EWING, N.J.--(BUSINESS WIRE)--Universal
Display Corporation (NASDAQ: PANL), enabling energy-efficient
displays and lighting with its UniversalPHOLED®
technology and materials, today announced that the company was honored
by the U.S. Department of Energy (DOE) in recognition of its significant
achievements in Solid-State Lighting R&D during the year. Universal
Display received the award during ‘Transformations in Lighting,’
the DOE’s annual Solid-State Lighting Workshop, held February 1-3, 2011
in San Diego, CA. As one of only four companies to receive an award,
Universal Display was honored for its advances in white OLED lighting
performance using its high-efficiency PHOLED technology and materials.
This is the fourth consecutive year that the company has been honored
with this DOE award.
“DOE’s support has spurred continued innovation that is critical for the
demonstration of white OLEDs with commercial performance that can help
reduce the energy consumption associated with white lighting.”
“The U.S. Department of Energy is very pleased with Universal Display’s
continued advances toward the demonstration of white OLED lighting with
commercially-viable performance,” said Dr. James Brodrick, Lighting
Program Manager, U.S. Department of Energy. “Through programs like
these, Universal Display is among the innovative companies that are
helping to accelerate the commercialization of white OLEDs for
solid-state lighting.” Dr. Brodrick presented the award to Dr. Mike
Hack, who accepted it on behalf of the entire team at Universal Display.
“Universal Display is proud to be honored by the U.S. Department of
Energy for its achievements in white OLED lighting development and
success in meeting DOE goals for solid-state lighting using the
company’s UniversalPHOLED technology and materials,” stated Steven V.
Abramson, President and Chief Executive Officer of Universal Display.
“DOE’s support has spurred continued innovation that is critical for the
demonstration of white OLEDs with commercial performance that can help
reduce the energy consumption associated with white lighting.”
The DOE award was specifically made in recognition of the advances
achieved in several DOE-funded programs in 2010. Universal Display,
along with project partners Armstrong World Industries, the University
of Michigan and the University of Southern California, successfully
demonstrated two phosphorescent OLED luminaire systems, the first of
their kind in the U.S. This achievement marked a critical step in the
development of practical OLED lighting in a complete luminaire system,
including decorative housing, power supply, mounting, and maintenance
provisions. With system efficacy of 51 lm/W, the prototypical OLED
lighting system can snap into Armstrong's TechZone™ Ceiling System. In
another DOE program, Universal Display demonstrated a key milestone of
66 lm/W at a luminance of 1,000 cd/m2, which is believed to
be a world-record achievement, for a 15 cm2 phosphorescent
white OLED lighting panel.
The DOE has made a long-term commitment to advance the development and
market the introduction of energy-efficient white lighting sources for
general illumination. According to industry estimates, electric bills
for lighting alone are over $200 billion per year on a worldwide basis.
It has been estimated that by 2016, white OLEDs could generate well over
$20 billion in worldwide savings of electricity costs and could save
over nine million metric tons of carbon emissions from the U.S. alone.
Universal Display is the recognized leader in phosphorescent OLED
technology and materials. With a comprehensive patent portfolio and
technical expertise that covers these and other OLED technologies
worldwide, Universal Display licenses its state-of-the-art OLED
technologies, sells its proprietary UniversalPHOLED materials, and
provides customized technology development and transfer services to
serve the specific needs of its OLED display and lighting customers.
To see how Universal Display is changing the face of the display and
lighting industries, please visit the Company at www.universaldisplay.com.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: PANL) is a leader in developing
and delivering state-of-the-art, organic light emitting device (OLED)
technologies, materials and services to the display and lighting
industries. Founded in 1994, the company currently owns or has
exclusive, co-exclusive or sole license rights with respect to more than
1,000 issued and pending patents worldwide. Universal Display licenses
its proprietary technologies, including its breakthrough high-efficiency
UniversalPHOLED® phosphorescent OLED technology, that can
enable the development of low power and eco-friendly displays and white
lighting. The company also develops and offers high-quality,
state-of-the-art UniversalPHOLED materials that are recognized as key
ingredients in the fabrication of OLEDs with peak performance. In
addition, Universal Display delivers innovative and customized solutions
to its clients and partners through technology transfer, collaborative
technology development and on-site training.
Based in Ewing, New Jersey, Universal Display works and partners with a
network of world-class organizations, including Princeton University,
the University of Southern California, the University of Michigan, and
PPG Industries, Inc. The company has also established relationships with
companies such as AU Optronics Corporation, Chimei Innolux Corporation,
DuPont Displays, Inc., Konica Minolta Technology Center, Inc., LG
Display Co., Ltd., Moser Baer Technologies Inc., Samsung Mobile Display
Co, Ltd., Seiko Epson Corporation, Sony Corporation, Showa Denko K.K.,
and Tohoku Pioneer Corporation. To learn more about Universal Display,
please visit www.universaldisplay.com.
Universal Display Corporation and the Universal Display logo are
trademarks or registered trademarks of Universal Display Corporation.
All other company, brand or product names may be trademarks or
registered trademarks.
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, 2009.
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
Media
contact:
Matt McLoughlin, 610-228-2123
matt@gregoryfca.com
or
Investor
contact:
Joe Hassett, 610-228-2110
joeh@gregoryfca.com