| Press Release | March 26, 2001 |
| NVE Wins Two U.S. Army Awards EDEN PRAIRIE, Minn.--March 26, 2001--NVE Corporation (OTBB: NVEC) has received two SBIR Phase II awards from the United States Army. These two new contracts total approximately $1.46 million and cover a two-year period. These contracts are designed to significantly advance the technology of magnetic field sensing through the development and application of thin-film based magnetic sensors. The U. S. Army currently uses a very large number of magnetic sensors in its day-to-day operations and has the objective of substantially increasing overall mission success and efficiency through the incorporation of the increasingly small and high-sensitivity low-cost magnetic sensors currently under development at NVE. While the United States Army applications range from surveillance to searching for unexploded ordnance, there are many parallel applications in markets currently served by NVE, i.e., the transportation, industrial and consumer markets. NVE participates in the traffic monitoring and control markets. Information on traffic conditions is predominately based on magnetically-sensed information. Dr. Jim Daughton, NVE's Chief Technical Officer, commenting on the awards stated; "These two contracts will greatly enhance NVE's capability to provide the United States Army and our civilian commercial customer base with next generation technology so they can significantly advance their product offerings through the incorporation these devices." NVE is a world leader in the supply of sensor and isolator components for use in a wide variety of communications, industrial and military applications where cost, speed, size, sensitivity, low power and the ability to operate in a broad range of environmental conditions is required. NVE is widely recognized as a leading edge developer of nonvolatile magnetoresistive random access memory technology. NVE, an ISO-9001 certified electronics component manufacturer, specializes in the combination of magnetically sensitive materials with integrated circuits. Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Additional information concerning the factors that could cause actual results to differ materially from the Company's current expectations is contained in the Company's SEC filings. NVE Corporation |