eMagin Awarded $2.5 Million U.S. Army Contract for OLED Microdisplay Prototype Project

Rhea-AI Summary

eMagin Corporation (NYSE American: EMAN) has secured a $2.5 million contract from the U.S. Army for a prototype of a high-brightness, full-color OLED microdisplay. This technology aims to enhance soldiers' situational awareness and mobility in military applications. The prototype is expected to undergo testing within 24 months, potentially leading to a production agreement without competition. eMagin is the sole U.S. manufacturer of these displays and has been supplying U.S. defense programs since 2006, indicating the company's importance in the defense supply chain.

Positive

• Awarded a $2.5 million contract from the U.S. Army for OLED microdisplay technology.
• The contract supports eMagin’s role as a sole U.S. manufacturer of OLED microdisplays.
• Prototype expected to enhance soldiers' situational awareness and mobility.
• Testing of prototypes within 24 months may lead to follow-on production without competition.

Negative

• None.

High-brightness, Full-color Microdisplay to Provide Soldiers with Augmented Reality Views of the Battlefield

HOPEWELL JUNCTION, N.Y., June 16, 2022 (GLOBE NEWSWIRE) --  eMagin Corporation (NYSE American: EMAN), a leader in the development, design and manufacture of high-resolution OLED microdisplays for AR/VR and other near-eye imaging products, today announced it has been awarded a $2.5 million contract from the U.S. Army for a high-brightness, full-color OLED microdisplay prototype project, including manufacturing process technologies. The prototype will be used in AR systems that provide both sensor and tactical data to soldiers, thereby enhancing situational awareness and mobility in a range of military applications.

“We are honored that the Department of Defense has recognized eMagin’s OLED manufacturing and technical capabilities and appreciate the grant award, which will support our continuing efforts to provide a U.S. supply chain solution for these critical military components,” said Andrew Sculley, CEO of eMagin Corporation. “eMagin is the sole U.S. manufacturer of OLED microdisplays and we have proudly supplied to U.S. defense programs of record since 2006.”

“This project will support the government’s need to secure a U.S. source for a high-performance microdisplay that provides high brightness and exceptional visual acuity with high information content, even in bright daylight conditions," said Amal Ghosh, eMagin’s chief operating officer. “We will further improve the efficiency, brightness and lifetime of our proprietary direct-patterned, full-color OLED microdisplays by incorporating additional technological advancements.”

As part of this project, eMagin will deliver high-brightness color OLED microdisplay prototypes for testing and evaluation within 24 months. It is anticipated that upon the successful completion of the prototype, a follow-on production agreement may be issued without the need for a competitive process.

About eMagin
eMagin is the leader in OLED microdisplay technology, enabling the visualization of digital information and imagery for world-class customers in the military, consumer, medical and industrial markets. The Company invents, engineers, and manufactures display technologies of the future and is the only manufacturer of OLED displays in the United States. eMagin's Direct Patterning Technology (dPd™) will transform the way the world consumes information. Since 2001, eMagin's microdisplays have been used in AR/VR, aircraft helmets, heads-up display systems, thermal scopes, night vision goggles, future weapon systems and a variety of other applications. For more information, please visit www.emagin.com.

Important Cautionary Information Regarding 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. For a more complete description of the risk factors that could cause our actual results to differ from our current expectations, including impacts of the COVID-19 pandemic, please see the section entitled "Risk Factors" in eMagin's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in any Form 10-Q filed or to be filed by eMagin, and in other documents we file with the SEC from time to time.

Contact:

eMagin Corporation
Mark Koch, Chief Financial Officer
845-838-7900
investorrelations@emagin.com

Sharon Merrill Associates, Inc.
Nicholas Manganaro
617-542-5300
eman@investorrelations.com

FAQ

What is the recent contract awarded to eMagin Corporation (EMAN)?

eMagin Corporation has been awarded a $2.5 million contract from the U.S. Army for the development of a high-brightness, full-color OLED microdisplay prototype.

What will the OLED microdisplay prototype be used for?

The OLED microdisplay prototype will be utilized in AR systems to provide soldiers with enhanced situational awareness and tactical data.

When is eMagin expected to deliver the OLED prototypes to the U.S. Army?

eMagin is expected to deliver the OLED microdisplay prototypes for testing and evaluation within 24 months.

How does eMagin Corporation contribute to U.S. defense programs?

eMagin is the sole U.S. manufacturer of OLED microdisplays and has supplied to U.S. defense programs of record since 2006.

What are the potential future implications of the contract for eMagin (EMAN)?

Upon successful completion of the prototype, eMagin may secure a follow-on production agreement without a competitive process.