Universal Display Corporation Announces Election of Larry Lacerte
to Board of Directors; Dr. Stephen Forrest to be Chairman of the
Scientific Advisory Board of UDC
EWING, N.J., Oct 14, 1999 (BUSINESS WIRE) -- Universal Display
Corporation (UDC) (NASDAQ: PANL; PHLX: PNL), a developer of flat panel
display technology, announced today that Mr. Lawrence Lacerte, founder
of Lacerte Software Corporation had joined its Board of Directors,
replacing Dr. Stephen Forrest, who left the Board of Directors to
become Chairman of UDC's Scientific Advisory Board.
"We are very pleased that Mr. Lacerte, a proven, successful
entrepreneur, has decided to join our Board of Directors as we begin to
transition the initial applications for our transformation technology
from the research labs of Princeton University and the University of
Southern California to the commercial world." said Sherwin I.
Seligsohn, Chairman of the Board.
Mr. Larry Lacerte is the founder of Lacerte Software, which he sold to
Intuit Corporation in 1998. He is also a member of the Board of
Directors of Citadel Technologies, Inc., How2HQ.com, Inc. and
Worldpoint Interactive, Inc.
"Universal Display is a very exciting company, utilizing a cost
effective business strategy to exploit a breakthrough technology in a
growing market," noted Mr. Lacerte. "I believe that we have a bright
future and I am pleased that Mr. Seligsohn asked me to be a part of
it."
"I would like to thank Dr. Forrest for his service on the Company's
Board of Directors, and his appointment as Chairman of UDC's Scientific
Advisory Board, will enable him to concentrate his efforts on the
extraordinary scientific potential of our Organic Light Emitting Device
(OLED) technology," continued Mr. Seligsohn, "These two actions will
enable us to increase our corporate focus on both the business and the
technology aspects of our Company to enhance shareholder value."
"Since UDC is a technology driven company, I want to concentrate my
efforts on moving OLED technology forward as rapidly as possible. Thus,
I look forward to chairing the Scientific Advisory Board, which will
have a very important role at UDC in determining the research
directions which can most directly influence the progress of the
technology," said Dr. Stephen Forrest Chairman of the Electrical
Engineering Department of Princeton University and one of the principal
inventors of UDC's OLED technology.
OLEDs are seen as a future replacement technology for Cathode Ray Tubes
(CRTs) and Liquid Crystal Displays (LCDs), due to their bright,
beautiful colors, wide viewing angle, compatibility with full motion
video, broad temperature ranges, thin and conformable form factor, low
power requirements and the potential for low cost manufacturing
processes. CRT's and LCD's currently dominate the growing $40 billion
annual electronic display market.
OLEDs are also seen as a future enabling technology opening up
significant new markets for flat panel displays based on novel display
features that include transparency and flexibility, and playing a major
role in meeting the demand for new electronic flat panel display
products being driven by the Internet.
Excerpt.
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