Patricia M. Hollister Joins
NVE's Board of Directors
EDEN PRAIRIE, Minn.--August 17, 2004--NVE Corporation (NasdaqSC:
NVEC) announced that Patricia M. Hollister, chief financial officer
of FSI International, Inc., has been elected to NVE's board of directors
at the company's annual meeting held today.
Ms. Hollister has served as Chief Financial Officer of FSI International,
Inc. (NasdaqNM: FSII), since 1998. She was Corporate Controller
from 1995 to 1998. Prior to joining FSI, Ms. Hollister was employed
by KPMG LLP in Minneapolis, Minnesota where she served over 12 years
on various audit and consulting engagements, most recently as a
Senior Manager. Ms. Hollister is a director of various FSI owned
foreign subsidiaries. FSI designs, manufactures, markets and supports
equipment used in the fabrication of microelectronics.
Ms. Hollister's election expands NVE's board of directors to six
members. Ms. Hollister is expected to be elected chairman of the
company's audit committee by the company's board of directors.
"Pat's wealth of semiconductor industry business experience will
be valuable as NVE expands the licensing of its intellectual property,"
commented Daniel A. Baker, NVE's president and chief executive officer.
"Furthermore, her financial background and expertise will help NVE
continue to meet the highest standards for corporate governance."
NVE is a leader in the practical commercialization of spintronics,
a nanotechnology which many experts believe represents the next
generation of microelectronics. NVE licenses its MRAM intellectual
property and sells spintronic products including sensors and couplers
to revolutionize data sensing and transmission.
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
the risk factors listed from time to time in the company's filings
with the SEC, including our Annual Report on Form 10-KSB and other
reports filed with the SEC.
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