An improved ultra-low power NVM module, which exhibits low power consumption and reduced layout area. An array of compact flash memory cells are programmed and erased in response to positive and negative boosted voltages. However, the compact flash memory cells are read using conventional supply voltages, thereby minimizing power consumption during a read operation. The ultra-low power NVM module of the present invention can be fabricated using conventional VLSI process steps. The ultra-low power NVM module of the present invention also allows simple operation in all modes (i.e., program, erase, read and standby).