NVE Chief Financial Officer Richard George said Monday that Cypress' sale of its MRAM unit is expected to be a positive because it only has a manufacturing agreement with Cypress, not a royalty deal.
"Our agreement with Cypress is not assignable, so we would anticipate negotiating a royalty agreement [with a buyer] ," George said.
Micromem is pleased to announce that it has raised approximately US $1,500,000 from a private placement of securities at a price agreed upon by Micromem in December 2004.
The proceeds of the financing will be used to fund the further development of Micromem's MRAM technology and Micromem's filing of further patent applications as well as to meet its ongoing operational and working capital requirements.
NVE Corporation today confirmed that MRAM alpha samples recently announced by Cypress Semiconductor Corporation are covered by NVE's technology agreement with Cypress.
MRAM is a revolutionary memory that uses electron spin to store data. On January 27, 2005 Cypress announced it had provided fully functional 256- kilobit alpha samples.
NVE Corporation announced today that it has been awarded a contract for approximately $520,000 by the Defense Advanced Research Projects Agency (DARPA) to develop next-generation spin-dependent tunneling (SDT) junctions.
NVE will optimize and demonstrate high-sensitivity SDT junction designs using computerized nanostructure characterizations and atomic simulations to be developed by the University of Virginia and Oxford University (England).
The fool says - "As we reported back in August 2004, when the stock was trading around $35, until we see some public validation of NVEC's technology, there is little propping up this stock even at these much lower levels.
Should the promises materialize, we have a disruptive technology on our hands. And that's when we might consider NVE Corp. worthy of inclusion in our Rule Breaker portfolio. Until then, we'll keep watching -- come and join us"
Net income for the third quarter was $375,172, compared with net income of $577,156 for the prior-year quarter. Earnings per share were $0.08 per share, compared to $0.12 per share for the prior year quarter. Revenue was $2.56 million, compared to $3.12 million for the prior-year quarter, a decrease of 18 percent.
"We are satisfied with our financial results in light of industry conditions," said Daniel A. Baker, Ph.D., NVE's president and chief executive officer. "We reported a solid profit in the third quarter despite a decline in revenues due to an anticipated sales reduction with St. Jude Medical and an industry-wide inventory glut. We expect new sensors and couplers, as well as MRAM devices and royalties, to drive future growth."
The race to commercialize MRAM has entered the home stretch.Whoâs going to come in first, whoâs going to profit, and how is it all going to affect the landscape of nanotech investment? We remain confident of NVEâs prospects despite some vocal detractors of NVEC, and a few investment firms are beginning to wake up to this potential.
NVE Corporation Reports Second Quarter Fiscal 2005 Results. Expects to roll out MRAM in 2005.
Believes its IP is necessary for high-density/high-perfomance MRAM. Discusses MOT/Freescale license status
Net income for the second quarter was $423,298, or $0.09 per diluted share. We expect selling, general and administrative expenses to increase in fiscal 2005 if we rollout MRAM manufactured under our technology agreement with Cypress... Certain of our patents cover MRAM cells with transistor selection for data retrieval, which we believe may be necessary for successful high-density, high- performance MRAMs. We know of no practical alternative design being pursued by potential MRAM suppliers that could be sold in commercial quantities in the foreseeable future. If Freescale loses its license through Motorola from NVE through ceasing to be controlled by Motorola, or if the Patent License Option Agreement is terminated through a cessation of manufacturing of MRAM Products by Motorola, we would be free to negotiate a new license agreement with Freescale.
