GREENVILLE,
SC, April 14, 2014
/PRNewswire/ - Scio Diamond Technology Corporation (OTCQB:
SCIO) ("Scio" or the Company") today 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 all of SCIO's product lines. This
important milestone is a critical step in meeting demand in both
the gemstone and industrial diamond markets. Type IIa, Single
Crystal CVD Diamonds are the rarest kind of diamond and occur
naturally in the earth. They are mined primarily in
sub-Saharan Africa. SCIO lab-grown diamonds offers the
highest quality diamonds, a predictable supply profile and an
ethical alternative to "Conflict Diamonds" mined in the developing
world.
Today's announcement marks a acceleration in
SCIO's production plan, now running 6-months ahead of
schedule. The 4" production platform improves on the 3"
platform and enables the Company to produce over 100 crystals per
machine. This is a near doubling of SCIO's already
industry-leading capacity but with minimal increase in
cost.
Michael McMahon,
SCIO's CEO commented, "Since we started our operations in
July 2012 using our 3" technology, we
have known that we would have to continue to improve our production
capability and yield to be competitive." Mr. McMahon continued,
"Scio's goal remains to be the highest volume producer of Type IIa
Single Crystal CVD diamonds in the world. This is another key
step in achieving that vision SCIO can now meet growing
demand from existing customers, increase revenues and, importantly,
create new customer opportunities."
About Scio
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 diamond in size, color and quality combinations
that are rare in earth-mined diamond. Additionally, Scio is
capable of producing diamond that has 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
For further information:
Contact Scio Diamond
Technology Corporation
Michael McMahon at
mmcmahon@sciodiamond.com
SOURCE Scio Diamond