GREENVILLE, S.C., March 1, 2012 (GLOBE NEWSWIRE) -- Scio Diamond Technology Corporation (OTCBB:SCIO) is encouraged to report that it is rapidly moving toward commercial production of its lab-grown diamonds and has passed several milestones on that path. Additionally, the company has made marked strides in the effort to strengthen Research and Development efforts in Massachusetts.
Chief Executive Officer Joe Lancia stated that the company's existing reactors, currently housed at the Massachusetts R&D facility, are scheduled to arrive at the Greenville headquarters on March 9, 2012. The infrastructure necessary to support the reactors is nearing completion and will be ready for the phased start-up of the reactors soon after their arrival. The company is hiring technicians to support production and will be staffed on schedule.
Additionally, the company continues to provide cultured diamond samples to key commercial and industrial customers. In the past week, 23 rough stones were sent to be cut and polished. Over the next 30 days, another 75-plus will be sampled.
Joe Lancia commented, "We are encouraged by our progress toward commercialization. Our reactors will arrive imminently and will be installed and running in the near-term. Meanwhile, we continue to build demand for our cultured diamonds as we reach out to distribution and sales prospects, and work to meet their technical specifications."
The company recently moved into a new R&D facility in Hudson, Massachusetts, and is currently testing the production reactors prior to shipment to S.C. Mr. Lancia continued, "Having our team move into our new R&D facility in Hudson is notable as we look to perfect our current diamond growing capabilities and create new, more prolific reactors that will meet anticipated demand."
About Scio Diamond
Scio Diamond employs a patent-protected chemical vapor deposition process to produce high-quality, single-crystal diamonds in a controlled laboratory setting, with such diamonds referred to as "lab-grown" or cultivated diamonds. The diamonds have the identical chemical, physical and optical properties as any diamond found in the earth, and the company's highly controlled manufacturing process enables it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds.
Scio's technology permits it to produce lab-grown diamond in size, color, and quality combinations that are rare, if at all present in nature. Diamonds are now being offered in limited quantities as jewelry and in the technology arena as the material operating system of the future.
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," "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.
CONTACT: Investor Relations:
Gary T. Dvorchak, CFA
Senior Vice President
+1 (310) 954-1123
Scio Diamond Technology Corporation
Joseph D. Lancia
+1 (864) 346-2733