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U.S. Representative Rush Holt (D-NJ) Highlights the Vitality of ''Einstein's Alley'' at Universal Display Corporation's Discovery Day
EWING, N.J. --(Business Wire)-- May 22, 2006 -- Rep. Holt: "Technological Innovation Is Alive and Well in New Jersey, Thanks to Companies Like Universal Display"
New Jersey U.S. Representative Rush Holt (D-NJ12) today highlighted New Jersey's leadership in technological innovation and entrepreneurial spirit, at a speech given during Universal Display Corporation's (NASDAQ:PANL) Discovery Day. The event served as the official opening of the Company's expanded state-of-the-art OLED research and development facilities at its headquarters in Ewing, NJ.
"In collaborating with leading universities such as Princeton, Universal Display maintains its innovative edge and is creating a name for itself and New Jersey in the new tech economy," commented Rep. Holt. "Universal Display is an example of the type of company and collaboration that 'Einstein's Alley' makes possible."
Rep. Holt also read a statement from New Jersey Governor Jon Corzine that praised companies like Universal Display and new technology growth throughout the State of New Jersey.
"I applaud Universal Display Corporation for their efforts to become one of New Jersey's fastest growing technology companies over the past six years," commented Governor Corzine. "This event serves as an opportunity to display cutting edge, emerging technology that is developed right here in New Jersey. Our State and our nation are truly fortunate to benefit from the commitment of technology leaders like Universal Display Corporation."
Since its inception in 2003, Einstein's Alley has served to connect regional entrepreneurs and leaders in the fields of business, labor, and higher education through monthly economic development seminars, regional conferences, mayoral meetings, web-based information, also the Municipal Land Use Center, which assists communities throughout Central New Jersey in achieving better land use and transportation planning.
Because Einstein's Alley has succeeded in attracting so much interest and involving so many people, the initiative will become an independent non-profit organization in the coming months. As a result, the new organization will have the flexibility it needs to organize public events; develop a new website; attract entrepreneurs, businesses, and investors to Central New Jersey; and promote policies favorable to innovation and entrepreneurship.
"Congressman Holt's vision and support has been instrumental in accelerating the development of our state-of-the-art OLED display technology for defense and commercial applications," stated Steven V. Abramson, President and Chief Operating Officer of Universal Display Corporation. "His efforts have helped to make the New Jersey technology corridor a thriving region for technological innovation and growth."
Rep. Holt concluded, "The partnership between the private and public sectors makes New Jersey an ideal environment for companies like Universal Display. By fostering this environment, we create the type of economy statewide that will serve our residents not only today, but in the future as well."
About Universal Display Corporation
Universal Display Corporation is a world leader in developing and commercializing innovative OLED technologies and materials for use in the electronic flat panel display, lighting and other opto-electronic markets. Universal Display is working with a network of world-class organizations including Princeton University, the University of Southern California, the University of Michigan and PPG Industries. The Company has established more than 20 development programs and other similar relationships with companies such as Tohoku Pioneer Corporation; Samsung SDI Co.; AU Optronics Corporation; DuPont Displays, Inc.; Seiko Epson Corporation; Sony Corporation; and Toyota Industries Corporation. The Company has also licensed its OVPD technology to AIXTRON AG for the development of next-generation OLED manufacturing equipment. Universal Display currently owns or has exclusive or sole license rights in approximately 725 issued and pending patents worldwide.
Universal Display is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey, minutes away from its research partner at Princeton University. Universal Display's state-of-the-art facility is designed to further technology and materials development, technology transfer to manufacturing partners and work with customers to develop products to meet their needs for OLED products. Visit Universal Display on the Web at www.universaldisplay.com.
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, 2005. Universal Display Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this document.
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