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Cambridge, United Kingdom - March 26, 2007 (PRIME NEWSWIRE) -- Cambridge Display Technology (CDT) (Nasdaq:OLED) today announced that Ian Chao, 44, has been promoted to Vice President -- Commercial, succeeding SB Cha, who is resigning to pursue another venture. In this new position, Chao will oversee all of CDT's commercial activity, including business development and marketing. In addition, Chao will continue to oversee the company's Asia business development activities.
"On behalf of the entire CDT team, I would like to extend our heartfelt appreciation to SB Cha for his years of dedicated service to the company involving very heavy international travel. He has played a very big role in expanding CDT's commercial offer to the display industry and we wish him well in his future endeavors," said David Fyfe, Chief Executive Officer of CDT. "While we are sad to see SB go, Ian was a natural choice to succeed him. Since joining CDT in 2003, Ian has been instrumental in expanding our relationships in Asia and a key contributor to CDT's overall commercial development efforts."
Prior to joining CDT, Chao was General Manager for Applied Materials 'Asia Chemical Mechanical Polishing Group', where he was responsible for managing all of the group's business development activities. He received his Masters degree in materials science and engineering from University of Texas at El Paso and also earned an MBA from Purdue University.
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, UK and listed on the U.S. NASDAQ Global 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, which would affect its ability to continue the research, development and commercialization of its P-OLED technology and other related technologies and as a going concern. 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.
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