eMagin Receives $6.8 Million in R&D Contracts; Demonstrates Brightest Full Color OLED Microdisplay

eMagin Corporation (NYSE MKT: EMAN), a leader in OLED microdisplays and virtual imaging technologies, announced today that it has been awarded three new R&D contracts totaling $6.8 million. One of the three new contracts is a $1.1M contract over 15 months to further enhance the full color brightness of its recently demonstrated ultra-high-brightness microdisplay products. The second is a $4.9 million contract over 30 months and the third is a $.8 million contract over 11 months, both pertain to new manufacturing technology. Further details regarding the second and third contracts will be released in the near future.

Andrew Sculley, President and CEO of eMagin, said, “In September 2014 we demonstrated a full color WUXGA display with 9.6 micron pixels running at 7,000 nits using our proprietary technology. We believe this is the brightest ever full color OLED micro-display. With this new contract we recently signed, we expect to approximately double the brightness. We have a significant lead in developing the technology for highly power efficient, small form factor, high contrast, ultra-high-brightness, full color OLED microdisplays. This new contract will help us extend our lead.” Mr. Sculley continued, “Our recent demonstration was a very high resolution display, better than full HD (1920 x 1200), at a pixel pitch as small as our other displays (9.6 microns). These full color displays are much higher brightness and much more power efficient because they don’t use color filters. These displays are ideally suited for applications from avionics (both commercial and military) to the consumer data glass wearables market. These are the only displays that demonstrate the very high contrast at high brightness typically needed for avionics. This brightness plus our thinner, smaller form factor and the inherent lower power than LCOS or LCD technologies make our display highly attractive for the consumer data glass market. Our displays can be made less than 1.8mm thick.”

This new contract will result in further enhanced brightness (approximately double the 7,000 nits) that will be very attractive for other applications requiring ultra-high-brightness, high resolution and high contrast microdisplays. The active matrix feature delivers crisp, high-contrast imagery via eMagin’s True Black^TM pixel technology. The screen turns on instantly at low temperatures without the need for heaters and is built to high commercial and military ruggedness standards. This technology exhibits much lower color shift with angle than standard OLED microdisplays. This approach offers a high-resolution microdisplay with extended luminance performance without the need for a back light, illuminator, or separate drive circuitry which are necessary for LCOS or LCD technology microdisplays.

About eMagin Corporation

A leader in OLED microdisplay technology, OLED microdisplay manufacturing know-how and mobile display systems, eMagin manufactures high-resolution OLED microdisplays and integrates them with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs. For more information go to www.emagin.com.

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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.