Press Release April 8, 2003
NVE Names John K. Myers Vice President of Development

EDEN PRAIRIE, Minn.--April 8, 2003--NVE Corporation (NasdaqSC: NVEC) today announced that John K. Myers, age 54, has been named to the new position of Vice President of Development.

In his new role, Myers will be responsible for Contract Research and Development and New Product Development. The company's world-class Research and Development group was previously led by NVE founder and Chief Technology Officer James M. Daughton, Ph.D. Daughton, age 66, will remain Chief Technology Officer and continue to provide technical expertise.

Overall responsibility for worldwide coupler sales and marketing will be assumed by Anthony F. Leali, who has been promoted from National Sales Manager to Director of Standard Device Sales.

"We are fortunate to be able to transition the leadership of Development and Coupler sales to such capable hands," commented NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "John has developed the Coupler business to its current success. Now he will lead our development of practical spintronic products. Anthony will continue his successful efforts to expand our distribution and bring our revolutionary products to a broad market."

Myers has been with the company since 1997, previously serving as Vice President of New Business Development and Vice President of the Coupler Business Unit. He has 30 years of experience in management and new business development, and holds B.S. in Electrical Engineering and M.B.A. degrees from the University of Minnesota.

Leali has been with NVE for two years and has over 15 years of sales and engineering experience. He has a B.S. in Electrical Engineering from the University of Minnesota and an M.B.A. from the University of St. Thomas.

Statements used in this press release that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, the company's ability to satisfy NASDAQ's continued listing requirements for SmallCap issuers, as well as the risk factors listed from time to time in the company's filings with the SEC, including the company's Annual Report on Form 10-KSB and other periodic reports filed with the SEC.