C. Keith Hartley Joins Universal Display Corporation's Board of Directors
/FROM PR NEWSWIRE CHICAGO 888-776-6551/
TO BUSINESS AND TECHNOLOGY EDITORS:
C. Keith Hartley Joins Universal Display Corporation's Board of Directors
EWING, N.J., Sept. 26 /PRNewswire/ -- Universal Display Corporation (UDC)
(Nasdaq: PANL), announced today the appointment of C. Keith Hartley to its
Board of Directors, replacing Camille Naffah. UDC is a world leader in the
development of innovative Organic Light Emitting Device (OLED) technology for
applications in flat panel displays.
"We are delighted to announce the addition of Keith to our Board of
Directors. His financial and business experience will be invaluable to our
company, as we prepare for our fast growth in the future," said Sherwin I.
Seligsohn, Chairman of the Board and Chief Executive Officer.
Hartley has maintained positions in financial management for more than
25 years. He is currently the managing partner of Hartley Capital Advisors,
merchant bankers. From 1995 to 2000 he was the managing partner of Forum
Capital Markets LLC. In the past, Hartley held the position of managing
partner for Peers & Co. and Drexel Burnham Lambert. He also serves as a
director of Comdisco, U.S. Diagnostics, Hybridon, and Swisher International
Group.
"We would like to thank Camille Naffah for his years of dedicated service,
he has been with UDC since its inception and his guidance and insights have
been tremendous," stated Mr. Seligsohn.
OLEDs have a wide variety of potential applications, including cell
phones, PDA's, computer displays, informational displays in vehicles and
television monitors.
OLEDs are seen as a future replacement technology for Cathode Ray Tubes
(CRTs) and Liquid Crystal Displays (LCDs), due to their bright and 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. CRTs and LCDs
currently dominate the growing $40 billion annual electronic display market.
The Company believes that OLEDs will open up significant new markets for
flat panel displays based on their novel features that include transparency,
flexibility and economy. UDC is developing the technology to meet the
increasing demand for new portable electronic flat panel display products,
being driven primarily by the Internet and wireless communications.
UDC has been developing OLED technology with Princeton University and The
University of Southern California (USC) since 1994. This partnership
continues to be committed to the innovative research and commercialization of
this proprietary OLED technology. UDC has the exclusive license to 31 U.S.
patents relating to OLED technology, and has more than 50 U.S. patents
pending. Patents have also been issued in 8 foreign countries and there are
numerous patents pending worldwide.
Universal Display Corporation ( www.universaldisplay.com ) is located in
the Princeton Crossroads Corporate Center at Ewing, minutes away from its
Research Partners at Princeton University. Its 11,000 sq. ft facility
includes a pilot production line as well as technology development and
technology transfer facilities. With more than 2,500 square feet of clean
room space, this state-of-the-art facility is ideal to further technology
development, transfer technology to manufacturing partners and work with
customers to develop products to meet their needs for electronic flat panel
displays.
All statements in this news release that are not historical are forward-
looking statements 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-K for the year ended December
31, 1999 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.
SOURCE Universal Display Corporation
/NOTE TO EDITORS: Scientific and business interviews may be scheduledwith UDC
officers and scientific authorities by contacting Stephanie
Hamernik,312-541-8787, or email, shamernik@minkus-dunne.com. Shareholder
Relationsquestions may be directed to Dean Ledger, Executive Vice President,
at800-599-4426, or email, flatpanel@nidlink.com. The price of UDC common
stocklisted on Nasdaq as PANL was $21.13 as of market close on September 25,
2000.The 52-week high/low range is $38.50 to $3.13/
/CONTACT: Stephanie Hamernik of Minkus & Dunne PR, 312-541-8787, oremail,
shamernik@minkus-dunne.com/
/Web site: universaldisplay.com /
Sep-26-2000 13:45 GMT
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