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PRESS RELEASE |
NVE and Everspin Agree to Settlement of Lawsuits
EDEN PRAIRIE, Minn.April 7, 2014NVE Corporation (Nasdaq: NVEC) and
Everspin Technologies, Inc. have agreed to dismiss, with prejudice, an NVE lawsuit
against Everspin filed January 3, 2012 and an Everspin lawsuit against NVE
filed February 24, 2012. Both lawsuits alleged patent infringement and were
filed in the U.S. District Court for the Minnesota District.
The parties have further agreed not to assert the
patents in either suit against the other party in the future, and Everspin agreed
not to participate in current inter partes reexamination proceedings pending
against NVEs patents in suit.
The agreement is limited to the patents asserted
in the 2012 lawsuits.
NVE is a leader in the practical commercialization
of spintronics, a nanotechnology that relies on electron spin rather than electron
charge to acquire, store and transmit information. The company manufactures high-performance
spintronic products including sensors and couplers that are used to acquire and
transmit data. NVE has also licensed its spintronic magnetoresistive random access
memory technology, commonly known as MRAM.
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 risks
in the enforcement of our patents, litigation risks, as well as the risk factors
listed from time to time in our filings with the SEC, including our Annual Report
on Form 10-K for the fiscal year ended March 31, 2013 and other reports filed
with the SEC.
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