CAMBRIDGE, United Kingdom, Dec. 27, 2006 (PRIME NEWSWIRE) -- Cambridge Display Technology, Inc. (Nasdaq:OLED), a pioneer in the development of polymer light emitting diode (P-OLED) technology, reported that on December 26, 2006 and pursuant to a stock compensation plan which was established in December 2004 when the company completed its IPO, the Company issued 200,295 shares of its common stock to four employees.
The shares issued include 140,000 shares to David Fyfe, Chairman and Chief Executive Officer, and 48,000 shares to S. B. Cha, Vice President, Commercial, in exchange for restricted stock unit awards which were made at the time of the Company's IPO.
Under terms of the plan, once these shares are issued, the recipients are required to make arrangements to settle tax liabilities. On December 26, 2006, the recipients sold, in the aggregate, approximately 73,000 shares to settle such tax liabilities. Fyfe and Cha sold 49,400 and 19,083 shares respectively. All the proceeds of these sales are being remitted to the appropriate taxing authorities.
The remaining shares issued and to be issued under the Plan may not be sold until November 24, 2009 unless certain conditions are met.
About CDT
Cambridge Display Technology is a pioneer in the research, development and commercialization of polymer organic light emitting diodes (P-OLEDs), which are targeted for use in a wide range of electronic display products used for information management, communications and entertainment. Features include reduced power consumption, size, thickness and weight, wide viewing angle, superior video imaging performance and the potential for use on flexible display substrates. Current CDT licensees are actively developing their manufacturing strategies. Founded in 1992, the Company is headquartered in Cambridge, U.K. and listed on the NASDAQ Global Market under the ticker symbol "OLED." The Company's website is 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.