May 2007

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UDC and Chi Mei EL Corporation Sign Commercial Agreement for PHOLED™ Materials

EWING, N.J. & TAINAN, Taiwan - Universal Display Corp. (UDC) and Chi Mei EL Corp. (CMEL), formed by Chi Mei Optoelectronics to develop and manufacture organic light-emitting diode (OLED) displays, announced in late April that they had entered into an agreement for Universal Display to supply proprietary PHOLED™ phosphorescent OLED materials and technology to CMEL for use in CMEL's manufacture of commercial active-matrix OLED (AMOLED) display products.

CMEL is currently focused on producing small- and medium-sized OLED panel applications, according to a company statement. OLEDs require no backlight and can be much lighter in weight than LCDs. The technology can also provide wider viewing angles, high contrast, excellent resolution, and quick response.

Through the use of Universal Display's proprietary PHOLED materials and technology, OLED displays can be significantly more power efficient than active-matrix LCD (AMLCD) displays, and up to four times more efficient than those displays using conventional OLED technology, UDC said. Higher power efficiency translates into reduced power consumption - an important benefit to end users of today's battery-operated cell phones and other portable devices, as well as tomorrow's large-area TVs.

Financial terms of the agreement have not been disclosed; however, as is customary with these agreements, Universal Display will recognize commercial chemical sales and license fee revenues from its supply of this material to CMEL, the companies said in a statement. The term of the agreement runs through December 31, 2008.

"We are excited to work with Universal Display Corporation. As our customers are asking us to provide panels with low power consumption and superior picture quality, we believe UDC's PHOLED technology will speed up our progress to achieve these goals and be successful in the AMOLED business," said Peter Chen, President of Chi Mei EL Corp., in a press release.

Steven V. Abramson, President and Chief Operating Officer of Universal Display, stated, "We are pleased to enter into this agreement with Chi Mei EL Corp. for the use of our proprietary PHOLED materials and technology in their active-matrix OLED products. As one of the leaders in the development and commercialization of active-matrix OLEDs, CMEL is an important player in this rapidly-growing market. Having developed a strong relationship with CMEL's innovative technical team, we look forward to building a successful long-term commercial relationship with CMEL as they look to bring active-matrix OLED displays to production."

Mitsubishi Digital Electronics America Names New Vice President

IRVINE, Calif. - Mitsubishi Digital Electronics America's Presentation Products Division, a distributor and marketer of presentation and display products, has appointed Shoichi "Sean" Suwa as senior vice president and general manager of its Professional Visual Systems division, the company said in an April 24 press release. Mr. Suwa replaces Terry Kawakami, who has returned to Japan to work with Mitsubishi's Electronic System Service Corp. in its Corporate Planning Department in Tokyo.

As senior vice president, Mr. Suwa manages all marketing and sales activities for Mitsubishi Electric's projectors, data walls, flat-panel liquid-crystal displays (LCDs), security, and video copier processor products in the United States and Central America. He is tasked with increasing market share and profitability by capitalizing on Mitsubishi Electric's new technology advances, product excellence, market leadership and growing business potential. Mr. Suwa will also nurture strategic business relationships with companies such as Texas Instruments for technology advantages to stimulate positive growth overall, Mitsubishi said.

"I look forward to expanding my professional and personal experiences here in America," Mr. Suwa said in a company statement. "I'm committed to applying my manufacturing and marketing expertise to continue our leadership position and bring exciting new Mitsubishi products to market."

Suwa joined Mitsubishi Electric in 1983 after graduating with a Bachelor's degree in commerce from Waseda University. He started with the television export section in Kyoto, and spent 12 years in global marketing and sales. He then moved to Mitsubishi Electronics Manufacturing Singapore (MEMS) and was responsible for all marketing and sales for Australia, New Zealand and parts of Southeast Asia.

Mr. Suwa then entered the projector market in its infancy, spending five years as marketing and sales manager for the worldwide projector division in Kyoto. In 2003 he was promoted to sales and marketing manager for its Professional Visual Systems division, which includes MegaView™ wall and LCD display products. Prior to joining the Presentation Products Division staff, he worked as senior manager of sales and marketing for Mitsubishi's monitor products in Japan.