Universal Display Corporation (Nasdaq: OLED), enabling
energy-efficient displays and lighting with its UniversalPHOLED®
technology and materials, today held its 2017 Annual Meeting of
Shareholders.
“2016 was a meaningful year of ‘building’ - for the OLED
industry and for Universal Display Corporation. The growing breadth
of bright, beautiful, thin OLED products is captivating the
consumer market. With a flourishing pipeline of new OLED market
applications, new OLED end-users and new OLED consumer adoptees,
leading panel makers announced multi-billion dollar investment
plans and commenced new capacity builds for the next wave of
high-volume OLED display production,” said Steven V. Abramson,
Universal Display's President and Chief Executive Officer. “This
past year was also filled with a number of accomplishments and
events that build and reinforce Universal Display’s leadership
position in the OLED ecosystem. These included new agreements in
China, the introduction and shipment of next-generation emitters,
bolstering our IP portfolio with new inventions and patents from
our amazing R&D teams, and hitting new milestones in our
R&D programs. Additionally, we invested $130 million in
acquiring both Adesis, Inc., an organic synthesis contract research
organization (CRO), and BASF’s OLED IP portfolio. We also embarked
on a $15 million manufacturing expansion phase with our partner PPG
Industries.”
Abramson continued, “Across the Company, we are building
momentum for continued profitable growth. We are expanding our
customer collaborations, significantly stepping up our R&D
efforts, increasing our technical field capabilities, and
fortifying our product development engine. We continue to make
great strides in broadening the scope and depth of our
phosphorescent technology and materials portfolios, including new
red, green, yellow and blue PHOLED emitters and host materials. We
are also advancing our next-generation manufacturing technologies,
such as organic vapor jet printing. We believe that these and our
other strategic initiatives have created significant competitive
advantages that translate to strong market leadership, and will
support and strengthen our primary focus of enabling our customers’
successes, and therefore, our long-term success.”
During the annual meeting, shareholders voted on the four
proposals described in the Company’s most recent Proxy Statement.
The shareholders re-elected all eight nominees for the Company’s
Board of Directors, approved a non-binding, advisory resolution on
compensation of the Company’s named executive officers, selected
one year as the frequency for the Company to hold future advisory
shareholder votes on compensation of the Company’s named executive
officers, and ratified the appointment of KPMG LLP as the Company’s
independent registered public accounting firm for 2017. Leonard
Becker, who has served as a member of the Board of Directors since
2001, stepped down from the Board following the completion of his
term at the Annual Meeting.
Sherwin I. Seligsohn, Universal Display’s Founder and Chairman
of the Board of Directors, commented, “On behalf of the Board and
management team, I would like to thank Leonard for his 15+ years of
service to the Company. We are grateful for his insight and
unwavering support as we’ve migrated from a small R&D company
in Ewing, NJ, to a global leader in the OLED industry. We wish him
all the best.”
The audio portion of the presentation was simultaneously
broadcasted over the Internet. An online archive of the webcast
will be available on the events page of the Company's Investor
Relations website at ir.oled.com.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in
developing and delivering state-of-the-art, organic light emitting
diode (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 4,200 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 solid-state 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.
Headquartered in Ewing, New Jersey, with international offices
in China, Hong Kong, Ireland, Japan, South Korea, and Taiwan, and
wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware,
Universal Display works and partners with a network of world-class
organizations, including Princeton University, the University of
Southern California, the University of Michigan, and PPG
Industries, Inc. The Company has also established relationships
with companies such as AU Optronics Corporation, BOE Technology,
DuPont Displays, Inc., Innolux Corporation, Japan Display Inc.,
Kaneka Corporation, Konica Minolta Technology Center, Inc., LG
Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC, OSRAM, Pioneer
Corporation, Samsung Display Co., Ltd., Sumitomo Chemical Company,
Ltd., Tianma Micro-electronics and Tohoku Pioneer Corporation. To
learn more about Universal Display Corporation, please visit
http://www.oled.com.
Universal Display Corporation and the Universal Display
Corporation 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, the Company’s
expected results, as well as the growth of the OLED market and the
Company’s opportunities in that market, are forward-looking
financial 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, 2016. Universal Display
Corporation disclaims any obligation to update any forward-looking
statement contained in this document.
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Universal Display CorporationDarice Liu, 609-671-0980
x570investor@oled.commedia@oled.com
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