2009 Annual Meeting of Shareholders at the
Crowne Plaza - Philadelphia Main Line located at 4100 Presidential
Blvd., Philadelphia, PA.
“Flexible OLEDs, with their novel form
factor, can go where no other technology has gone before.”
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Universal Display’s President and Chief Executive Officer, Steven V.
Abramson, reviewed the company’s key accomplishments over the past year
during the meeting. He also discussed the company’s growth potential as
OLEDs increasingly penetrate the flat panel display market and are
poised to enter the white lighting market.
“Over the past year, the company has taken a number of steps to
strengthen its position and ensure its preparedness for sustainable
growth as our markets grow and the economy begins to rebound. We have a
number of very strong commercial partnerships, and the governmental
support we have received has further enhanced our position in the OLED
industry,” Mr. Abramson stated.
“UniversalPHOLED and our other OLED technologies provide key energy
savings and other desirable performance features that help enable the
growth of OLEDs in flat panel displays and white lighting products.
Markets for these products, each over $100 billion per year, can provide
significant growth potential for Universal Display in the next few
years,” continued Mr. Abramson. “Flexible OLEDs, with their novel form
factor, can go where no other technology has gone before.”
Reporting on the performance of the company’s red, green and blue PHOLED
material systems, Mr. Abramson highlighted that this is the year for
green. With the advances made in green PHOLED performance, Mr. Abramson
indicated that green PHOLEDs are positioned for commercial adoption by
OLED manufacturers.
“Our UniversalPHOLED technology and materials are increasingly becoming
the standard for energy efficiency. In addition to reducing power
consumption, PHOLEDs are environmentally friendly and offer a key
‘green’ solution for displays and lighting applications,” Mr. Abramson
stated.
Through a multi-year collaboration with Seiko Epson, the company has
been developing UniversalP2OLED™ printable, phosphorescent
OLED technology and materials for direct printing by using ink-jet
printing. At the meeting, Mr. Abramson highlighted the company’s
significant advances in the performance of its red and green P2OLEDs
fabricated using ink-jet printing. These included a red P2OLED
with CIE (0.67, 0.33), an efficiency of 10 candela per ampere (cd/A) and
an operating lifetime of 20,000 hours, to 50% of initial luminance of
1,000 nits, and a green P2OLED with CIE (0.33, 0.62), an
efficiency of 34 cd/A and an operating lifetime of 25,000 hours. While
most solution-processed OLED data reported to date has been obtained
through the use of spin coating techniques, achieving comparable
performance using ink-jet printing has been a significant challenge. The
advances demonstrated here with ink-jet printing are an important
milestone toward commercialization.
Mr. Abramson also took time to highlight a number of OLED-based products
using Universal Display’s technologies and materials that are in the
market today. He showcased several novel display and lighting prototypes
developed by the company and its partners. These included a wrist-worn
flexible OLED display device built in collaboration with LG Display and
L-3 Communications Display Systems, and an artistic FOLED bracelet
recently displayed at the Wexler Gallery in Philadelphia. The company,
in collaboration with Armstrong World Industries, also showcased a
prototype white OLED lighting system designed to be integrated into
Armstrong’s TechZone Ceiling System.
Mr. Abramson concluded, “Small-area OLED displays are proliferating in a
variety of applications, and manufacturers are now pointing to the
introduction of larger-sized OLED TV’s in the near future. With the
recent advances in our white PHOLED technology, the market potential for
OLEDs in lighting products is also accelerating. Universal Display has
positioned itself and its state-of-the-art technologies and materials to
meet this growing demand and enhance shareholder value.”
During the meeting, shareholders voted on and approved three matters
described in the company’s most recent Proxy Statement. These involved
the re-election of seven members to the company’s Board of Directors for
additional one-year terms, the approval of an Employee Stock Purchase
Plan, and the approval of KPMG LLP as the company’s independent
registered public accounting firm for 2009.
The annual meeting presentation was simultaneously broadcast over the
Internet through a webcast on the company’s website. For an archive of
the presentation or to download a PDF copy of the presentation, please
visit the “events” portion of Universal Display’s web site at www.universaldisplay.com.
An archive of the presentation will be available until Thursday, July 9,
2009.
To see how Universal Display Corporation is changing the face of the
display and lighting industries, please visit the company at http://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 Mobile Display Co, Ltd.,
Seiko Epson Corporation, Sony Corporation, Tohoku Pioneer Corporation
and Toyota Industries Corporation. Universal Display currently owns or
has exclusive or sole license rights with respect to more than 960
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.
Forward-Looking Statements: 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, 2008, as amended. Universal Display Corporation
disclaims any obligation to update any forward-looking statement
contained in this document.
Contacts
Universal Display Corporation
Dean Ledger, 800-599-4426
or
Gregory
FCA Communications
Investor contact:
Paul Johnson,
610-642-8253 x115
paul@gregoryfca.com
or
Media
contact:
Matt McLoughlin, 610-642-8253 x129
matt@gregoryfca.com