NVE Awarded Additional VMRAM Funding by DoD

    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