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***July 6, 2006 –* Konica Minolta announced a breakthrough organic light-emitting diode (OLED) on Friday, according to Reuters. The OLED can produce bright light without using much power, replacing more traditional LCDs with backlighting. The OLED is much cheaper to produce and can be used in display devices such as digital cameras, computer screens, and TV monitors. Konica Minolta said the OLED runs at 64 lumens per watt, similar to a fluorescent light. The company also claims the OLED possesses a lifespan of 10,000 hours, according to Reuters. Konica Minolta, which announced the closeout of camera production in March, is the first to market the OLED technology, according to Reuters. When news broke of the OLED development on Friday, Konica Minolta shares jumped as much as 7.7 percent in the morning and averaged out at nearly 6 percent at the end of the day, according to Reuters. Konica Minolta plans to unveil the product in April 2007. The company estimates that within three years of the release date, the OLED will generate 20 billion yen ($175 million USD) for the company, according to Reuters.