World Renowned Technologist to Lead Company’s Development Team

FREMONT, Calif. – February 20, 2013— Spin Transfer Technologies, Inc., (STT) a leading developer of breakthrough MRAM (Magnetoresistive Random Access Memory) technology, today announced that Mustafa Pinarbasi, PhD has been appointed as the company’s Chief Technology Officer and Senior Vice President of Magnetics Technology. Dr. Pinarbasi will lead the magnetic research and development team at STT.

Dr. Pinarbasi joins STT from SoloPower, a thin-film solar company, where he served as Chief Technology Officer. He spent the first 18 years of his career at IBM and Hitachi Global Storage Technologies (GST) (formerly IBM, now part of Western Digital) as a leading technologist in magnetic materials and thin films. At IBM, Dr. Pinarbasi pioneered the adoption of ion beam sputtering deposition technology, a revolutionary conductor and hard magnet process, by the magnetic head industry. He was recognized with the IBM Corporate Award in 2000 for his work on developing the giant magnetoresistive (GMR) sensors that resulted in the introduction of the first GMR-based hard disk drives in the world. In that same year he was named an IBM Distinguished Engineer for his contributions to the thin film magnetic field.

“We are delighted that Dr. Pinarbasi, a pioneer and innovator in magnetic thin films, will lead the core technology R&D effort at Spin Transfer Technologies,” said Chief Executive Officer Barry Hoberman. “Dr. Pinarbasi’s experience and track record of leading advanced magnetic technology teams and turning early stage technologies into world-class, high-volume products will be critical as the company progresses into product development.”

Spin Transfer Technologies’ Orthogonal Spin Transfer magnetoresistive random access memory, or OST-MRAM™, is a disruptive innovation in the field of spin-transfer-based MRAM devices. It enables lower manufactured device cost, faster switching times, reduced power operation, and scalability to smaller lithographic dimensions. The company opened its Silicon Valley office in Fremont, California, in October 2012, following the closing of $36 million in private investment financing led by private investment company Allied Minds and Invesco. Spin Transfer Technologies is a subsidiary of Boston-based Allied Minds.

“The market potential for OST-MRAM™ is large and I am very excited to be part of the extremely talented team at Spin Transfer Technologies,” said Dr. Pinarbasi. “The company has made significant progress and I’m looking forward to building on this success to further advance this innovative technology.”

Prior to joining STT, Dr. Pinarbasi led the technology effort at SoloPower, where he built a comprehensive technology team that developed roll-to-roll thin film photovoltaic deposition processes and equipment, and spearheaded the industry’s first flexible and light weight CIGS (Copper Indium Gallium di-Selenide)-based solar modules that are certified to both US and European standards. Prior to SoloPower, Dr. Pinarbasi spent five years at Hitachi GST, where he led the development of tunneling magneto-resistance (TMR) read head processing used in hard disk drive products. He is an inventor with over 177 US patents and 25 pending applications in thin film magnetic materials and processing, spin valve sensors, magnetic tunnel junctions, nanostructures and photovoltaic cells. He has authored or co-authored more than 30 scientific publications in thin film materials, magnetic multilayer structures, processing, tooling, product development and reliability. During his career, he has been the recipient of numerous awards, including the Gold Patent award at Hitachi GST and Outstanding Technical Achievement and Outstanding Innovation awards at IBM. Dr. Pinarbasi holds a PhD in Materials Science and Engineering from the University of Illinois at Urbana-Champaign.

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-MRAM™. The technology, invented by Professor Andrew Kent, is a disruptive innovation in the field of spin-transfer-based MRAM devices, enabling lower manufactured device cost, faster switching times, lower power operation, 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 and 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