NVE Awarded
Additional DoD Bio-Detection Funding
EDEN PRAIRIE, Minn.--December 13, 2005--NVE Corporation (Nasdaq:
NVEC) announced today that it has been awarded additional Bio-Magnetic
Interfacing Concepts (BioMagnetICs) program funding by the Defense
Sciences Office of the Defense Advanced Research Projects Agency.
The award brings NVE's cumulative funding under its BioMagnetICs
contract, which was first announced in 2002, to nearly $2 million.
Expected Department of Defense payoff areas for the BioMagnetICs
program include rapid, robust, hand-held bio-detection devices with
multi-analyte capability and high sensitivity. The new funding is
for NVE to optimize spintronic system components and develop high-volume
fabrication processes.
NVE is a leader in the practical commercialization of spintronics,
a nanotechnology that 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, among
others, such factors as uncertainties related to the awarding of
future government contracts, uncertainties relating to the enforcement
of our intellectual property rights, uncertainties as to whether
other companies will use our technology, as well as the risk factors
listed from time to time in our filings with the SEC, including
our Annual Report on Form 10-KSB and other reports filed with the
SEC.
###
|