CEO fulfills pledge to increase production capacity of manufacturing facility
GREENVILLE, SC, April 27, 2015 /PRNewswire/ - Scio Diamond Technology Corporation (OTCBB: SCIO) today said it will complete a manufacturing expansion in May that will more than double its capacity to create lab-grown diamonds. The company is refitting its current diamond-growing reactors with larger growing platforms and also adding new reactors.
Scio Diamond produces high quality, single-crystal, Type IIa lab grown diamonds for jewelry and industrial applications. The company produces 3-5 carat rough gems that are finished into 1-2 carat stones and polished for jewelry or sliced and shaped for industrial applications.
Plans to double production capacity at the company's facility in Greenville, SC began when the company closed $2.5 million in growth funding from Heritage Gemstone Investors (HGI) in December 2014. HGI is a group of investors in Greenville, SC that includes Vivian Wong, William Coleman, and Sudhirkumar C. Patel, MD.
"We had already committed our production levels to existing customers, while demand for our lab-grown diamonds was growing quickly," explained Gerald McGuire, CEO. "This expansion will let us produce more than twice the amount of diamonds we were producing just three months ago."
Scio Diamond grows diamond crystals in a range of colors. Colorless stones are used for jewelry and industrial applications such as optical windows, laser scalpels or electronics. Pinks are used for jewelry and precision milling and grinding.
Scio Diamond was a pioneer in developing the technology behind lab-grown diamonds, and grows diamonds in just three to four weeks. The only difference between Scio diamonds and mined diamonds is that some are grown in a lab above the ground and some are mined out of the ground. Lab-grown diamonds are a sustainable resource, unlike mined diamonds, which are diminishing in supply.
About Scio Diamond
Scio Diamond employs a patent-protected chemical vapor deposition (CVD) process to produce high-quality, single-crystal colorless and fancy color diamonds in a controlled laboratory setting for the jewelry market and industrial applications. Lab-grown diamonds are chemically, physically and optically identical to earth-mined diamonds. Scio's technology offers the flexibility to produce lab-grown diamonds in size, color and quality combinations that are rare in mined diamonds. 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 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