Universal Display Corporation (UDC) - Page 40

Universal Display Corporation today announced significant advances in the development of P(2)OLEDs printable, phosphorescent OLEDs as part of an ongoing joint development program with Seiko Epson Corporation. The demonstration of P(2)OLED materials that possess the high-efficiency of Universal Display's PHOLED phosphorescent technology, as well as ink-jet printing potential, is an important step toward the realization of cost-effective, large-area OLED displays. OLED displays are currently used in cell phones, MP3 players and PDAs, and are widely recognized as a strong candidate for use in the next generation of flat screen televisions.

After working together for less than two years, Universal Display is reporting key achievements in the development of a P(2)OLED system based on solution-processable, small-molecule PHOLED materials. These results include significant lifetime and efficiency advances for red and green color emitters.

Universal Display and Novaled presented a joint scientific paper at the International Society of Optical Engineering (SPIE) Optics and Photonics 2006 conference in San Diego, CA. The presentation detailed the achievement of a saturated red PHOLED™ phosphorescent OLED device with a luminous efficacy of 15 candelas per ampere (cd/A) and an operating voltage of less than 4 Volts (V) for a record power efficiency of 12 lumens per Watt (lm/W) all at 1,000 candelas per square meter (cd/m2) brightness.

This milestone was achieved through the combination of Universal Display's high-efficiency PHOLED™ phosphorescent OLED technology and materials with Novaled's low-voltage conductivity doped Novaled PIN-OLEDTM technology and transport materials.

Universal Display Corporation announced today significant advances in the development of WOLED™ white OLED technology for solid-state lighting and flat panel display applications.

Revenues for the three months ended June 30, 2006 were $3,009,316, compared to $3,011,995 in the second quarter of 2005. Revenue components in the second quarter of 2006, when compared to the second quarter of 2005 were: commercial chemical revenues $336,365, compared to $0; license fee revenues $807,185, compared to $42,000; technology development revenues $667,613, compared to $331,818; development chemical revenues $296,624, compared to $1,123,852; and contract research revenues $901,529, compared to $1,514,325, respectively.

"Total revenues for the quarter remained stable," said Sidney Rosenblatt, Chief Financial Officer of Universal Display Corporation. "Our revenue mix continues to shift as we recognize more from fees associated with our licensing agreements and revenues from the sale of commercial chemicals. We expect this trend to continue as our PHOLED technology is more broadly commercialized; however, revenues will remain difficult to predict on a quarter-to-quarter basis."

UDC and Seiko Epson signed a settlement and license agreement over OLED patents and inkjet printing patent. There is not a lot of information available yet, besides the Following Form 8K:

UDC entered into a Settlement and License Agreement with Seiko Epson Corporation ("Epson"). Under the terms of the agreement, the Registrant licensed one of its ink jet printing patents and certain related patent filings to Epson. Epson's license rights include the right to grant sublicenses to third parties, subject to specified limitations in the agreement. In consideration of the license, the parties resolved outstanding issues concerning the licensed patent rights and Epson agreed to pay a fixed amount to the Registrant. If, within a specified period of time, the parties enter into a broader license agreement covering other aspects of the Registrant's OLED patent portfolio, this amount is creditable against license fees and royalties payable under that broader license agreement.

UDC nnounced that it has been awarded two new Small Business Innovation Research (SBIR) Phase I grants for $100,000 each from the U.S. Department of Energy (DOE) for the enhancement of white OLED lighting technology using the Company's high-efficiency PHOLED technology and materials.

In the first Phase I grant, Universal Display will team with its research partners at the University of Michigan and the University of Southern California to demonstrate a simplified path to a low-cost, highly-efficient WOLED™ white OLED lighting device. Research will focus on a device structure that employs only two emissive PHOLED dopants, instead of the current three dopant approaches, to achieve white emission.

The second Phase I grant, also in conjunction with the University of Michigan researchers, aims to increase WOLED device efficiency. Specifically, research will key on increasing light outcoupling efficiency. This will be done through reducing the refractive index contrast between the OLED layer of the device and the substrate. The team seeks to demonstrate a novel device structure with a record 50% total outcoupling efficiency.

