Exhibit 99.1
eMAGIN ANNOUNCES RESULTS OF ANNUAL MEETING
Hopewell Junction, NY, July 19 /PRNewswire/ eMagin Corporation
(AMEX:EMA), the leader in Organic Light Emitting Diode (OLED) on silicon display
technology, today announced the results of the Annual Meeting of shareholders,
and reported the highlights of the corporate update given by Gary Jones,
chairman, CEO and president of eMagin. The stockholders re-elected the following
six directors: Claude Charles, president of Great Tangley Corporation; Gary
Jones, president and CEO of eMagin; Ajmal Khan, president and CEO of Verus
International Group Limited; N. Dadomar (Dan) Reddy, chairman of the Board, CEO,
and president of Alliance Semiconductor; Jack Rivkin, executive vice president
of Citigroup Investments, Inc.; and Martin L. Solomon, interim co-CEO of Hexcel
Corporation and past chairman, president, and chief executive officer of
American Country Holdings, Inc. Stockholders also approved the appointment of
Arthur Andersen LLP to audit the company's financial statements and books and
records for the year 2001, reincorporation of the company as a Delaware
corporation, amendment of the company's 2000 Stock Option Plan, and adoption of
the 2001 Employee Stock Purchase Plan.
In his remarks to shareholders, Gary Jones stated, "Based on cost and
performance, we believe our OLED on silicon technology is the best choice for
near-to-eye microdisplay applications. eMagin's major technical accomplishments
to date include extending display lifetimes, the development of full-color
spectrum white OLEDs, integrated color filters directly on the devices, and
unique integrated circuit designs embedding interface and drive electronics, to
name just a few."
"The eMagin team has almost limitless energy to create innovations and
to execute its plans," continued Jones. "We intend to pursue, with vigor and
boldness, strategies designed to make eMagin the leading microdisplay company
providing OLED microdisplays and optics. We are focused on providing solutions
that help our customers solve real problems or create new products and markets."
Earlier this week eMagin announced that it has shipped evaluation
microdisplays to more than 20 potential customers, who are evaluating the unit
for possible inclusion in their products. Some of these have already completed
evaluations, and have placed initial orders for later this year.
Jones added that the company is in discussions to secure additional
financing to fund the company's growth as it moves into the production stage. He
cited the company's competitive advantages, in addition to its core technology
base, as including the co-location of its manufacturing infrastructure within
IBM, its strategic alliances, and the optics and design expertise at its
subsidiary, Virtual Vision.
About eMagin Corporation
A leading developer of virtual imaging technology, eMagin Corporation
combines integrated circuits, microdisplays, and optics to create a virtual
image similar to the real image of a computer monitor or large screen TV. These
miniature, high-performance, modules provide access to information-rich text,
data, and video which can facilitate the opening of new mass markets for
wearable personal computers, wireless Internet appliances, portable DVD-viewers,
digital cameras, and other emerging applications. eMagin's intellectual property
portfolio of more than 100 patents issued or filed is leveraged by key OLED
technology licensed from Eastman Kodak and joint development programs with IBM
and Covion, among others. OLEDs are emissive devices (i.e., they create light),
as opposed to liquid crystal displays (LCDs) that require a separate light
source. OLED devices use less power and are capable of high brightness and
color. Because the light they emit appears equally bright from all directions,
they are ideal for near to the eye applications since a small movement in the
eye does not change the image. According to DisplaySearch, a leading market
research firm focusing on the global flat panel display industry, OLED revenues
are predicted to reach $3.1 Billion by 2005. eMagin's corporate headquarters and
microdisplay operations are co-located with IBM on its campus in East Fishkill,
N.Y. Wearable and mobile computer headset/viewer system design and full-custom
microdisplay system facilities are located at its wholly owned subsidiary,
Virtual Vision, Inc., in Redmond, WA. The company has marketing offices in Santa
Clara, CA and Japan. Further information about eMagin and its virtual imaging
solutions can be accessed at www.emagin.com (http://www.emagin.com/)
Note to editors: eMagin is properly spelled beginning with a lower case
e.
Forward Looking Statements
This 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. These statements relate to future events or our future
financial performance. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential" or "continue," the
negative of such terms, or other comparable terminology. These statements are
only predictions. 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.
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