eMagin Awarded $2.5 Million U.S. Army Contract for OLED Microdisplay Prototype Project
June 16 2022 - 8:30AM
eMagin Corporation (NYSE American: EMAN), a
leader in the development, design and manufacture of
high-resolution OLED microdisplays for AR/VR and other near-eye
imaging products, today announced it has been awarded a $2.5
million contract from the U.S. Army for a high-brightness,
full-color OLED microdisplay prototype project, including
manufacturing process technologies. The prototype will be used in
AR systems that provide both sensor and tactical data to soldiers,
thereby enhancing situational awareness and mobility in a range of
military applications.
“We are honored that the Department of Defense
has recognized eMagin’s OLED manufacturing and technical
capabilities and appreciate the grant award, which will support our
continuing efforts to provide a U.S. supply chain solution for
these critical military components,” said Andrew Sculley, CEO of
eMagin Corporation. “eMagin is the sole U.S. manufacturer of OLED
microdisplays and we have proudly supplied to U.S. defense programs
of record since 2006.”
“This project will support the government’s need
to secure a U.S. source for a high-performance microdisplay that
provides high brightness and exceptional visual acuity with high
information content, even in bright daylight conditions," said Amal
Ghosh, eMagin’s chief operating officer. “We will further improve
the efficiency, brightness and lifetime of our proprietary
direct-patterned, full-color OLED microdisplays by incorporating
additional technological advancements.”
As part of this project, eMagin will deliver
high-brightness color OLED microdisplay prototypes for testing and
evaluation within 24 months. It is anticipated that upon the
successful completion of the prototype, a follow-on production
agreement may be issued without the need for a competitive
process.
About eMagineMagin is the
leader in OLED microdisplay technology, enabling the visualization
of digital information and imagery for world-class customers in the
military, consumer, medical and industrial markets. The Company
invents, engineers, and manufactures display technologies of the
future and is the only manufacturer of OLED displays in the United
States. eMagin's Direct Patterning Technology (dPd™) will transform
the way the world consumes information. Since 2001, eMagin's
microdisplays have been used in AR/VR, aircraft helmets, heads-up
display systems, thermal scopes, night vision goggles, future
weapon systems and a variety of other applications. For more
information, please visit www.emagin.com.
Important Cautionary Information
Regarding Forward-Looking StatementsThis 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. 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 risk
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, 2021,
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.
Contact:
eMagin CorporationMark Koch, Chief
Financial
Officer845-838-7900investorrelations@emagin.com
Sharon Merrill Associates, Inc.Nicholas
Manganaro617-542-5300eman@investorrelations.com
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