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 it has entered into a technology license agreement with Panasonic Idemitsu OLED Lighting Co., Ltd., a joint venture between Panasonic Electric Works Co., Ltd. and Idemitsu Kosan Co., Ltd. Under the new agreement, Panasonic Idemitsu OLED Lighting (PIOL) will be licensed to integrate Universal Display’s proprietary UniversalPHOLED phosphorescent and other OLED technologies and materials into OLED lighting products.

“We are very pleased to enter into this arrangement with Panasonic Idemitsu OLED Lighting for their use of our proprietary UniversalPHOLED materials and technology in their OLED lighting products. We believe that this joint venture will be a leading player in the commercialization of OLED lighting”

“We are very pleased to enter into this arrangement with Panasonic Idemitsu OLED Lighting for their use of our proprietary UniversalPHOLED materials and technology in their OLED lighting products. We believe that this joint venture will be a leading player in the commercialization of OLED lighting,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “Having worked with both Panasonic Electric Works and Idemitsu Kosan over the past few years, we look forward to supporting PIOL to accelerate their commercialization efforts and to building a successful long-term commercial relationship as PIOL brings energy-efficient OLED lighting products to the market.”

Under the license agreement, Universal Display has granted license rights under various patents and associated know-how owned or controlled by Universal Display for PIOL to manufacture and sell OLED products for lighting applications. PIOL will pay Universal Display running royalties on its sales of these products under the agreement, with a portion of the royalties prepaid. The parties have also entered into a separate material supply agreement. The terms of both agreements run through July 31, 2014.

OLEDs are considered a potential solution for introducing more energy-efficient, environmentally-benign and design-friendly lighting products. Universal Display’s phosphorescent OLED technology and materials have demonstrated a four-to-one power advantage over other OLED technologies, resulting in record energy-efficient OLEDs. Advances in OLED lighting, including those demonstrated by Universal Display, now allow OLEDs to meet a variety of niche lighting performance targets and demonstrate the potential for OLEDs to achieve general lighting targets established by the U.S. Department of Energy. It has been estimated that by 2016, 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.

For more information on how Universal Display is changing the face of the display and lighting industries with its UniversalPHOLED, white OLED and flexible OLED technologies, 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 1,200 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. 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, 2010 and quarterly report on Form 10-Q for the quarterly period ended March 31, 2011. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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