Universal Display will unveil a new deep red PHOLED material system with excellent luminous efficiency, 15 candelas per Ampere (cd/A), that corresponds to 19% external quantum efficiency.
In addition, the Company is reporting advancements in device architecture designs that lead to significantly extended lifetimes.

The Company is also demonstrating novel device architectures that provide significant enhancements in color saturation. By comparison to yellow-green color in a standard bottom-emitting OLED structure, the same PHOLED material system offers a saturated green color, with CIE coordinates of (0.25, 0.72), in a cavity-tuned, top-emission structure. (In a bottom-emitting structure, this system offers luminous efficiency of 71 cd/A and 100,000 hours of operating lifetime at 1,000 cd/m(2).)
As will be reported, Universal Display has developed device architectures to improve the luminous efficiency of its sky blue PHOLED material by 50%, to 30 cd/A, with 100,000 hours of operating lifetime at 200 cd/m(2).

Dr. Anna Chwang will present advances in the development of a top-emitting, active-matrix OLED display built on flexible metal foil using the Company's proprietary OLED technologies. The 100 ppi QVGA OLED display is integrated onto a poly-silicon TFT backplane developed by Palo Alto Research Center (PARC).

Ron Mertens from OLED-Info.com recently had the opportunity to interview Chyi-Shan Suen, director of sales & marketing of Vitex systems.

Headquartered in San Jose CA, Vitex is an IP-centric licensing, engineering service and material company in the business of thin-film barrier coatings and flexible substrates for the FPD market. Vitex's development of a thin-film moisture barrier technology continues to gain acceptance within the industry due to its demonstrated ability to meet the rigorous environmental requirements for thin-film encapsulation of bottom- and top-emission OLEDs. In addition, this technology can be applied to a wide range of organic semiconductor applications such as photovoltaics and batteries.

Q: First of all, thank you for accepting to do this interview session with us. Can you describe the Barix system?

The Barix Encapsulation™ is comprised of alternating layers of organic and inorganic films. The organic layer smooths and planarizes the display surface, while the inorganic is the real barrier. The total thickness of the coating is only about 3 microns or less. It is flexible, transparent and is applied at low temperature. The coating can be applied directly on top of an OLED display, eliminating the mechanical packaging components while providing the moisture and oxygen protection required by an OLED display.

Universal Display Corporation today announced it has been awarded a $100,000 contract to provide the U.S. Department of Navy with a prototype communications device based on a full-color, AMOLED prototype built on metallic foil.

Under the terms of the contract, Universal Display will deliver an active-matrix PHOLED display prototype built on flexible metallic foil integrated into a wrist-worn wireless communication device. This prototype is enabled by the Company's proprietary PHOLED phosphorescent OLED, FOLED® flexible OLED and TOLED® top-emission OLED technologies. The display will be built on flexible metal foil to provide flexibility, light weight and ruggedness and will use poly-silicon backplane technology from Palo Alto Research Center (PARC). The prototype will then be integrated into a wrist-mounted wireless device by L-3 Communications Display Systems.

UDC and Mitsubishi Chemical Announce Agreement to Collaborate on Ink Jet Printable OLED Materials Development. The Collaboration is Directed Towards Developing Materials for use in Phosphorescent OLED Displays Fabricated Through Solution or "Wet" Processing Methods.

"Collaborating with a world-class chemical company like Mitsubishi Chemical allows us to share ideas and help each other reach the next level of innovation for OLED materials based on our PHOLED™ phosphorescent OLED technology and Mitsubishi Chemical's expertise in OLED chemicals and ink formulation," said Steven V. Abramson, President and Chief Operating Officer of Universal Display. "Mitsubishi Chemical's commitment to printable phosphorescent OLEDs, which we call P2OLEDs™, indicates that ink jet printable PHOLED technology has real commercial potential. By working in concert on the development of next-generation P2OLED materials with Mitsubishi Chemical, we hope to accelerate this process."