CAMBRIDGE, United Kingdom, Nov. 7, 2006 (PRIMEZONE) -- Cambridge Display Technology (CDT) (Nasdaq:OLED) today announced that the Board of Directors has elected Thomas G. Rosencrants as an independent Director and has appointed him to serve as Chairman of the Audit Committee and on the Compensation Committee.
Rosencrants, 57, is the Founder, Chairman and Chief Executive Officer of Greystone Capital Group LLC, an Atlanta-based private equity and venture capital firm with investments in numerous financial services companies. He currently serves as a Director and Audit Committee Chairman of CompuCredit Corporation (Nasdaq:CCRT) and is a member of the Board of Directors of Asset Alliance Corporation. He also serves as Chairman of Online Insight Inc. In 1997, Rosencrants was named to The Wall Street Journal Analysts' Hall of Fame for the quality of his investment research. He is a Chartered Financial Analyst and received his MBA in Finance from Roosevelt University.
"As a respected and well-known expert with more than 20 years of financial and investment banking experience, we are pleased to welcome Tom to CDT's board of directors and look forward to having him lead our Audit Committee," said Dr. David Fyfe, Chairman and Chief Executive Officer of CDT.
Rosencrants replaces Director James Sandry, who served as an independent director to the company since December 2004. As reported in August 2006, Sandry stepped down from his role as Chairman of the Company's Audit Committee due to his appointment as chief financial officer of another company, in which Kelso & Company, CDT's largest shareholder, holds a controlling interest.
"On behalf of the company, I would like to personally thank Jim for his board service," said Dr. David Fyfe, Chairman and CEO of CDT. "He played a key role as an independent director following our initial public offering and was an engaged chairman of the audit committee, working diligently with management to provide strong oversight to ensure that our financial reporting and processes were in compliance."
As a result of Rosencrants' appointment, the Company believes it is now in full compliance with the listing standards of Nasdaq Marketplace Rule 4350(d)(2)(A).
About CDT
Cambridge Display Technology is a pioneer in the development of polymer organic light emitting diodes (P-OLEDs) and their use in a wide range of electronic display products used for information management, communications and entertainment.
P-OLEDs are part of the family of OLEDs, which are thin, lightweight and power efficient devices that emit light when an electric current flows. P-OLEDs offer an enhanced visual experience and superior performance characteristics compared with other flat panel display technologies such as liquid crystal displays, and have the key advantage that they can be applied in solution using printing processes. Founded in 1992, the company is headquartered in Cambridge, U.K. and listed on the U.S. NASDAQ National Market under the symbol 'OLED'. In 2005, CDT and Sumitomo Chemical established a joint venture called Sumation(r) which develops, manufactures and sells P-OLED materials to the display industry.
More information on CDT can be found at: www.cdtltd.co.uk
Statements contained in this press release that are not historical facts are "forward-looking statements" and their presence may be indicated by words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will" and "may," as well as the negative thereof and similar expressions. There can be no assurance that future developments affecting Cambridge Display Technology, Inc. and its subsidiaries will be those anticipated by management. Among the factors, risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements are the following: the outcomes of the Company's ongoing and future research and development activities, as well as those of its licensees; the Company's ability to form and continue strategic relationships with manufacturers of P-OLED materials and displays; the successful commercialization of products that include the Company's P-OLED technology by its licensees; the willingness of the Company's manufacturers and licensees to continue to develop, manufacture and sell commercial products integrating the Company's technology; the future demand for products using the Company's P-OLED technology; the comparative advantages and disadvantages of any competing technologies; the Company's ability to maintain and improve its competitive position following the expiration of its fundamental patents; the adequacy of protections afforded to the Company by the patents that it owns or licenses and the cost to the Company of enforcing these patents; the Company's ability to obtain, expand and maintain patent protection in the future and to protect its unpatentable intellectual property; developments in and expenses associated with resolving matters currently in litigation; and the Company's future capital requirements and its ability to obtain additional financing when needed. Readers should also consider the additional factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" in the Company's 10-K and 10-Q reports filed with the SEC. Investors should not place undue reliance on such forward-looking statements and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.