EDEN PRAIRIE, Minn., May 24 /PRNewswire-FirstCall/ -- NVE Corporation (Nasdaq: NVEC) announced today that it was recently awarded a contract by the U.S. Army to develop a magnetic anti-tamper sensor. The Phase Two development contract was awarded following the successful completion of a Phase One feasibility contract. The two-year award is for approximately $730,000 with first-year funding of approximately $359,000. 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 our future eligibility to compete for Small Business Innovation Research awards, 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 and other reports filed with the SEC.
SOURCE NVE Corporation