The 2019 Annual Meeting of Shareholders commenced with the celebration of the 25th anniversary of Universal Display Corporation’s founding. “For 25 years, our Company has stood for vision, innovation and reality. We are proud of that reputation. As a fast moving, forward-thinking Company, we continue to target new opportunities as we leverage our materials technology, intellectual property, and growing product portfolio,” said Steven V. Abramson, Universal Display’s President and Chief Executive Officer. “UDC is a trailblazer in the growing OLED market. Our robust innovation engine and commitment to operational excellence boosts our agility and flexibility to drive the invention and development of the best OLED technologies and phosphorescent materials for our customers and partners worldwide.”
Abramson continued, “In 2018, we continued to make significant progress with our internal roadmaps. This included new customer agreements, new infrastructure plans, expansion of our critical mass and advancements in our R&D programs. We believe that these initiatives further solidify our leadership position in the OLED ecosystem and fortify our long-term plans to enable this growing industry. We believe that we are in a multi-year OLED capex growth cycle. For 2019, we forecast a return to strong double-digit revenue growth, fueled by new investment plans, new product launches and new adoptees. In summary, the past 25 years have been an exhilarating journey of growth, and we are looking forward to the next 25 years. We see tremendous positive momentum in our business and believe that we are well positioned to capture the exciting opportunities in the marketplace for today and tomorrow.”
During the annual meeting, shareholders voted on the three proposals described in the Company’s most recent proxy statement. The shareholders re-elected all seven nominees for the Company’s Board of Directors, approved a non-binding, advisory resolution on compensation of the Company’s named executive officers, and ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for 2019.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
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, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial 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, 2018. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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