Universal Display Corporation Awarded Two New SBIR Phase I Grants from the U.S. Department of Energy; Grant Research Will Focus on Improved White OLED Lighting Performance Using PHOLED(TM) Technology and Materials

Universal Display Corporation (NASDAQ:PANL), the Company that's lighting the way in developing and commercializing OLED technology for flat panel displays, lighting and other opto-electronics with its proprietary PHOLED(TM) phosphorescent OLED technology, today announced that it has been awarded two new Small Business Innovation Research (SBIR) Phase I grants for $100,000 each from the U.S. Department of Energy (DOE) for the enhancement of white OLED lighting technology using the Company's high-efficiency PHOLED technology and materials.

In the first Phase I grant, Universal Display will team with its research partners at the University of Michigan and the University of Southern California to demonstrate a simplified path to a low-cost, highly-efficient WOLED(TM) white OLED lighting device. Research will focus on a device structure that employs only two emissive PHOLED dopants, instead of the current three dopant approaches, to achieve white emission.

The second Phase I grant, also in conjunction with the University of Michigan researchers, aims to increase WOLED device efficiency. Specifically, research will key on increasing light outcoupling efficiency. This will be done through reducing the refractive index contrast between the OLED layer of the device and the substrate. The team seeks to demonstrate a novel device structure with a record 50% total outcoupling efficiency.

"White lighting continues to be an important area of development for Universal Display and the U.S. DOE," says Steven V. Abramson, President and Chief Operating Officer of Universal Display Corporation. "Through research grants such as these, we are able to improve on the performance of white OLED lighting structures so that they may someday be used in a variety of residential, commercial and industrial lighting applications."

Through the use of Universal Display's proprietary PHOLED technology, the power efficiency of white OLEDs can be up to four times higher than previously thought possible - making OLEDs power efficient enough to be a potential alternative to existing incandescent and fluorescent lights in the future. White OLEDs using PHOLED technology will also generate less heat. With general lighting consuming over 20% of U.S. energy resources, white OLEDs may provide important new opportunities for significant energy and cost savings on a national as well as global basis. White OLEDs also offer an entirely new 'solid-state' form factor that creates expanded design opportunities in architectural, automotive and other lighting applications.

To see how Universal Display Corporation is changing the face of the display industry, please visit the Company at http://www.universaldisplay.com.

About Universal Display Corporation

Universal Display Corporation is a world leader in developing and commercializing innovative OLED technologies and materials for use in the electronic flat panel display, lighting and other opto-electronic markets. Universal Display is working with a network of world-class organizations including Princeton University, the University of Southern California, the University of Michigan and PPG Industries. The Company has also established more than 20 development programs and other similar relationships with companies such as Tohoku Pioneer Corporation; Samsung SDI Co.; AU Optronics Corporation; DuPont Displays, Inc.; Seiko Epson Corporation; Sony Corporation; and Toyota Industries Corporation. The Company has also licensed its OVPD technology to AIXTRON AG for the development of next-generation OLED manufacturing equipment. Universal Display currently owns or has exclusive or sole rights in approximately 725 issued and pending patents worldwide.

Universal Display is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey, minutes away from its research partner at Princeton University. Universal Display's state-of-the-art facility is designed to further technology and materials development, technology transfer to manufacturing partners and work with customers to develop products to meet their needs for OLED products. Visit Universal Display on the Web at www.universaldisplay.com.

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, are forward-looking 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, 2005. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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