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Technology Stocks : OLED Universal Display Corp -- Ignore unavailable to you. Want to Upgrade?

To: Savant who wrote (44)	10/14/1999 9:10:00 AM
From: Savant	Read Replies (1) \| Respond to of 29734

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. Best, Savant