Universal Display Corporation Announces DARPA Program Funding for Flexible OLED Displays Increased to $3 Million
EWING, N.J.--(BUSINESS WIRE)--June 28, 2001--Universal Display Corporation (NASDAQ: PANL; PHLX: PNL), a leading developer of flat panel display technology, announced today that it has been awarded an additional $1.5 million for its existing Defense Advanced Research Projects Agency (DARPA) contract. The total contract now equals approximately $3 Million for the 18 month Program.
The expanded program will focus on further development of UDC's flexible organic light emitting device (FOLED(TM)) flat panel display technology. OLED technology is widely considered to be the future technology of choice for displays because it has the potential to make them flexible and conformable for different product applications. DARPA is funding $1.6 million and the remaining $1.4 million is `cost share' from the participants.
``We're very pleased that our team has received this additional award from DARPA,'' said Steven V. Abramson, President of UDC. ``Flexible flat panel displays can have a tremendous impact on the flat panel market, because of their light weight, conformability and potential for continuous web based manufacturing and provide new products and applications for military and commercial markets.''
UDC's Program Team includes its long-standing partners at Princeton University and the University of Southern California, as well as, Vitex Systems, a subsidiary of Battelle Memorial Institute, of Columbus, Ohio and L-3 Communications Display Systems, of Alpharetta, Georgia. UDC has a fundamental proprietary position in flexible, high efficiency, small molecule OLED displays, and has worked with Princeton and USC since 1994 in developing OLED technologies. Vitex/Battelle has developed a barrier layer technology, which may accelerate the fabrication of long-lived flexible displays. L-3 Communications has been characterizing, assembling and delivering advanced technology systems to military markets for decades. All four organizations will be involved in the DARPA initiative with project direction and management based at UDC... |
