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.