eMagin Corporation Announces $5.5 million Department of Defense Award
June 11 2020 - 4:15PM
Business Wire
Award will improve eMagin’s OLED microdisplay
manufacturing capabilities
eMagin Corporation, or the “Company”, (NYSE American:
EMAN), a leader in the development, design and manufacture of
Active Matrix OLED microdisplays used in military and commercial
AR/VR devices, and other near-eye imaging products, today announced
it has been awarded $5.5 million under the Industrial Base Analysis
and Sustainment (IBAS) Program for Organic Light Emitting Diode
(OLED) Supply Chain Assurance. These funds are for procurement and
installation of capital equipment in eMagin’s NY-based
manufacturing facility, which we believe will enhance our
manufacturing capabilities.
This IBAS award will be managed under the Cornerstone Other
Transaction Authority (Cornerstone OTA) and fully funds Phase I of
a three-phase agreement. The IBAS Cornerstone OTA was created to
focus on strengthening the U.S. Manufacturing and Defense
Industrial Base. eMagin’s OLED microdisplays are used, or designed
in, many current and future defense Programs of Record including a
broad range of PEO Soldier programs, F-35 HMDS, and other aviation
helmet programs.
The capital funding provided during Phase I will be used to
procure key equipment and tooling, which the Company believes will
improve all aspects of eMagin’s OLED microdisplay production,
including increased throughput and capacity. The IBAS agreement
indicates additional awards through Phases II and III. Provided
that funding becomes available, these later phases would enable
eMagin to procure and install equipment designed to increase the
production capability of products based on eMagin’s advanced dPdTM
technology.
Andrew Sculley, CEO, said, “We are very pleased to be recognized
by the Department of Defense as the only domestic producer of OLED
microdisplays designated as a cornerstone of the U.S. manufacturing
base. We view this as a recognition of the value of our OLED
microdisplays in defense programs and an endorsement in what we
believe to be our superior OLED technology.”
About eMagin Corporation
The Leader in OLED microdisplay technology for the next
generation of computing and imaging devices, serving world-class
customers in the military and consumer, medical and industrial
markets. We invent, engineer and manufacture display technologies
of the future in the USA, including our Direct Patterning
Technology (dPd) that will transform the way the world consumes
information. Since 2001, our microdisplays have been, and continue
to be, used in AR/VR, aircraft helmets, heads-up display systems,
thermal scopes, night vision goggles, future weapon systems and a
variety of other applications. www.emagin.com
Important Cautionary Information Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including those
regarding eMagin Corporation’s expectations, intentions, strategies
and beliefs pertaining to future events or future financial
performance including the possible receipt of additional funds from
the US Government. Actual events or results may differ materially
from those in the forward-looking statements as a result of various
important factors, including those described in the Company’s most
recent filings with the SEC. For a more complete description of the
risks factors that could cause our actual results to differ from
our current expectations, including impacts of the COVID-19
pandemic, please see the section entitled “Risk Factors” in
eMagin’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, and in any Form 10-Q filed or to be filed by
eMagin, and in other documents we file with the SEC from time to
time.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200611005842/en/
eMagin Corporation Mark A. Koch, Acting Chief Financial Officer
845-838-7951 mkoch@emagin.com
Betsy Brod Affinity Growth Advisors 212-661-2231
betsy.brod@affinitygrowth.com
eMagin (AMEX:EMAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
eMagin (AMEX:EMAN)
Historical Stock Chart
From Apr 2023 to Apr 2024