9/8/2003 - Cypress Semiconductor (NYSE: CY) announced that it sold a portion of its investment in NVE Corp (Nasdaq: NVEC), a Minnesota-based developer of spintronics technology, a technique used to create and lock in memory values on integrated circuits with magnetic spin.
Cypress disclosed the sale of 686,849 NVE shares in a Form 4 filing with the Securities and Exchange Commission. Cypress netted $23.4 million on the transaction.
Cypress and NVE have collaborated to bring to market a nonvolatile magnetic random access memory (MRAM) based on spintronics technology. Cypress will continue to honor its partnership with NVE, including sharing MRAM intellectual property and supplying NVE with MRAM foundry wafers. Cypress also intends to maintain its NVE board seat.
”Cypress MRAM development is taking slightly longer than expected, and the profit from the NVE investment will be used for continuing MRAM development and other research and development,” said T.J. Rodgers, Cypress president and CEO.
Cypress intends to sample a working MRAM within the next year, Rodgers said.
NVE is a leader in the practical commercialization of spintronics, which many experts believe represents the next generation of microelectronics. NVE sells spintronic products including sensors and couplers to revolutionize data acquisition and transfer, and licenses its MRAM intellectual property.
Cypress Semiconductor Corporation (NYSE: CY) is Connecting From Last Mile to First MileTM with high-performance solutions for personal, network access, enterprise, metro switch, and core communications-system applications. Cypress ConnectsTM using wireless, wireline, digital, and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet, and DWDM. Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers, and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions, and reconfigurable mixed-signal arrays. More information about Cypress is accessible online at www.cypress.com.
Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. “Connecting From Last Mile to First Mile” and “Cypress Connects” are trademarks of Cypress.
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