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CDT Prices IPO of 2.5 Million Shares of Common Stock at $12.00

Cambridge, UK, December 16 – Cambridge Display Technology, Inc. today announced that its initial public offering of 2,500,000 shares of common stock was priced at $12.00 per share.  The company’s common stock will be traded on the NASDAQ National Market under the symbol “OLED.”  The offering is expected to close on December 21, 2004, and all of the shares will be sold by the company.  In addition, the company has granted the underwriters a 30-day option to purchase up to 375,000 shares at the public offering price less underwriting discounts and commissions to cover any over-allotments.

Net proceeds from the offering will be used for general corporate purposes, which may include repayment of outstanding credit facility borrowings, additional funding of ongoing research and development efforts, and potential acquisitions of businesses, technologies or other assets.

SG Cowen & Co., LLC is the lead manager for the offering, and CIBC World Markets Corp. and Adams Harkness, Inc. are acting as co-managers.  When available, copies of the final prospectus may be obtained by contacting the SG Cowen & Co., LLC Prospectus Department at 1221 Avenue of the Americas, 6th Floor, New York, New York  10020, or through ADP by fax at 631-254-7268.  The prospectus will also be available on the Securities and Exchange Commission website at www.sec.gov.

Cambridge Display Technology is a global leader in the research, development and commercialization of light emitting polymers (P-OLEDs), which are targeted for use in a range of electronic display products used for information management, communications, and entertainment.

Information:  Terry Nicklin, Marketing Director, CDT Ltd.  Phone +44 1954 713656; fax +44 1954 713620; e-mail tnicklin@cdtltd.co.uk.

Taiwan OLED Makers See Expanding Market in MP3 Players 
by Calvin Shao and Carrie Yu

Taipei, December 3 (DigiTimes.com) - RiTdisplay and Univision Technology, two Taiwan-based organic-light-emitting-diode (OLED) panel makers, expect OLED panels MP3 players to account for a larger portion of their shipments next year, according to RiTdisplay CEO Wang Ding Chang and Univision president Carl Chen. In addition, both companies aim to promote full-color OLED panels for handsets in 2005. 

Shipments of MP3-player OLED panels are expected to account for more than 30 percent of RiTdisplay's total panel shipments in 2005, Wang said. Chen said that half of the OLED panels Univision ships in 2005 will be used for MP3 players. 

Taiwan makers of MP3 players are optimistic about the competitiveness of OLED panels, as they believe the display quality of OLED panels is better than that of monochrome STN panels, and color OLED panels will become mainstream products in the future. Chen predicted that the penetration for OLED technology in the global MP3-player market will rise to 20 percent in 2005, up from less than 10 percent in 2004. According to iSuppli, global MP3-player shipments will reach 49.37 million units in 2005, up from 31.5 million in 2004. 

In addition to the MP3-player market, RiTdisplay and Univision are planning to promote full-color OLED panels for handsets in 2005. RiTdisplay already ships area-color OLED panels for handset main displays, and plans to start selling full-color panels next January, Wang said. 

Univision will start shipping samples of full-color (65,000-color) OLED panels for handset-use sub-displays later this month. Chen forecasted that up to 10 percent of the company's first quarter shipments will be full-color products, with the percentage increasing in the second quarter. 

Currently, 88 percent of OLED panels shipped are used for handset sub-displays, with only 3.8 percent used for MP3 players, according to Taiwan's Photonics Industry & Technology Development Association (PIDA). PIDA expects the proportion of OLED shipments used for MP3 players to rise to 5 percent next year.

Information: www.digitimes.com/news/a20041203A4016.html

 

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