Universal Display Corp. and Princeton University's POEM Center Announces Full-Color Organic Display Technology Advances for Televisions and Computers -- A $30 Billion Worldwide Market.
BALA CYNWYD, Pa.--(BUSINESS WIRE)--July 2, 1997--Universal Display Corp. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PANL) and Princeton's Center for Photonics and Optoelectronic Materials (POEM) announced the current issue of Science magazine, dated June 27, 1997, reports a team of scientists at Princeton University and the University of Southern California The U.S. News & World Report ranked USC 27th among all universities in the United States in its 2008 ranking of "America's Best Colleges", also designating it as one of the "most selective universities" for admitting 8,634 of the almost 34,000 who applied for freshman admission (USC An abbreviation for U.S. Code. ) has developed an independently controlled, tunable, three-color organic light-emitting device, which is expected to permit such applications as high-definition televisions (HDTV) with flat displays that hang on a wall like a painting and laptop computers with bright displays that consume considerably less energy.
Universal Display Corp. is the exclusive licensee of this organic light-emitting diode Noun 1. organic light-emitting diode - a self-luminous diode (it glows when an electrical field is applied to the electrodes) that does not require backlighting or diffusers
OLED (OLED) technology.
"The new technology uses a vertical stacked pixel architecture that allows for independent tuning of color, grayscale In computing, a grayscale or greyscale digital image is an image in which the value of each pixel is a single sample. Displayed images of this sort are typically composed of shades of gray, varying from black at the weakest intensity to white at the strongest, though in , and intensity. Each color element -- the primary colors red, blue and green -- can be continuously and independently varied allowing the device to emit any mixture of the constituent colors.
"By contrast, the standard cathode-ray tube currently used in televisions and computer screens requires pixels comprising side-by-side red, green, blue phosphors; the eye achieves color by fusing the primary shades.
"The stacked design should allow for the creation of bright displays with more intense true color and higher resolution than possible with the traditional side-by-side phosphors," said the authors in the Science article.
"The real achievement here is a manipulation of materials that only appears possible with organics," said Dr. Stephen Forrest, who is the James S. McDonnel Distinguished University Professor of Electrical Engineering at Princeton.
"Organics do not have to be crystalline to be deposited on a substrate. This fact allows extraordinarily thin layering and enables us to capture their transparency to radiation." It is this transparency property of organic materials that enabled Princeton to develop a highly transparent OLED (TOLED TOLED Transparent Organic Light Emitting Diode ) as a cornerstone for the development of this vertically -- stacked OLED (SOLED) architecture.
"The display market is currently estimated at $30 billion annually worldwide, comprised mostly of cathode ray tube See CRT.
(hardware) cathode ray tube - (CRT) An electrical device for displaying images by exciting phosphor dots with a scanned electron beam. CRTs are found in computer VDUs and monitors, televisions and oscilloscopes. and liquid crystal display liquid crystal display (LCD)
Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. (LCD) technologies. Organic Light Emitting Diodes (OLEDs) are seen as a future replacement technology for LCDs, due to their brightness, energy efficiency and cost effectiveness.
"While additional development and commercialization efforts are required before this technology is available to be used in products, this demonstration is a significant step forward," Steven V. Abramson, president and chief operating officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Universal Display Corp.
Universal Display Corp., a development stage company, is engaged in the research, development and commercialization of this revolutionary, proprietary, organic light emitting diode technology for flat panel displays, lasers and other applications.
More than 30 patent applications are pending by its research partners, Princeton University and the University of Southern California.
Universal Display Corp. is the exclusive licensee of these patent portfolios.
Universal Display is also part of a team that recently received a $3 million award from U.S. Department of Defense Advanced Research Projects Agency Defense Advanced Research Projects Agency (DARPA), U.S. government agency administered by the Department of Defense (see Defense, United States Department of). (DARPA DARPA: see Defense Advanced Research Projects Agency.
(Defense Advanced Research Projects Agency) The name given to the U.S. Advanced Research Projects Agency during the 1980s. It was later renamed back to ARPA. ) for the continued development of ultra-lightweight, full-color OLED flat panel display technology.
The company recently announced an organic laser breakthrough that may lead to significant opportunities for the $2 billion semiconductor laser diode market.
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, the company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements.
Factors that could cause the company's actual results to differ materially from those indicated in this press release include, among others, its ability to achieve further technology breakthroughs necessary to produce commercially viable devices and other factors discussed in the company's filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended Dec. 31, 1996 and subsequent quarterly reports on Form 10-Q.
CONTACT: Universal Display Corp.
Dean Ledger, executive vice president, 800/599-4426
Princeton University's Center for Photonics and
Joseph Montemarano, director of industrial liaison
609/258-2267, fax: 609/258-1954