NVE Corporation Wins Government
MRAM Contract
EDEN PRAIRIE, Minn.--June 4, 2002--NVE Corporation (OTCBB: NVEC)
today announced that it has been awarded a United States Air Force
Research Laboratory contract for approximately $1,125,000 to develop
advanced Magnetic Random Access Memories (MRAMs) over the next two
years.
Unlike conventional DRAM and SRAM memories which lose data when
power is off, MRAM uses "spintronic" magnetic materials
which retain data when power is removed. Such devices are important
in military applications because of their immunity to power outages
and radiation-induced failures. MRAM also has huge commercial potential;
Semico Research Corporation predicts that MRAM has the potential
to revolutionize the $48 billion semiconductor memory market.
NVE has developed an impressive portfolio of MRAM intellectual
property with research largely supported by U.S. government agencies.
The company's current commercial MRAM partners include Cypress Semiconductor
Corporation (NYSE: CY), Motorola, Inc. (NYSE: MOT), Honeywell International
(NYSE: HON), and Union Semiconductor Technology Corporation (USTC).
NVE partners have announced plans for MRAM production as soon as
the end of 2002.
Commenting on the award, Daniel Baker, Ph.D., NVE's president and
CEO, said: "This award is our largest MRAM contract ever, and
will strengthen what we believe is already one of the strongest
intellectual-property portfolios in the industry."
NVE is a leader in the practical commercialization of "spintronics,"
which many experts believe represents the next generation of microelectronics.
NVE's products include sensors and couplers which revolutionize
data acquisition and transfer. The company also licenses spintronics/Magnetic
Random Access Memory (MRAM) designs to memory manufacturers.
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.
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