GREENVILLE, S.C., July 11, 2017 /PRNewswire/ -- Scio Diamond Technology Corporation (OTCPINK: SCIO) today announced that it has restructured its debt with Heritage Gemstone Investors (HGI). The new agreement includes the benefits of an extended maturity date, relief on interest payments and access to additional funding.
Under the terms of the agreement, Scio Diamond Technology Corporation's (Scio Diamond) note maturity has been extended one year to December 2018 and the Company will receive relief on interest payments and be given access to additional HGI funding. HGI's increased funding commitment of $250,000 will be matched dollar for dollar by investors including members of the Scio Diamond board of directors and management team.
"We've made significant progress with our white diamonds recently, and I am excited by the rapid growth we are seeing in the market. Our board and lender, HGI, recognize the incredible opportunity we have before us and I believe this announcement demonstrates their support of the Company's efforts," said Gerald McGuire, CEO of Scio Diamond.
"Our customer base has recognized these improvements and are creating stunning gemstones from our rough," added McGuire. "Scio Diamond expects to ramp up its production of white diamonds over the summer months."
About Scio Diamond
Scio Diamond uses a patent-protected process to grow high-quality diamonds for the gemstone and jewelry industries. Scio Diamond grows diamonds that are chemically, physically and optically identical to mined diamonds and are available in white, pink and other fancy colors. Scio Diamond's growth technology offers the flexibility to grow, cut and polish diamonds in size, color and quality combinations that are highly rare and very difficult to find in mined diamonds. For more information, please visit www.sciodiamond.com.
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 Diamond Technology Corporation 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.
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SOURCE Scio Diamond Technology Corporation