NVE Corporation (NVEC)

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NVE Awarded DoD Smart Sensor Development Contract
Thursday November 16, 4:05 pm ET

EDEN PRAIRIE, Minn., Nov. 16 /PRNewswire-FirstCall/ -- NVE Corporation (Nasdaq: NVEC - News) 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.


Source: NVE Corporation