NVE Awarded DoD Smart Sensor Development Contract
EDEN PRAIRIE, Minn.--November 16, 2006--NVE Corporation (Nasdaq: NVEC)
announced today that it has been awarded approximately $430,000
by the U.S. Air Force to continue development of smart sensor adapters.
Smart sensors provide richer information than conventional sensors.
The contract includes a goal of constructing a pre-production system.
The smart sensor systems could be used onboard aircraft to enable
better-performing aircraft designs. The Phase Two contract enhancement
was awarded following the successful completion of a Phase Two development
contract.
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 related to future procurement
of devices and products by the U.S. Department of Defense, 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.
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