Scio Diamond Technology Corporation Appoints New CEO.

Sep 23, 2011, 09:00 ET from Scio Diamond

GREER, South Carolina, Sept. 23, 2011 /PRNewswire/ - (OTCBB: SCIO) SCIO DIAMOND TECHNOLOGY CORPORATION is pleased to report that the company has appointed a new CEO.

Joseph D. Lancia has been appointed new CEO of Scio Diamond Technology Corporation.

Mr. Lancia brings over twenty years of executive leadership experience in high-growth, technology companies. Most recently he served for nine years as president and CEO of D&W Fine Pack, a manufacturer of disposable packaging products for the food industry with locations in California, Indiana, Nebraska, Texas and South Carolina ("D&W"). D&W was the entity resulting from the 2009 merger of Dispoz-o Products, Inc. ("Dispozo-o") and two other companies. When Mr. Lancia assumed the CEO position at Dispoz-o in 2002, the company had 630 employees, revenues of $48,000,000 and EBITDA of $6,900,000. During the first six years of his tenure at Dispoz-o Mr. Lancia oversaw organic growth to $106,000,000 in revenues and $21,700,000 in EBITDA with 570 employees. After the aforementioned merger, Mr. Lancia was retained as President and CEO of D&W and the company grew to $320,000,000 in revenue with EBITDA in excess of $50,000,000.

In making the announcement, Mr. Edward Adams Chairman of Scio said: "Mr. Lancia is the right executive to propel Scio Diamond into the next phase of commercialization. Joe possesses a proven track record of repeated success in working with high-growth companies. He has extensive experience in operations, sales, marketing and the integration of businesses with a stellar reputation and a leadership ability capable of executing on strategic plans to advance the company and seize new opportunities."

Joe said: "I'm very excited to join Scio at such an opportune time. Scio Diamond has a wide-range of core assets that can be immediately commercialized and exposed to the wide-open demand for cultured diamonds in todays market. I will look to drive revenue growth in existing market opportunities, and build commercial success by leveraging our equipment and patented technology into a range of new service areas and markets worldwide."

Mr. Lancia also has experience as an investment banker and private investor, having worked with and invested in many private equity and investment companies. He has completed over 40 mergers including 14 outside of the United States across a wide range of industries.

About Scio Diamond Corporation is based in Greer, South Carolina. Scio Diamond employs a chemical deposition process to produce high-quality, single-crystal diamonds. Our diamond materials are grown in a controlled laboratory setting. As such, we refer to our laboratory grown diamonds as "cultured" diamonds.

Scio cultured diamonds have the identical chemical, physical and optical properties as any diamond found in the earth. Through our highly controlled manufacturing process we are able to produce very high-quality, high-purity, single-crystal colorless, near colorless and fancy colored diamond.  Our technology will permit us to produce cultured diamond in size, color, and quality combinations that are rare, if at all present in nature. Our cultured diamonds are now being offered in limited quantities as jewelry and in the technology arena as the material operating system of the future.

Forward-Looking Statements You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release.

SOURCE Scio Diamond