Founder and Chairman of the Board of Universal Display Corp. Finalist in the Ernst & Young LLP 1998 Greater Philadelphia Entrepreneur of the Year Award
BALA CYNWYD, Pa.--(BUSINESS WIRE)--June 17, 1998--Universal Display Corp. (UDC) (NASDAQ:PANL), a developer of flat panel display technology, announced Wednesday that Sherwin I. Seligsohn has been named as a finalist in the Emerging Growth category of the 1998 Ernst
Young LLP Entrepreneur of the Year.
Seligsohn is the founder, chairman of the board and chief executive officer of Universal Display Corp. He is one of three finalist in the Emerging Growth category.
"I was flattered by this recognition and honored to be a finalist for such a prestigious award," said Seligsohn. "I have spent my career creating value from the ground up and to be honored for my passion makes this recognition even more important to me.
"I believe our transformation technology will change the way we see information and since we are a visual society, it is going to help all of us to be more productive and competitive.
"When you work with the scientists we do, who were the Distinguished Inventors of the Year in 1998 recognized by the Intellectual Property Owners Association, it makes my job easier," stated Seligsohn.
The rapidly growing display market is currently estimated at $35 billion annually worldwide, comprised mostly of cathode ray tube (CRT) and liquid crystal display (LCD) technologies.
OLEDs are seen as a future replacement technology for CRTs and LCDs, due to their brightness, high resolution, energy efficiency and cost effectiveness. The company currently holds five patents and over 30 patents pending on its OLED technology.
UDC has had a strategic research partnership with Princeton University and the University of Southern California (USC) for the Organic Light Emitter Project since 1994.
Recently, the partnership was extended through 2002, the Universities became shareholders in UDC, and UDC committed to continue funding the Project for the next five years for applications such as flat panel displays, lasers and light generating devices. 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 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.
UDC and Princeton are also teaming on a Phase I STTR grant from the National Science Foundation and a grant from the New Jersey Commission on Science and Technology.
This news release contains statements of a forward-looking nature relating to the future financial performance of Universal Display Corp.
Investors are cautioned that such statements are only predictions and that actual events or results may differ materially.
In evaluating such statements, investors should specifically consider the various factors which could cause actual results to differ materially from those indicated by such forward-looking statements, including the matters set forth in the company's Annual Report for the year ended Dec. 31, 1997 on Form 10-K and the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission and in the company's other reports and documents filed from time to time with the Securities and Exchange Commission.
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 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-K for the year ended Dec. 31, 1997 and quarterly report on Form 10-Q.
Universal Display Corp. 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 Corp.'s expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.
CONTACT:
Universal Display Corporation
Dean Ledger, executive VP, 800/599-4426
KEYWORD: PENNSYLVANIA NEW JERSEY
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