UNIVERSAL DISPLAY
CORPORATION                                            PRESS RELEASE



For:                                            From:
Universal Display Corporation                   Gregory FCA Communications
For More Information Contact:                   For More Information Contact:
Dean Ledger                                     Investor contact: Kathy Keyser
800-599-4426                                    kathy@gregoryfca.com
                                                Media contact: Renee Rozniatoski
                                                renee@gregoryfca.com

FOR IMMEDIATE RELEASE

   UNIVERSAL DISPLAY CORPORATION APPOINTS KPMG LLP AS INDEPENDENT ACCOUNTANTS

Ewing, NJ, July 30, 2002 -- Universal Display Corporation (NASDAQ: PANL; PHLX:
PNL) today announced that it has engaged KPMG LLP as its new independent
accountants, effective immediately, and has dismissed Arthur Andersen LLP. This
appointment follows a careful selection process involving the Audit Committee of
the Board of Directors and Universal Display's management.

About Universal Display Corporation

Universal Display Corporation is a world leader in developing and
commercializing innovative Organic Light Emitting Device (OLED) technologies. It
is collaborating with a network of world class organizations to penetrate the
electronic flat panel display market, including a long-standing relationship for
innovative OLED research with Princeton University and the University of
Southern California; a joint development agreement with Sony Corporation for
OLED television monitors; a joint development agreement with Samsung SDI
focusing on portable OLED devices; a strategic relationship for the
commercialization and production of its proprietary high efficiency OLED
materials with PPG Industries, Inc. of Pittsburgh, PA USA; and a partnership
with AIXTRON AG of Aachen Germany for the development and production of the next
generation of OLED production equipment using Universal Display Corporation's
proprietary organic vapor phase deposition (OVPD) technology.

Universal Display Corporation is located in the Princeton Crossroads Corporate
Center, Ewing, N.J., minutes away from its research partner at Princeton
University. Its 21,000 sq. ft. facility includes a pilot production line, as
well as technology development and technology transfer facilities. The
state-of-the-art facility has been designed to further technology development,
technology transfer to manufacturing partners and work with customers to develop
products to meet their needs for electronic flat panel displays. Visit Universal
Display Corporation on the Web at http://www.universaldisplay.com




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All statements in this news release that are not historical are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, subject to risks and uncertainties that could cause actual results to
differ materially for Universal Display Corporation from those projected,
including, but not limited to, statements regarding Universal Display
Corporation's beliefs, expectations, hopes or intentions regarding the future.
Universal Display Corporation expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Universal Display Corporation's
expectations with regard thereto or any change in events, conditions, or
circumstances on which any such statements are based. It is important to note
that actual outcomes and Universal Display Corporation's actual results could
differ materially from those in such forward-looking statements. Factors that
could cause actual results to differ materially include risks and uncertainties
such as: uncertainties relating to developments and advances in display
technologies, including OLED, TOLED, SOLED, PHOLED and FOLED technology; the
expansion of applications for OLED technology; the success of UDC and its
development partners in accomplishing technological advances; including, but not
limited to, Organic Vapor Phase Deposition (OVPD) processes; the ability of
Universal Display Corporation to enter into alliances with product
manufacturers; product development, manufacturing, and marketing acceptance;
uncertainties related to cost and pricing of Universal Display products;
dependence on collaborative partners; and other competition, risks relating to
intellectual property of others and the uncertainties of patent protection.
These are discussed in periodic reports filed with the SEC, including the
Company's annual report on Form 10-K for the year ended December 31, 2001 and
quarterly report on Form 10-Q. Universal Display Corporation expressly disclaims
any obligation or undertaking to release publicly any updates or revisions to
any forward-looking statements contained herein to reflect any change in
Universal Display Corporation's expectations with regard thereto or any change
in events, conditions, or circumstances on which any such statements are based.