Press Release


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April 18, 2001



Universal Display Corporation and Sony Corporation
Announce Joint Development Agreement
Aimed at Organic LED Television Monitors




Ewing, N.J., Tokyo, Japan (April 17, 2001) Universal Display Corporation (UDC) (Nasdaq: PANL PHLX: PNL) and Sony Corporation (NYSE:SNE) have announced a joint development agreement for high efficiency active matrix Organic LED (OLED) display devices for use in large area monitor applications. Under the Agreement, the parties will develop active matrix OLED displays with extremely high power efficiency combining UDC's proprietary high efficiency electrophosphorescent materials and Sony's proprietary low temperature poly silicon active matrix OLED technology (TAC: Top emission Adaptive Current drive).

Sony has developed a 13-inch active matrix OLED display using its novel TAC technology. That display is a little thicker than a credit card and has the potential to replace the bulky TV tube. UDC's portfolio of innovative OLED technologies include its world record high efficiency electrophosphorescent material system, which can be up to four times more power efficient than conventional OLED systems; transparent cathodes, and flexible plastic display technologies. It has the sole and exclusive licensing rights to over 380 issued and pending OLED patents worldwide.

"The opportunity to work with the Sony team is a very exciting event. We believe that their vision of a thin, lightweight OLED television monitor is a dramatic confirmation of the essential attributes of OLED technology and their position as a premier developer of high quality large area consumer electronic display products," stated Steven V. Abramson, President and Chief Operating Officer of UDC.

Tetsuo Urabe, General Manager of Sony's OLED development department stated "UDC and their research partners have been developing extraordinary and innovative OLED technologies for more than 7 years and the combination of Sony's advanced AM-OLED technology and UDC's high expertise in OLED research and development will accelerate the realization of this revolutionary flat panel display technology for large area applications."


UDC/Sony
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About Universal Display Corporation
UDC is a world leader in developing and commercializing innovative OLED technologies. It is collaborating with a network of world class organizations to penetrate the electronic flat panel display market, including a long-standing relationship for innovative OLED research with Princeton University and the University of Southern California; a strategic relationship for the commercialization and production of proprietary high efficiency OLED materials with PPG, Inc. of Pittsburgh, PA USA; and a partnership with Aixtron AG of Aachen Germany for the development and production of the next generation of OLED production equipment using UDC's proprietary organic vapor phase (OVPD) technology and have the sole subcontracting rights to Motorola's OLED patent portfolio. Visit UDC on the Web at http://www.universaldisplay.com.
About Sony
Sony is a leading manufacturer of audio, video, game, communications and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and on-line businesses, Sony is uniquely positioned to be a leading broadband entertainment company. Sony recorded consolidated annual sales of more than $63 billion for the fiscal year ended March 31, 2000. Visit Sony on the Web at http://www.sony.net/.


All statements in this news release that are not historical are forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially for Universal Display Corporation from those projected, including, but not limited to: uncertainties relating to technological approaches, product development, manufacturing, and marketing acceptance, uncertainties related to cost and pricing of Universal Display products, dependence on collaborative partners, and other competition, risks relating to intellectual property of others and the uncertainties of patent protection. These are discussed in periodic reports filed with the SEC, including the Company's annual report on Form 10-K for the year ended December 31, 2000 and quarterly report on Form 10-Q. Universal Display Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Universal Display Corporation's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.