Universal Display Extends Sponsored Research Program with Dr. Stephen Forrest and Dr. Mark Thompson

Company continues its 15-year relationship with award-winning PHOLED pioneers,
Professor Forrest of the University of Michigan, and Professor Thompson of the
University of Southern California

EWING, N.J.--(Business Wire)--
Universal Display Corporation (NASDAQ:PANL), an innovator behind today`s and
tomorrow`s displays and lighting through its Universal PHOLED phosphorescent
OLED technology, announced today that it has signed an agreement extending its
sponsored research program with the University of Southern California and the
University of Michigan. Under terms of the extension, Universal Display will
provide up to approximately $7.5 million for the next four years to support
research in the growing field of organic electronics under the direction of
Professors Stephen R. Forrest and Mark E. Thompson at their respective
institutions. The company has funded over $8.8 million in sponsored research at
these institutions and Princeton University since 1994.

Patents derived from the research program will continue to be licensed
exclusively to Universal Display. Princeton University will continue to manage
the patent portfolio on behalf of all three universities.

Universal Display has a long-standing relationship with both Professors Thompson
and Forrest, dating back to 1994. Both are recognized as pioneers in the OLED
industry, particularly in the area of phosphorescent OLEDs. Professor Forrest
serves as Vice President for Research and a Professor of Electrical Engineering
& Computer Science, Physics, and Materials Science & Engineering for the
University of Michigan. Professor Thompson is Professor of Chemistry in the
College of Letters, Arts and Sciences at the University of Southern California.

"Stephen Forrest and Mark Thompson not only pioneered today`s commercial
phosphorescent OLED technology, they are at the forefront of tomorrow`s PHOLED
technology including flexible, transparent and white PHOLED technology for
lighting," said Steven V. Abramson, President and Chief Executive Officer of
Universal Display. "Our commercialization of PHOLED technology based on
Professors Forrest and Thompson`s academic research will continue to be crucial
in driving innovation for the growing organic electronics industry. On behalf of
all of us at Universal Display, I`d like to offer both gentlemen our thanks and
admiration for their work over the past 15 years, and for their continued
partnership and commitment to innovation and research."

"It is exciting to continue to be part of Universal Display, and collaborate
with Mark Thompson as the OLED industry enters such an important stage," stated
Professor Forrest. "As energy efficient PHOLED displays become part of the
everyday, a new realm of opportunity is also opening up for the technology in
lighting and flexible applications. I look forward to continuing my partnership
with Universal Display and helping shape the burgeoning organic electronics
industry."

"It has been an extremely fulfilling experience working with Universal Display
and Steve Forrest over the past 15 years," said Professor Thompson. "This next
phase of research and development will witness not only growth in the current
PHOLED display industry, but fantastic new innovations that we only dreamed of
in 1994. I am excited to be part of helping make these innovations a reality."

Past research by Professors Forrest and Thompson has yielded such award-winning
OLED innovations as the Company`s high-efficiency PHOLED phosphorescent OLED
technology and materials. In addition, they have pioneered OLED materials and
device structures for transparent OLEDs, demonstrated the first small-molecule
flexible OLED, and are leading authorities in the field of energy efficient
white PHOLED technology. To date, the Company`s relationships with Professors
Forrest and Thompson have yielded more than 200 U.S. patents along with numerous
foreign counterparts. Their work under the program extension will continue to
focus on advances in these areas, while at the same time supporting their
cutting-edge organic electronics research.

About Universal Display Corporation

Universal Display Corporation is a world leader in developing and
commercializing innovative OLED technologies and materials for use in flat panel
displays, solid-state lighting products, electronic communications and other
opto-electronic devices. 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, Inc.
Universal Display has also established numerous commercial relationships with
companies such as Chi Mei EL Corporation, DuPont Displays, Inc., Konica Minolta
Technology Center, Inc., LG Display Co., Ltd., Samsung SMD Co., Ltd., Seiko
Epson Corporation, Sony Corporation, Tohoku Pioneer Corporation and Toyota
Industries Corporation. Universal Display currently owns or has exclusive,
co-exclusive or sole license rights with respect to more than 940 issued and
pending patents worldwide.

Universal Display is located in the Princeton Crossroads Corporate Center in
Ewing, New Jersey. The Company`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 OLED products that
meet their needs. 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, 2008. Universal Display Corporation disclaims any
obligation to update any forward-looking statement contained in this document.

Universal Display Corporation
Dean Ledger, 800-599-4426
or
Gregory FCA Communications
Investor contact:
Paul Johnson, 610-228-2113
paul@gregoryfca.com
or
Media contact:
Matt McLoughlin, 610-228-2123
matt@gregoryfca.com

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