Appointment of Two Senior Executives to Help Drive Market Entry

July 19, 2016

FREMONT, Calif. – Spin Transfer Technologies, Inc. (STT), a leading developer of Orthogonal Spin Transfer Magneto-Resistive Random Access Memory technology (OST-MRAMTM), today announced the appointment of two senior executives: Les Crudele, Senior Vice President, IC Product Development, and Jeff Lewis, Senior Vice President of Business Development.

Crudele brings over 40 years of proven leadership and business management experience to STT, with a lengthy track record of success in integrated circuit development. Previously, Crudele was the Vice President and General Manager of Motorola Semiconductor’s PowerPC RISC Microprocessor Division, and Vice President and General Manager of Compaq’s Workstation Products Division. Crudele has held CEO positions at Banderacom, Transmeta, and Azuray Technologies.

Lewis joins STT with extensive experience in the semiconductor IP and EDA industries, focused on licensing technologies in the memory sector. Most recently, Lewis was Senior Vice President of Business Development and Marketing at SuVolta, where he directed the company’s customer licensing and market engagement activities, including the company’s strategic partnership with, and ultimate acquisition by, Fujitsu. Additional leadership roles include Senior Vice President of Business Development and Marketing at Innovative Silicon; President and CEO of CiraNova, an EDA company; and Vice President positions at FormFactor, Artisan Components, and Compass Design Automation.

“I am pleased to welcome both Les and Jeff to STT,” said Barry Hoberman, President and CEO of Spin Transfer Technologies. “STT’s emergence as a leader in MRAM, one of the most disruptive of the next-generation memory technologies, is enabled by the breadth and depth of our world-class team. Both Les and Jeff bring a wealth of experience and knowledge to the table as we work towards advancing the commercialization of our MRAM technology and enter the growing storage, IoT, and mobile markets.”

Spin Transfer Technologies is a subsidiary of Boston-based Allied Minds (LSE: ALM).

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 Magneto-Resistive 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

About Allied Minds

Allied Minds is a diversified holding company focused on venture creation within the life science and technology sectors. With unparalleled access to hundreds of university and federal labs across the U.S., Allied Minds forms, funds, and operates a portfolio of companies to generate long-term value for its investors and stakeholders. Based in Boston, with a nationwide presence in Los Angeles and New York, Allied Minds supports its businesses with capital, central management, and shared services. For more information, please visit

Allied Minds Forward-Looking Statement

This press release contains statements that are or may be forward-looking statements, including statements that relate to the company’s future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risk and uncertainties described in the risk factors included in the company’s regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Kerry Elliott
STT Media Relations