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This article by Barbara Fox was published in U.S. 1 Newspaper on October 27, 1999. All rights reserved.

Universal Display Leaves the Nest

In its quest for the "killer application," Universal

Display Corporation (UDL) moved 13 employees last month from Nassau

Street offices owned by Princeton University to an 11,000-foot laboratory

space on Phillips Boulevard. UDL uses thin-film technology to make

functional layered devices known as organic light emitting diodes.

These OLEDs could upgrade the display function of almost any electronic

device, from unusually-shaped phones to windshields to mural-size

video screens.

"One reason we built this facility was to be able to make prototypes

in an environment that allows us to do more commercial activity,"

says Sidney Rosenblatt, executive vice president of UDC. "We would

not conduct commercial business on the university’s property."

Rosenblatt says UDC is spending nearly $100 million on its new facility.

It raised $9 million in April, including $5 million from private placement

and the rest from exercising public warrants. UDC trades at about

3 3/4 as PANL on the Nasdaq small cap market.

The two universities involved in the research — Princeton and

University of Southern California — have an important stake in

the company that could turn out to be very profitable. Princeton University’s

five-year strategic partnership with UDC gave Princeton equity in

a licensing transaction for the first time (U.S. 1, February 25, 1998).

Ron Witt Sr. of Sweetwater Construction on Prospect Plains Road did

the build-out, and Ed Arcari, a North Jersey architect, did the design.

About 10,000 feet are being subleased currently, and when the two

clean rooms are ready, UDC will stage its grand opening.

As for the "killer ap:" UDC is working in "areas we believe

will have the best possible outcome for OLED technology," says

Rosenblatt. Because OLEDs can be shown on plastic substrates that

can curve, potential products might include segmented-color cell phone

displays (with different colors for different messages) or unusually

shaped cellular phones, or a wrap-around dashboards for airplanes

and automobiles.

Universal Display Corporation Inc. (PANL), 375

Phillips Boulevard, Ewing 08618. Steven Abramson, COO. 609-671-0980;

fax, 609-671-0995. Home page: universaldisplay.com.


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