Universal Display Corporation, enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, on 22nd June held its 2017 Annual Meeting of Shareholders.

“2016 was a meaningful year of ‘building’ - for the OLED industry and for Universal Display Corporation. The growing breadth of bright, beautiful, thin OLED products is captivating the consumer market. With a flourishing pipeline of new OLED market applications, new OLED end-users and new OLED consumer adoptees, leading panel makers announced multi-billion dollar investment plans and commenced new capacity builds for the next wave of high-volume OLED display production,” said Steven V. Abramson, Universal Display's President and Chief Executive Officer. “This past year was also filled with a number of accomplishments and events that build and reinforce Universal Display’s leadership position in the OLED ecosystem. These included new agreements in China, the introduction and shipment of next-generation emitters, bolstering our IP portfolio with new inventions and patents from our amazing R&D teams, and hitting new milestones in our R&D programs. Additionally, we invested $130 million in acquiring both Adesis, Inc., an organic synthesis contract research organization (CRO), and BASF’s OLED IP portfolio. We also embarked on a $15 million manufacturing expansion phase with our partner PPG Industries.”

(Image: Universal Display Corporation)

Abramson continued, “Across the Company, we are building momentum for continued profitable growth. We are expanding our customer collaborations, significantly stepping up our R&D efforts, increasing our technical field capabilities, and fortifying our product development engine. We continue to make great strides in broadening the scope and depth of our phosphorescent technology and materials portfolios, including new red, green, yellow and blue PHOLED emitters and host materials. We are also advancing our next-generation manufacturing technologies, such as organic vapor jet printing. We believe that these and our other strategic initiatives have created significant competitive advantages that translate to strong market leadership, and will support and strengthen our primary focus of enabling our customers’ successes, and therefore, our long-term success.”

During the annual meeting, shareholders voted on the four proposals described in the Company’s most recent Proxy Statement. The shareholders re-elected all eight nominees for the Company’s Board of Directors, approved a non-binding, advisory resolution on compensation of the Company’s named executive officers, selected one year as the frequency for the Company to hold future advisory shareholder votes 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 2017. Leonard Becker, who has served as a member of the Board of Directors since 2001, stepped down from the Board following the completion of his term at the Annual Meeting.

Sherwin I. Seligsohn, Universal Display’s Founder and Chairman of the Board of Directors, commented, “On behalf of the Board and management team, I would like to thank Leonard for his 15+ years of service to the Company. We are grateful for his insight and unwavering support as we’ve migrated from a small R&D company in Ewing, NJ, to a global leader in the OLED industry. We wish him all the best.”

The audio portion of the presentation was simultaneously broadcasted over the Internet. An online archive of the webcast will be available on the events page of the Company's Investor Relations website at ir.oled.com.