eMagin Expanding New York Manufacturing Facility to Support Growth

Rhea-AI Summary

eMagin Corporation (NYSE American:EMAN) announced a ten-year lease expansion of 25% at their Hopewell Junction facility, increasing space to 63,000 square feet. This expansion supports the $5.5 million IBAS grant and $33.6 million Department of Defense award aimed at enhancing U.S. OLED microdisplay capabilities. The upgraded space will enlarge the clean room by 50% to accommodate new production tools. Hiring for additional production and engineering staff is planned for 2021.

Positive

• Secured a ten-year lease expansion of 25%, increasing facility size to 63,000 square feet.
• Received $5.5 million IBAS grant and $33.6 million Department of Defense award to enhance OLED microdisplay capabilities.
• Clean room expansion by 50% will support new production processes.
• Plans to hire additional production and engineering personnel in 2021.

Negative

• None.

HOPEWELL JUNCTION, NY / ACCESSWIRE / December 4, 2020 / eMagin Corporation (NYSE American:EMAN), a leader in the development, design and manufacture of Active Matrix OLED microdisplays used in Military and Commercial AR/VR devices, and other near-eye imaging products, today announced that the Company has signed a new ten year lease expanding their current footprint by 25% to approximately 63,000 square feet. Additionally, eMagin will have two five-year options to extend the lease as part of this agreement.

"We are encouraged by the recognition we have received for our technology and are excited to begin the upgrade of our equipment and facilities. As a result, we are securing more space in our Hopewell Junction facility in advance of the arrival of the new equipment under our $5.5 million IBAS grant and $33.6 million award from the Department of Defense for enhanced U.S. domestic capability for high resolution, high brightness OLED microdisplays. We will begin the buildout of the space in the first quarter of 2021, increasing our existing clean room by approximately 50% which will house a production tool for our high brightness Direct Patterning Technology process. As part of this effort and to support our improved manufacturing processes, we expect to hire additional production and engineering personnel beginning in 2021," said CEO Andrew Sculley.

Dutchess County Executive Marcus J. Molinaro said, "We are grateful to have a leading tech company like eMagin in our County. Dutchess has a long and rich history of high-tech research and development, and manufacturing companies producing products that advance and protect the World. We look forward to working with eMagin to help train their new and existing workforce in Dutchess County."

About eMagin

The leader in OLED microdisplay technology for the next generation of computing and imaging devices, serving world-class customers in the military, consumer, medical and industrial markets. We invent, engineer and manufacture display technologies of the future in the USA, including our Direct Patterning Technology (dPd^TM) that will transform the way the world consumes information. Since 2001, our microdisplays have been, and continue to be, used in AR/VR, aircraft helmets, heads-up display systems, thermal scopes, night vision goggles, future weapon systems and a variety of other applications. www.emagin.com

Contact:

eMagin Corporation
Mark A. Koch, Acting Chief Financial Officer
845-838-7951
mkoch@emagin.com

Affinity Growth Advisors
Betsy Brod
212-661-2231
betsy.brod@affinitygrowth.com

SOURCE: eMagin Corporation

View source version on accesswire.com:
https://www.accesswire.com/619447/eMagin-Expanding-New-York-Manufacturing-Facility-to-Support-Growth

FAQ

What is the significance of eMagin's recent lease expansion?

eMagin's recent lease expansion allows for a 25% increase in facility size, enhancing their production capabilities for OLED microdisplays.

How much funding has eMagin received from the Department of Defense?

eMagin has received a $33.6 million award from the Department of Defense to enhance domestic OLED microdisplay production.

What improvements will eMagin make to their facility?

eMagin plans to expand their clean room by 50% and upgrade equipment as part of their facility improvements.

When will eMagin begin hiring additional staff?

eMagin expects to begin hiring additional production and engineering personnel starting in 2021.