NVE Technology Agreement With Cypress Results in MRAM Samples

    EDEN PRAIRIE, Minn., Jan. 31 /PRNewswire-FirstCall/ -- NVE Corporation
 (Nasdaq:   NVEC) today confirmed that Magnetoresistive Random Access Memory
 (MRAM) alpha samples recently announced by Cypress Semiconductor Corporation
 are covered by NVE's technology agreement with Cypress.
     MRAM is a revolutionary memory that uses electron spin to store data. On
 January 27, 2005 Cypress announced it had provided fully functional 256-
 kilobit alpha samples.
     NVE President and CEO Daniel A. Baker, Ph.D., said: "These are remarkable
 devices, and we congratulate the talented Cypress team led by Jeff Kaszubinski
 on an impressive accomplishment."
     "We see MRAM as the answer to a critical need in semiconductor memory
 applications-a single-chip, fast write, low power, fail safe, high-reliability
 nonvolatile memory," commented Jeffrey K. Kaszubinski, president and CEO of
 Cypress' Silicon Magnetic Systems subsidiary company. "The technology
 developed by NVE Founder Dr. James Daughton and others at NVE was important to
 us in reaching this milestone."
     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 relating to MRAM production by our licensees, risks
 in the enforcement of our patents, our dependence on Cypress for potential
 supply of MRAM, 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

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