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Monday February 25, 10:45 am Eastern Time
Press Release

SOURCE: Universal Display Corporation
Universal Display Corporation Wins SBIR Contract Focusing On Transparent, Flexible Low Power Displays for the Military

EWING, N.J.--(BUSINESS WIRE)--Feb. 25, 2002--Universal Display Corporation (NASDAQ:PANL; PHLX:PNL), a leading developer of flat panel display technology, has been awarded a $69,951 Phase I, contract by the U.S. Department of the Army to demonstrate the feasibility of using three of its proprietary OLED technologies: high-efficiency phosphorescent (PHOLED(TM)), transparent (TOLED(TM)) and flexible OLED (FOLED(TM)) technologies for a conformable, transparent, high resolution, low power display for the U.S. Army.

This Phase I Small Business Innovative Research (SBIR) Program, could lead to the soldier of the future having a flexible, full-color, organic light emitting device (OLED) display screen mounted inside his or her helmet. Beyond this military application, Helmet Mounted Display (HMD) systems are increasingly being designed and incorporated into industrial, medical and, even, consumer applications.

OLED displays are also finding applications in an increasing range of uses where their brightness, power efficiency, and wide viewing angle offer desirable benefits. Additionally, novel transparency and conformability have the potential to create a host of new display products and market opportunities including wearable electronics and transparent displays on windows and windshields.

``We are very excited to have won this very competitive SBIR award. It is our second SBIR award from the Army, in addition to our ongoing programs with the Defense Advanced Research Projects Agency (DARPA). Our technology, can benefit the U.S. military in key areas, including, its multi-faceted application for the 21st Century Land Warrior in HMDs and handheld devices as well as for avionic and other transport applications.`` stated Steven V. Abramson, President of Universal Display Corporation

The Federal SBIR Program is designed to stimulate technological innovation in the small business sector and typically consists of three phases. During the first phase, the scientific, technical and commercial merit and feasibility of a novel idea is demonstrated. If successful, a subsequent Phase II Program may be awarded that is typically $500,000 to $750,000 over a 24-month period to pursue further research and the development of a well-defined prototype. In a final Phase III Program, the demonstrated prototype is developed into a viable product for sale in the military and/or private sector.

Recent News Coverage

Universal Display Corporation vice president of technology commercialization, Janice Mahon, and vice president of technology development, Dr. Julie Brown, were interviewed by Joseph Perone, host of Fast Track about OLED technology and advances. Fast Track is a business talk show that provides coverage of New Jersey businesses. The segment ran on February 9th and 10th and will run again on February 16th and 17th.

The February issue of Digital Imaging Digest featured quotes from Janice Mahon in a story about incorporating OLEDs into P-O-P display technologies (no link available).

The January issue of Display Development News discussed the future of OLED technology with quotes from Janice Mahon (no link available).

The January 30 issue of Electronics Weekly (UK edition) included a brief on the Universal Display Corporation`s OVPD patent release with an image of the UDC FOLED (no link available).

The January 23 issue of R&D Magazine`s, Laboratory Design Newsletter, included Universal Display Corporation`s OVPD patent release (no link available).

About Universal Display Corporation

Universal Display Corporation 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 joint development agreement with Sony Corporation for OLED television monitors; a joint development agreement with Samsung SDI focusing on portable OLED devices; a strategic relationship for the commercialization and production of its proprietary high efficiency OLED materials with PPG, Inc. of Pittsburgh, PA USA; a partnership with Aixtron AG of Aachen Germany for the development and production of the next generation of OLED production equipment using Universal Display Corporation`s proprietary organic vapor phase (OVPD) technology. Visit Universal Display Corporation on the Web at http://www.universaldisplay.com

Universal Display Corporation is located in the Princeton Crossroads Corporate Center, Ewing, N.J., minutes away from its research partner at Princeton University. Its 21,000 sq. ft. facility includes a pilot production line, as well as technology development and technology transfer facilities. The state-of-the-art facility has been designed to further technology development, technology transfer 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 within the meaning of the Private Securities Litigation Reform Act of 1995, 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, statements regarding Universal Display Corporation`s beliefs, expectations, hopes or intentions regarding the future. 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. It is important to note that actual outcomes and Universal Display Corporation`s actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as: uncertainties relating to developments and advances in display technologies, including OLED, TOLED, SOLED, PHOLED and FOLED technology; the expansion of applications for OLED technology; the success of UDC and its development partners in accomplishing technological advances;, including but not limited to, Organic Vapor Phase Deposition (OVPD) processes; the ability of Universal Display Corporation to enter into alliances with product manufacturers; 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.



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Contact:

Universal Display Corporation, Ewing
Dean Ledger, 800/599-4426
or
Gregory FCA Communications
Kathy Keyser, 610/642-8253







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