Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light, making them suitable for use in full-color displays and as lighting products. Its OLED, technologies and materials are used in displays for smartphones, tablets and televisions as well as solid-state lighting applications. The Company sells its OLED materials to customers for evaluation and uses in commercial OLED products. The Company also enters into agreements with manufacturers of OLED display and lighting products under which the Company grants them licenses to practice under its patents and to use its know-how. The Company works with these and other companies who are evaluating its OLED technologies and materials for possible use in commercial OLED display and lighting products.