Cypress Sells a Portion of its Stake in NVE Corp.Business Editors/High-Tech Writers SAN JOSE, Calif.--(BUSINESS WIRE)--Sept. 5, 2003 Cypress Semiconductor (NYSE NYSE See: New York Stock Exchange :CY) today announced that it sold a portion of its investment in NVE NVE see no visible estrus. Corp (Nasdaq: NVEC NVEC Night Vision Equipment Company, Inc. NVEC Nespelem Valley Electric Cooperative ), 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 (Magnetic RAM) A non-volatile, random access memory technology that is designed to initially replace flash memory and, potentially, DRAM memory. MRAM uses magnetic, thin film elements on a silicon substrate that can be built on the same chip with the logic circuits. ) 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . 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. About Cypress Cypress Semiconductor Corporation (NYSE:CY) is Connecting From Last Mile to First Mile(TM) with high-performance solutions for personal, network access, enterprise, metro switch, and core communications-system applications. Cypress Connects(TM) using wireless, wireline, digital, and optical transmission standards, including USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. , Fibre Channel, SONET/SDH, Gigabit Ethernet, and DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing . 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. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provision "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements herein that are not historical facts and that refer to Cypress's plans and expectations regarding its MRAM development and its intent to sample a working MRAM within the next year are "forward-looking statements" involving risks and uncertainties, including but not limited to: technological difficulties and commercialization of MRAM products. Actual results may differ materially from Cypress's expectations. Please refer to Cypress's Securities and Exchange Commission filings for a more detailed discussion of these and other business risks. 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. All other trademarks are the property of their respective owners. |
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