EDEN PRAIRIE, Minn., Oct. 3 /PRNewswire-FirstCall/ -- NVE Corporation (Nasdaq: NVEC) announced today that it has been awarded additional funding by the U.S. Navy's Office of Naval Research (ONR) to continue the development of deep sub-micron Vertical Transport Magnetoresistive Random Access Memory (VMRAM). The funding will be used by NVE to test and optimize VMRAM cell fabrication methods. The funding is under an ONR program announced by NVE in May 2003, and brings total funding under the ONR VMRAM program to more than $600,000. The ONR VMRAM program is one of a number of Department of Defense contracts awarded to NVE for the development of Magnetoresistive Random Access Memory (MRAM). MRAM is a revolutionary memory fabricated with nanotechnology that uses electron spin to store data. MRAM has been called the ideal memory because it has the potential to combine the speed of SRAM, the density of DRAM, and the nonvolatility of flash memory. The market for a universal memory that combines the speed of SRAM, the density of DRAM and the nonvolatility of flash could be $76.3 billion by 2019, according to market research by iSuppli Corporation. VMRAM is a potentially high-density type of MRAM that employs write current perpendicular to the plane of storage elements to switch spintronic memory elements. VMRAM may be applicable to general ultra-dense nonvolatile memory and as a potential hard disk replacement. "This funding is an important validation of VMRAM," said NVE President and Chief Executive Officer Daniel A. Baker, Ph.D. "This program will help us to realize the revolutionary potential of our MRAM technology." 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.
SOURCE NVE Corporation