Universal Display and Plextronics Announce Strategic Alliance to Develop Next-generation OLED Material Systems

EWING, N.J. and PITTSBURGH, July 19, 2012 /PRNewswire/ -- Universal Display Corporation (NASDAQ: PANL), the leading OLED patent licensor and supplier of materials and technologies for energy-efficient OLED displays and lighting, and Plextronics, Inc., a leader in the development and manufacture of printed electronics technologies, announced today they have entered into a strategic alliance to accelerate the development and commercialization of solution-based OLED material systems incorporating Plextronics' hole injection and hole transport materials with Universal Display's phosphorescent OLED emissive layer materials.  The companies entered into a three-year joint development agreement, and Universal Display made a $4 million investment in Plextronics.  

"This agreement is an important step in Plextronics' efforts to further advance the development and commercialization of its Plexcore® materials for phosphorescent OLED applications," said Andy Hannah, President and Chief Executive Officer of Plextronics.  "Plextronics has worked closely with Universal Display to develop initial Plexcore® HIL products for Universal Display's UniversalP2OLED® platform.  The results of these efforts were compelling to the point it made sense to expand the relationship to include hole transport layer materials in order to achieve the next level of performance."

"After several years of collaborating with Plextronics, a leading developer of solution-based materials for OLED and other organic electronic devices, we are very pleased to strengthen our relationship and expand the development of next-generation, solution-processible OLED material systems for displays and lighting," said Steven V. Abramson, President and Chief Executive Officer of Universal Display.  "By combining our UniversalP2OLED® printable, phosphorescent OLED material systems with Plextronics' hole injection and transport materials, our goal is to develop high-performance, solution-based OLED material systems that can enable the implementation of ink-jet, nozzle and other potentially cost-effective, solution-processing manufacturing techniques."

To see how Universal Display is changing the face of the display and lighting industries with its UniversalPHOLED®, white OLED and flexible OLED technologies, please visit the company at www.universaldisplay.com.  To learn more about how Plextronics and its Plexcore® hole-injection and hole transport materials help improve the performance of OLED displays and lighting, please visit www.plextronics.com.

About Plextronics Corporation

Plextronics, Inc. is an international technology company that specializes in conductive polymers and printable formulations that enable advanced electronic devices.  Headquartered in Pittsburgh, PA, the company's develops customized inks to enhance the performance of organic light emitting diodes (OLEDs) for next generation displays and lighting applications, lithium ion batteries, polymer metal capacitors, and emerging organic electronic devices.

The privately held company was founded in 2002 as a spinout from Carnegie Mellon University based upon conductive polymer technology developed by Dr. Richard McCullough.  Plextronics has developed this technology for market adoption and currently manufactures and delivers its conductive polymer products around the world.  The company is ISO 9001:2008 and ISO 14001:2004 certified.   For more information about Plextronics, visit www.plextronics.com.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: PANL) is a leader in developing and delivering state-of-the-art, organic light emitting device (OLED) technologies, materials and services to the display and lighting industries.  Founded in 1994, the company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 1,500 issued and pending patents worldwide.  Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and white lighting.  The company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance.  In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.  To learn more about Universal Display, please visit www.universaldisplay.com.

Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation.  All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to Universal Display Corporation's technologies and potential applications of those technologies, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled "Risk Factors" in Universal Display Corporation's annual report on Form 10-K for the year ended December 31, 2011. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

SOURCE Plextronics