Universal Display Corporation and Sony Corporation Announce Joint Development Agreement Aimed at Organic LED Television Monitors

Apr 17, 2001, 01:00 ET from Universal Display Corporation

    EWING, N.J., and TOKYO, April 17 /PRNewswire/ -- Universal Display
 Corporation (UDC) (Nasdaq:   PANL; PHLX: PNL) and Sony Corporation (NYSE:   SNE)
 have announced a joint development agreement for high efficiency active matrix
 Organic LED (OLED) display devices for use in large area monitor applications.
 Under the Agreement, the parties will develop active matrix OLED displays with
 extremely high power efficiency combining UDC's proprietary high efficiency
 electrophosphorescent materials and Sony's proprietary low temperature poly
 silicon active matrix OLED technology (TAC: Top emission Adaptive Current
 drive).
     Sony has developed a 13-inch active matrix OLED display using its
 novel TAC technology.  That display is a little thicker than a credit card
 and has the potential to replace the bulky TV tube.  UDC's portfolio of
 innovative OLED technologies include its world record high efficiency
 electrophosphorescent material system, which can be up to four times more
 power efficient than conventional OLED systems; transparent cathodes, and
 flexible plastic display technologies. It has the sole and exclusive licensing
 rights to over 380 issued and pending OLED patents worldwide.
     "The opportunity to work with the Sony team is a very exciting event.
 We believe that their vision of a thin, lightweight OLED television monitor
 is a dramatic confirmation of the essential attributes of OLED technology and
 their position as a premier developer of high quality large area consumer
 electronic display products," stated Steven V. Abramson, President and Chief
 Operating Officer of UDC.
     Tetsuo Urabe, General Manager of Sony's OLED development department
 stated, "UDC and their research partners have been developing extraordinary
 and innovative OLED technologies for more than seven years and the combination
 of Sony's advanced AM-OLED technology and UDC's high expertise in OLED
 research and development will accelerate the realization of this revolutionary
 flat panel display technology for large area applications."
 
     About Universal Display Corporation
     UDC is a world leader in developing and commercializing innovative
 OLED technologies.  It is collaborating with a network of world class
 organizations to penetrate the electronic flat panel display market, including
 a long-standing relationship for innovative OLED research with Princeton
 University and the University of Southern California; a strategic relationship
 for the commercialization and production of proprietary high efficiency OLED
 materials with PPG, Inc. of Pittsburgh, PA USA; and a partnership with Aixtron
 AG of Aachen, Germany, for the development and production of the next
 generation of OLED production equipment using UDC's proprietary organic
 vapor phase (OVPD) technology, and have the sole subcontracting rights to
 Motorola's OLED patent portfolio. Visit UDC on the Web at
 http://www.universaldisplay.com.
 
     About Sony
     Sony is a leading manufacturer of audio, video, game, communications
 and information technology products for the consumer and professional markets.
 With its music, pictures, computer entertainment and on-line businesses,
 Sony is uniquely positioned to be a leading broadband entertainment company.
 Sony recorded consolidated annual sales of more than $63 billion for the
 fiscal year ended March 31, 2000. Visit Sony on the Web at
 http://www.world.sony.com .
 
     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, 2000 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
    EWING, N.J., and TOKYO, April 17 /PRNewswire/ -- Universal Display
 Corporation (UDC) (Nasdaq:   PANL; PHLX: PNL) and Sony Corporation (NYSE:   SNE)
 have announced a joint development agreement for high efficiency active matrix
 Organic LED (OLED) display devices for use in large area monitor applications.
 Under the Agreement, the parties will develop active matrix OLED displays with
 extremely high power efficiency combining UDC's proprietary high efficiency
 electrophosphorescent materials and Sony's proprietary low temperature poly
 silicon active matrix OLED technology (TAC: Top emission Adaptive Current
 drive).
     Sony has developed a 13-inch active matrix OLED display using its
 novel TAC technology.  That display is a little thicker than a credit card
 and has the potential to replace the bulky TV tube.  UDC's portfolio of
 innovative OLED technologies include its world record high efficiency
 electrophosphorescent material system, which can be up to four times more
 power efficient than conventional OLED systems; transparent cathodes, and
 flexible plastic display technologies. It has the sole and exclusive licensing
 rights to over 380 issued and pending OLED patents worldwide.
     "The opportunity to work with the Sony team is a very exciting event.
 We believe that their vision of a thin, lightweight OLED television monitor
 is a dramatic confirmation of the essential attributes of OLED technology and
 their position as a premier developer of high quality large area consumer
 electronic display products," stated Steven V. Abramson, President and Chief
 Operating Officer of UDC.
     Tetsuo Urabe, General Manager of Sony's OLED development department
 stated, "UDC and their research partners have been developing extraordinary
 and innovative OLED technologies for more than seven years and the combination
 of Sony's advanced AM-OLED technology and UDC's high expertise in OLED
 research and development will accelerate the realization of this revolutionary
 flat panel display technology for large area applications."
 
     About Universal Display Corporation
     UDC is a world leader in developing and commercializing innovative
 OLED technologies.  It is collaborating with a network of world class
 organizations to penetrate the electronic flat panel display market, including
 a long-standing relationship for innovative OLED research with Princeton
 University and the University of Southern California; a strategic relationship
 for the commercialization and production of proprietary high efficiency OLED
 materials with PPG, Inc. of Pittsburgh, PA USA; and a partnership with Aixtron
 AG of Aachen, Germany, for the development and production of the next
 generation of OLED production equipment using UDC's proprietary organic
 vapor phase (OVPD) technology, and have the sole subcontracting rights to
 Motorola's OLED patent portfolio. Visit UDC on the Web at
 http://www.universaldisplay.com.
 
     About Sony
     Sony is a leading manufacturer of audio, video, game, communications
 and information technology products for the consumer and professional markets.
 With its music, pictures, computer entertainment and on-line businesses,
 Sony is uniquely positioned to be a leading broadband entertainment company.
 Sony recorded consolidated annual sales of more than $63 billion for the
 fiscal year ended March 31, 2000. Visit Sony on the Web at
 http://www.world.sony.com .
 
     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, 2000 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