Universal Display Corporation Announces Passing of Founder and Visionary Entrepreneur Sherwin I. Seligsohn

EWING, NJ, December 6, 2022–(BUSINESS WIRE)–Universal Display Corporation (Nasdaq: OLED) today announced that founder Sherwin I. Seligsohn passed away on December 3, 2022. The entire UDC community mourns the loss of Sherwin, a valued visionary, leader and friend, and extends its deepest condolences to his family and loved ones.

With an exceptional intellect and fierce curiosity, Sherwin left an indelible mark on the display and wireless industries. Sherwin, who was born in 1935, eclipsed conventional teaching methods, so he dropped out of high school and pursued his life interests, including the stock market. Throughout his life, Sherwin loved the Jersey Shore and often spent time on the beach with his young children. Sherwin’s curiosity to track the financial markets and get real-time stock quote updates without leaving the beach sparked the idea of ​​a portable data machine. His drive and passion for wireless technology led Sherwin to found his first multi-billion dollar company in 1972, International Mobile Machines Corporation (IMM), now known as InterDigital, Inc. (Nasdaq: IDCC). In 1990, Sherwin stepped down as chairman of IMM and began looking for his next venture. After reading about new research work by Dr. Forrest and Thompson in self-emissive organic materials Earth magazine, Sherwin decided to explore this groundbreaking technology with a visit to the electrical engineering school at Princeton University. There he saw a green dot, with a 9-volt battery hanging from it, light up for seconds before it expired. From that little organic green dot, Sherwin envisioned the future of display technology and founded Universal Display Corporation in June 1994. Universal Display has rapidly grown and developed from an R&D start-up to a world leader in the OLED industry.

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“Sherwin’s extraordinary vision, entrepreneurial passion and unique leadership led to the creation of two of the most impactful enabling technology companies in the global OLED and digital cellular ecosystems,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. “I have had the privilege of working closely with Sherwin for more than 40 years. He was not only my brilliant mentor, but also my wonderful and generous friend. With a long-term strategic vision, Sherwin UDC’s guiding principles of curiosity cultivated and nurtured. respect, humility and determination. His mindset of constantly ‘thinking outside the box’ and courageous conviction is embedded in the company’s DNA and is key to UDC’s remarkable success. Sherwin’s incredible legacy will continue to drive the company forward to drive him on his path of growth and innovation. We will miss him tremendously.”

In addition to founding Universal Display Corporation, Sherwin I. Seligsohn served as its chairman of the board from June 1995 until June 2022 when he was named chairman emeritus. He also served as Chief Executive Officer of UDC from June 1995 to December 2007, and as President from June 1995 to May 1996. From June 1990 to October 1991, Sherwin was Chairman Emeritus of InterDigital, Inc., formerly International Mobile Machines Corporation. He founded InterDigital and served as the Chairman of the Board of Directors from August 1972 to June 1990. Sherwin was also a member of the Industrial Advisory Board of the Princeton Institute for the Science and Technology of Materials (PRISM) at Princeton University.

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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 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 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 energy-efficient 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 production of peak performance OLEDs. In addition, Universal Display delivers innovative and customized solutions to its customers and partners through technology transfer, collaborative technology development and on-site training. 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.

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All statements in this document that are not historical, such as those related to the projected adoption, development and advancement of the Company’s technologies, and 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 represent Universal Display Corporation’s reflect current views. regarding 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 more 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, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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