NVE Awarded Grant for High Throughput Salmonella Detector

EDEN PRAIRIE, Minn., Sept. 22, 2016 (GLOBE NEWSWIRE) — NVE Corporation (Nasdaq: NVEC) has been awarded a grant by the United States Department of Agriculture (USDA) National Institute of Food and Agriculture (NIFA) titled, “High Throughput Salmonella Detector.”

The two-year project will focus on detecting live Salmonella organisms in industry-relevant large sample volumes faster, and with significantly higher sensitivity than state-of-the-art methods.

The grant is for approximately $600,000.

A link to the project summary can be found on the “In the News” page of the company’s Website (www.nve.com).

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE has also licensed its spintronic magnetoresistive random access memory technology, commonly known as MRAM.

Statements used in this bulletin 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 future contract research and development revenue, risks related to the reduction, delay, or elimination government funding, risks associated with a failure to meet stringent technical requirements, 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. The company undertakes no obligation to update forward-looking statements in this press release.

CONTACT: Curt Reynders, Chief Financial Officer, (952) 829-9217