Universal Display Corp a Pennsylvania corporation was organized in 1985. Its business was commenced in 1994 by a company then known as Universal Display Corporation, which had been incorporated under the laws of the State of New Jersey. The Company is engaged in the research, development and commercialization of organic light emitting diode, or OLED, technologies and materials. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light, making them suitable for use in full-color displays and as lighting products. It sells its proprietary OLED materials to customers for evaluation and use in commercial OLED products. The Company derives revenue from the sales of OLED materials for evaluation, development and commercial manufacturing; intellectual property and technology licensing; and technology development and support, including government contract work and support provided to third parties for commercialization of their OLED products. The Company competes against alternative flat panel display technologies, in particular LCDs, as well as other OLED technologies. It also competes in the lighting market against incumbent technologies, such as incandescent bulbs, fluorescent lamps, inorganic LEDs and emerging technologies, such as other OLED technologies.