HOPEWELL JUNCTION, N.Y.--(BUSINESS WIRE)--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 $0.8 million of that total is a contract to develop an advanced backplane technology for use with eMagin's cutting edge OLED microdisplays. This award is funded by the US Army RDECOM CERDEC Night Vision and Electronic Sensors Directorate (NVESD) Science and Technology (S&T) Division and Naval Air Systems Command. The $750,000 contract will be executed over the next eleven months. "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," said Andrew Sculley, eMagin CEO. "This backplane program will play an integral part of eMagin's advanced OLED development efforts, complementing our ongoing multimillion dollar R&D projects, including the Defense-wide Manufacturing Science & Technology and Enhanced Ultra-high Brightness OLED contracts."
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.