GREENVILLE, SC, Dec. 7, 2012 /PRNewswire/ - Scio Diamond Technology Corporation
(OTCBB: SCIO.OB) (hereinafter "Scio" or the "company") today announced
that its Board of Directors has appointed Steve Kelley as Chief
Executive Officer, effective December 5, 2012.
Mr. Kelley has nearly 20 years of leadership experience in technology
businesses, most recently as Chief Operating Officer and Executive Vice
President of Cree, Inc., a worldwide leader in LED, silicon carbide and
gallium nit ride material technologies. His responsibilities at Cree
included worldwide production, licensing, technology development and
the chips & materials business. At Cree, Mr. Kelley directed a capacity
expansion program that more than doubled unit output in 24 months while
significantly lowering unit cost.
Prior to his employment at Cree, Mr. Kelley was a Vice President at
Texas Instruments, Inc. ("TI"), where he led the turnaround of a large
business unit. Prior to joining TI, Mr. Kelley was a Senior Vice
President at Philips Semiconductors, where he successfully grew sales
and profits at a variety of small and large businesses located in North
America, Europe and Asia.
Mr. Kelley earned a SB ChE at the Massachusetts Institute of Technology,
and a JD at Santa Clara University. He is also member of the board of
Switch Lighting, a California-based LED lighting company.
Ed Adams, Chairman of Scio's Board of Directors, said: "We are delighted
that Steve has accepted our offer to lead Scio. His diverse skill set,
international business experience and technical acumen are a great fit
for the company. In many ways, we see Cree, Steve's former company, as
an aspirational model for Scio and where it might go. From that
perspective, Steve's experience leading high-growth technology
businesses fits ideally with Scio's continuing and rapid evolution
toward large-scale production of diamond material. I'd also like to
thank Joseph Lancia for his service to the company. He helped make Scio
a commercially viable enterprise with excellent growth prospects."
Steve Kelley commented: "I am very impressed with Scio's growth
potential. The fundamentals are excellent - a well-established and
patent-protected technology, strong customer demand, moderate capital
intensity and good gross margins. Scio diamonds are an eco-friendly
alternative to mined diamonds. Scio has the potential to be a
Scio 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. These cultivated diamonds have chemical, physical
and optical properties identical to mined diamonds. The company's
manufacturing process enables it to produce 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 very rare in nature.
Scio produces diamonds for industrial, gemstone, medical and
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