eMagin Announces Manufacturing Technology (ManTech) Award to Develop Advanced OLED Microdisplays

HOPEWELL JUNCTION, N.Y.--()--eMagin Corporation (NYSE MKT: EMAN) a leader in OLED microdisplays and virtual imaging technologies previously announced on October 9, 2014 a total of $6.8 million in new R&D contract awards. Today eMagin announces that $6.45 million of that total is a contract to develop and produce an ultra-high resolution, high brightness, high contrast, full color OLED microdisplay at a low unit cost. This Defense-wide Manufacturing Science & Technology (DMS&T) award is funded by the Under Secretary of Defense for Acquisition, Technology, and logistics (USD AT&L) and will be administered by the US Army RDECOM CERDEC Night Vision and Electronic Sensors Directorate (NVESD) Science and Technology (S& T) Division. The $6.45 million dollar contract will be executed over the next 30 months.

“OLED displays produced through this program will truly meet the DMS& T mandate to impact joint service warfighting capabilities, from fighter and rotary wing aviation platforms to ground warfare systems”

The DMS&T program was established in FY08 to complement each military service's Man Tech program. The goal is to focus on cross-cutting defense manufacturing needs, those that go beyond the ability of a single service to address, and to stimulate the early development of manufacturing processes and enterprise business practices concurrent with S& T development to achieve the largest cost-effective impact.

"Our recent successes with our Enhanced Ultra-high Brightness OLEDs and innovative backplane development provide a solid foundation as we begin the DMS& T effort,” said Andrew Sculley, eMagin President and CEO. "OLED displays produced through this program will truly meet the DMS& T mandate to impact joint service warfighting capabilities, from fighter and rotary wing aviation platforms to ground warfare systems,” added Sculley. "The technology and manufacturing improvements associated with these displays will find broad vision system applications in both military and commercial markets."

Amal Ghosh, eMagin's SVP for R&D stated that "upon the completion of the program, eMagin will the produce full color OLED microdisplays that will have brightness in excess of 10,000 cd/m2 (3,000 fl) or “nits” with a contrast of at least 10,000:1 and resolutions higher than 1920x1200 pixels. In addition, a highly improved backplane technology will be developed under this program. This advanced backplane will enable significant performance improvements in the OLED device including more than 30% reduction in power consumption compared to the existing backplane technology.”

About eMagin Corporation

A leader in OLED microdisplay technology, OLED microdisplay manufacturing know-how and mobile display systems, eMagin manufactures high-resolution OLED microdisplays and integrates them with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs. For more information go to www.emagin.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation's expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

Contacts

eMagin Corporation
Paul Campbell, CFO, 845-838-7931
pcampbell@emagin.com

Release Summary

eMagin Announces Mantech Award on 10-29-14 to advance low cost microdisplay technology

eMagin Corporation