Universal Display Corporation Receives a $400,000 Phase II Award
From the National Science Foundation
EWING, N.J., Nov 15, 1999 (BUSINESS WIRE) --
Contract is for Saturated Full Color Organic Light Emitting Devices
(OLEDS) for Low-cost, Low-power Displays
Universal Display Corporation (UDC) (NASDAQ: PANL; PHLX: PNL), a
developer of flat panel display technology, announced today that it
received a 2 year, $400,000 Phase II award from the National Science
Foundation (NSF) in support of its high efficiency Stacked Organic
Light Emitting Device (SOLED) technology.
UDC teamed with its long-standing research partner, Princeton
University, for this proposal under the NSF's Small Business Technology
Transfer Program (STTR).
"This Phase II grant continues the support that we have been receiving
from the NSF for our breakthrough SOLED technology. We had a successful
Phase I program, and it is gratifying to be recognized by the NSF
through this award" said Steven V. Abramson, President of UDC.
UDC's SOLED technology, which is protected by 7 US patents, is a novel
approach to high resolution electronic displays. The SOLED architecture
vertically stacks the red, green and blue pixels on top of each other
rather than the conventional side by side architecture used in
televisions and current electronic displays, thus providing three times
the resolution in the same area.
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. The high resolution
SOLED should be able to play a major role in meeting the demand for new
portable electronic flat panel display products being driven by the
Internet.
UDC has been developing Organic Light Emitting Device (OLED) technology
with Princeton University and the University of Southern California
(USC) since 1994. The partnership is committed to the innovative
research and commercialization of this proprietary OLED technology for
applications such as flat panel displays, lasers, and light generating
devices.
Fourteen patents relating to OLED technology have already been issued
to the Company's Research Partners, including patents for the Company's
three important technology platforms: TOLED's (Transparent Organic
Light Emitting Devices), which can be up to 85% transparent when not
energized, can be used to create vision area displays on windshields,
cockpits, helmets and eyeglasses, and can also be integrated with
standard silicon semiconductors.
FOLED's (Flexible Organic Light Emitting Devices) can be built on
flexible plastic and unbreakable and/or conformable surfaces and
provide lighter weight and more durable performance. SOLED's, the third
technology platform, are being developed for high resolution displays.
UDC and it's research partners are also working on a family of high
efficiency organic materials using electrophosphorence as the light
emitting mechanism.
In addition to the 14 patents already issued, more than 40 patents are
pending in the United States and corresponding international patent
applications have been filed. UDC is the exclusive licensee of all
technology developed in the Project.
UDC is a member of the United States Display Consortium (USDC); a
cooperative industry/government effort aimed at developing an
infrastructure to support a North American flat panel display (FPD)
industry.
UDC is also part of a team including Princeton, USC and Hughes
Electronics which is working under a $3 million award from the U.S.
Department of Defense Advanced Research Projects Agency (DARPA) for the
continued development of ultra light-weight, full-color OLED flat panel
display technology. For more information, visit our web site at
universaldisplay.com.
All statements in this press release that are not historical are
forward-looking statements.
Such statements are subject to risks and uncertainties that could cause
actual results to differ materially for Universal Display Corporation
from those projected, including, but not limited to, uncertainties
relating to technological approaches, product development,
manufacturing, and marketing acceptance, uncertainties related to cost
and pricing of Universal Display products, dependence on collaborative
partners, and other competition, risks relating to intellectual
property of others and the uncertainties of patent protection.
These are discussed in periodic reports filed with the SEC, including
the Company's annual report on Form 10-KSBA for the year ended December
31, 1998 and quarterly report on Form 10-Q.
Universal Display Corporation expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Universal Display Corporation's expectations with regard thereto or any
change in events, conditions, or circumstances on which any such
statements are based.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: Universal Display Corporation, Ewing
Dean Ledger, Executive V.P., 800/599-4426
Web site: universaldisplay.com
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