Cambridge Display Technology Awarded DTI Grant for Work On Development of White LEPs

Project Will Benefit the Development of High Performance Lighting Applications

Cambridgeshire, UNITED KINGDOM

CAMBRIDGE, United Kingdom, May 24, 2007 (PRIME NEWSWIRE) -- Cambridge Display Technology (CDT) (Nasdaq:OLED), a pioneer in the development of polymer light emitting diode (P-OLED) technology, today announced that in collaboration with Thorn Lighting and the University of Durham, the Company has been awarded a GBP1.6 million grant by the UK Department of Trade and Industry-led Technology Programme. The grant will part fund a three year project to develop solution processable organic materials and device architectures suitable for large area white lighting applications. The total project cost is GBP3.3 million.

Under terms of the grant, CDT, through its Sumation joint venture, will provide materials, device architecture and testing, modeling, and technical input. The project is aimed at developing materials and devices for solid-state, high efficiency lighting applications based on CDT's patented P-OLED technology. Light emitting polymer materials can be solution processed and offers the potential of low cost manufacturing for large lighting panels. Successful completion of this project will offer novel lighting products with environmental benefits.

Welcoming the project, Science and Innovation Minister, Malcolm Wicks said: "The UK has a proud history of innovation in science and technology. We believe that we must work with industry to develop the marketable products and services of tomorrow, so that we can maintain our position as a leading global economy.

"That's why we're supporting this project to develop the potential of low cost manufacturing of large lighting panels. It provides a great opportunity to harness the UK's world-class expertise."

Dr. David Fyfe, CEO of CDT commented, "The support of the Technology Programme on this project is greatly appreciated. It will allow us to make fast progress in improving our ability to develop inks and device technology, as well as expand the application of our P-OLED technology into the lighting market."

About CDT

Cambridge Display Technology is a pioneer in the development of light emitting polymers (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 organic light emitting diodes, or 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, UK and listed on the U.S. NASDAQ National Market under the symbol 'OLED.'

More information on CDT can be found at:

About the Technology Programme

The Technology Programme provides funding using two of the DTI's business support products: Collaborative Research & Development and Knowledge Transfer Networks. Over the period 2005-2008, GBP320 million in funding is being made available from DTI to businesses to support research and development in technology areas identified by the Government's Technology Strategy Board. This funding is increased by contributions from other Government Departments such as Defra (GBP30m), Regional Development Agencies and Devolved Administrations (GBP30m) and Research Councils (GBP26m).

The Programme is investing directly in new and emerging technologies and has been designed to help businesses work collaboratively with each other or with academic partners to develop technologies that will underpin products and services of the future.

In November 2006, DTI announced that, building on its success to date, the Technology Strategy Board would in 2007 become an Executive Non Departmental Public Body taking over responsibility for the delivery of the Technology Programme.

Since 2004, the Technology Programme has supported over 600 projects across 40 technology areas with a combined business and Government investment worth over GBP900m. 22 Knowledge Transfer Networks (KTNs) have also been established with funding of around GBP40m over 3 years. For further information:

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; 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 caption "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.


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