EDEN PRAIRIE, Minn.--July 25, 2002--NVE Corporation (OTCBB: NVEC) announced today that its shareholders have elected Jeffrey K. Kaszubinski to its board of directors and that Herbert Goronkin resigned from the board.

Kaszubinski, 47, is president and chief executive officer of Silicon Magnetic Systems, a newly-formed subsidiary of Cypress Semiconductor Corporation (NYSE: CY) which is developing magnetic random access memory (MRAM) technology and products. He has worked in the semiconductor memory business for 24 years, the past 15 at Cypress Semiconductor in a variety of executive positions. Prior to joining Cypress, Kaszubinski worked at Texas Instruments, Incorporated, where he led the development of ground-breaking nonvolatile memories. Kaszubinski is a graduate of the University of New Orleans and holds five nonvolatile memory patents.

Goronkin, 66, is vice president of Motorola, Inc. (NYSE: MOT), and director of the Physical Research Laboratory at Motorola Laboratories. He had been an NVE director since 1995.

"We appreciate Herb's service to NVE and look forward to continuing the relationship with Motorola he helped forge," commented NVE President and Chief Executive Officer Daniel A. Baker, Ph.D.

"We are fortunate to have someone of Jeff's caliber to join our board," continued Baker. "He has a great track record in bringing products to market, and I know he will make significant contributions to NVE."

Kaszubinski was designated for nomination by Cypress under a previously-announced technology exchange agreement and investment. Under the Cypress agreement, NVE received an investment of over $6 million, Cypress and NVE exchanged intellectual property, and Cypress agreed to assist NVE in defending its intellectual property rights under certain circumstances. Cypress has announced a goal of the first production MRAM devices in calendar 2002, and has agreed to manufacture semiconductor wafers for NVE.

NVE is a leader in the practical commercialization of "spintronics," which many experts believe represents the next generation of microelectronics. NVE's products include sensors and couplers which revolutionize data acquisition and transfer.

Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements" within the meaning of the Private Securities Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Additional information concerning the factors that could cause actual results to differ materially from the Company's current expectations is contained in the Company's SEC filings.