EDEN PRAIRIE, Minn.--June 21, 2004--NVE Corporation (NasdaqSC: NVEC) announced that the U.S. Patent and Trademark Office issued the company a patent for an innovative type of MRAM. Patent number 6,744,086, entitled "Current Switched Magnetoresistive Memory Cell," was granted in June and concerns spin-momentum magnetic memory cells. The patent also relates to thermally-assisted spin-momentum writing.

A recent paper by researchers from both the Center for Nanoscale Systems (CNS) at Cornell University and NVE reported that spin momentum produces spin orientation using less current than present methods. The invention therefore has the potential to significantly reduce MRAM write currents with lithographic feature sizes of less than 100 nanometers. This could enable MRAM cell densities comparable to those of DRAM or Flash. The findings were based on tests of "nanopillar" MRAM structures fabricated by CNS using material from NVE.

MRAM (Magnetic Random Access Memory) is a revolutionary type of memory fabricated using nanotechnology which uses electron spins to encode data. MRAM has been called the "holy grail" of memory because it has the potential to combine the speed of SRAM, the density of DRAM, and the non-volatility of Flash.

"This patent significantly strengthens our MRAM intellectual property portfolio," commented NVE Founder and Chief Technology Officer James M. Daughton, Ph.D. "Spin momentum technology should help MRAM reach its potential as a dense, mainstream memory technology."

NVE is a leader in the practical commercialization of spintronics, a nanotechnology which 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 relating to making commercially viable MRAMs, risks in the enforcement of our patents, as well as the risk factors listed from time to time in the company's filings with the SEC, including our Annual Report on Form 10-KSB and other reports filed with the SEC.