Cambridge display technology provided the following update in its latest 8-K filing, announcing a new licensee in Japan.

The Licensee will pay an upfront fee to CDT in three installments, 50% of the up front fee by September 30th, 2006, 40% on April 1st, 2007 and 10% on December 1st, 2008 and will also pay royalties based on its sales revenues for products which incorporate LEP technology. The Licensee will be obligated to pay CDT a minimum royalty after a period of time after commercialization by the Licensee of products which incorporate LEP technology. The License is terminable by the Licensee on 12 months' notice.

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