FREMONT, Calif. – October 23, 2013— Spin Transfer Technologies, Inc. (STT), a leading developer of breakthrough orthogonal spin transfer magnetoresistive random access memory technology (OST-MRAM™), today announced that Nelson Chan has been appointed to the company’s board of directors.

Chan has a long track record of success in both the semiconductor and consumer electronics industries. His experience includes positions as Chief Executive Officer of Magellan, a leader in the GPS navigation and positioning market, as well as Executive Vice President and General Manager at SanDisk, the world’s largest supplier of branded flash data storage products.

“Nelson’s depth and breadth of industry experience in the semiconductor memory industry makes him an ideal fit for STT,” said Barry Hoberman, Chief Executive Officer of STT. “As STT establishes itself, Nelson’s unique experience in selling and marketing memory products will add tremendous value to STT. We are delighted to have him join the team.”

Chan holds a number of board positions, including Chairman of the Board of Directors of Outerwall, and is a member of the Board of Directors of Affymetrix and Synaptics. Chan is also a Director or Chairman of the Board of several privately held companies.

“I am excited to be part of the team that is leveraging this new breakthrough memory technology in serving an enormous market opportunity,” said Mr. Chan. “STT’s orthogonal spin transfer approach is unique and stands out in the way it adds value compared to other technologies.”

Mr. Chan holds a Bachelor of Science degree in electrical and computer engineering from the University of California at Santa Barbara and a Master of Business Administration degree from Santa Clara University.

Spin Transfer Technologies is a subsidiary of Boston-based Allied Minds.

About Spin Transfer Technologies

Spin Transfer Technologies, Inc. was established by Allied Minds and New York University to develop and commercialize its Orthogonal Spin Transfer magnetoresistive random access memory technology, OST-MRAMTM The technology, invented by Professor Andrew Kent, is a disruptive innovation in the field of spin-transfer-based MRAM devices, enabling faster switching times, lower power operation, lower manufactured device cost, and scalability to smaller lithographic dimensions. For more information, visit www.spintransfer.com.

About Allied Minds

Allied Minds is a U.S. investment firm that deploys private equity to form, fund, manage and build start-ups based on early-stage technologies developed at renowned U.S. universities and federal research institutions. Allied Minds serves as a diversified holding company that supports its businesses with capital, management and shared services and is the premier investment firm to utilize this novel fully integrated approach to technology commercialization. For more information, visit www.alliedminds.com.

Spin Transfer Technologies Contact:

Spin Transfer Technologies Contact:
Kerry Elliott
T: +1 (408) 893-8554
pr@spintransfer.com