Company continues its 15-year relationship with award-winning PHOLED pioneers, Professor Forrest of the University of Michigan, and Professor Thompson of the University of Southern California

EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (NASDAQ:PANL), an innovator behind today’s and tomorrow’s displays and lighting through its Universal PHOLED™ phosphorescent OLED technology, announced today that it has signed an agreement extending its sponsored research program with the University of Southern California and the University of Michigan. Under terms of the extension, Universal Display will provide up to approximately $7.5 million for the next four years to support research in the growing field of organic electronics under the direction of Professors Stephen R. Forrest and Mark E. Thompson at their respective institutions. The company has funded over $8.8 million in sponsored research at these institutions and Princeton University since 1994.

“Stephen Forrest and Mark Thompson not only pioneered today’s commercial phosphorescent OLED technology, they are at the forefront of tomorrow’s PHOLED technology including flexible, transparent and white PHOLED technology for lighting”

Tweet this

Patents derived from the research program will continue to be licensed exclusively to Universal Display. Princeton University will continue to manage the patent portfolio on behalf of all three universities.

Universal Display has a long-standing relationship with both Professors Thompson and Forrest, dating back to 1994. Both are recognized as pioneers in the OLED industry, particularly in the area of phosphorescent OLEDs. Professor Forrest serves as Vice President for Research and a Professor of Electrical Engineering & Computer Science, Physics, and Materials Science & Engineering for the University of Michigan. Professor Thompson is Professor of Chemistry in the College of Letters, Arts and Sciences at the University of Southern California.

“Stephen Forrest and Mark Thompson not only pioneered today’s commercial phosphorescent OLED technology, they are at the forefront of tomorrow’s PHOLED technology including flexible, transparent and white PHOLED technology for lighting,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “Our commercialization of PHOLED technology based on Professors Forrest and Thompson’s academic research will continue to be crucial in driving innovation for the growing organic electronics industry. On behalf of all of us at Universal Display, I’d like to offer both gentlemen our thanks and admiration for their work over the past 15 years, and for their continued partnership and commitment to innovation and research.”

“It is exciting to continue to be part of Universal Display, and collaborate with Mark Thompson as the OLED industry enters such an important stage,” stated Professor Forrest. “As energy efficient PHOLED displays become part of the everyday, a new realm of opportunity is also opening up for the technology in lighting and flexible applications. I look forward to continuing my partnership with Universal Display and helping shape the burgeoning organic electronics industry.”

“It has been an extremely fulfilling experience working with Universal Display and Steve Forrest over the past 15 years,” said Professor Thompson. “This next phase of research and development will witness not only growth in the current PHOLED display industry, but fantastic new innovations that we only dreamed of in 1994. I am excited to be part of helping make these innovations a reality.”

Past research by Professors Forrest and Thompson has yielded such award-winning OLED innovations as the Company’s high-efficiency PHOLED™ phosphorescent OLED technology and materials. In addition, they have pioneered OLED materials and device structures for transparent OLEDs, demonstrated the first small-molecule flexible OLED, and are leading authorities in the field of energy efficient white PHOLED technology. To date, the Company’s relationships with Professors Forrest and Thompson have yielded more than 200 U.S. patents along with numerous foreign counterparts. Their work under the program extension will continue to focus on advances in these areas, while at the same time supporting their cutting-edge organic electronics research.

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 SMD Co., Ltd., 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 940 issued and pending patents worldwide.

Universal Display is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey. The Company’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, 2008. 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, 610-228-2113
paul@gregoryfca.com
or
Media contact:
Matt McLoughlin, 610-228-2123
matt@gregoryfca.com