GREENVILLE, SC, April 24, 2014 /PRNewswire/ - Scio Diamond Technology Corporation (OTCQB: SCIO) (hereinafter "Scio" or the "Company") announced today, the Scio Lease-a-Diamond Reactor Program. The program is in response to repeated customer requests for dedicated resources to meet end-user demand for both industrial and gem quality diamond.
Designed with Scio customers' total convenience in mind, the innovative Lease Program features:
- Predictable Diamond Supply Horizon:
- Scio customers site "supply of quality diamond" as their top concern. Having a dedicated diamond reactor provides a guaranteed supply horizon delivered at regular intervals.
- Guaranteed "Environmentally Safe and Conflict Free" Diamonds:
- No blood on Scio stones. Scio customers know their diamonds don't come from global conflict zones and are environmentally friendly. Scio's lab-grown diamond is currently manufactured in the Company's Greenville, SC factory.
- Conservation of Capital:
- Monthly payments, customer cash outlays are a fraction of mining expenses or wholesale prices.
- Tax Savings and Improved Cash Flow:
- Equipment leasing can often be treated as an expense deduction for income tax purposes and may result in a larger tax deduction than claiming depreciation expenses. This can mean substantial tax savings and improved cash flow.
- Better Terms:
- Scio is prepared to offer an up to a 5% discount over normal production costs depending on the number of reactors leased and duration.
On September 17, 2013 Scio's announced a Joint Venture arrangement and is currently repurposing a manufacturing facility in the PRC to further meet increasing customer demand. The Scio Joint Venture will, as outlined in our previous press release, initially be fitted with 100 Scio-designed diamond-growing reactors and support equipment. The China facility will have the capability to expand to 400 diamond-growing reactors over the next 2 years.
On April 14, 2014, Scio announced a significant technological breakthrough in its new 4" Diamond Growth Technology. The 4" Diamond Growth Technology produces Type IIa, Single Crystal CVD Diamonds and will increase the production platform for SCIOs' entire product line by 100%.
Scio is using its new technology and soon, its new Joint Venture manufacturing facility, to meet customer demand, which is currently outpacing production by nearly a 25-to-1 ratio.
Mike McMahon, Scio's CEO stated, "We are pleased to be in a position to offer our customers this opportunity. We have seen tremendous interest in Scio's products and have taken prudent steps to accommodate our customers and to meet demand and quality expectations. So far, the response has exceeded our estimates.
Scio employs a patent-protected chemical vapor deposition process to produce high-quality, single-crystal diamonds in a controlled laboratory setting. These are known as "lab-grown" diamonds. Lab-grown diamonds have chemical, physical and optical properties identical to "earth-mined" diamonds. The Company's manufacturing process produces high-quality, high-purity, single-crystal colorless, near colorless and fancy colored diamonds.
Scio's technology offers the flexibility to produce lab-grown diamonds in size, color and quality combinations that are rare in earth-mined diamonds. Additionally, Scio is capable of producing diamonds that have the structural, optical and electronic characteristics for industrial, medical and semiconductor applications.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Scio to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "may," "will," "should," "could," "would," "forecast," "potential," "continue," "contemplate," "expect," "anticipate," "estimate," "believe," "intend," "or "project" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
SOURCE: Scio Diamond Technology Corporation
For further information: Mike McMahon at [email protected]
SOURCE Scio Diamond