Adamas One Corp. (Nasdaq: JEWL) (“Adamas One” or the “Company”), The Original Lab-Grown Diamond Company™, a high-tech company that leverages proprietary technology to produce high-quality, single-crystal, Lab-Grown Diamonds for jewelry and diamond materials for industrial uses, today provides shareholders with its projected path toward growth in 2023.

Adamas One CEO Jay Grdina comments, “Now that we are past the all-important inflection point of our initial public offering and the closing of our financing round, we are poised to execute on our business plan. As we have long indicated, a significant portion of our activities will be centered around three major areas: facility and product expansion, research & development, and sales and marketing. We will now be focusing on opening our current facility, which houses 12 diamond growing machines, to full capacity. At which point, we will be capable of generating on average 3,000 rough carats of diamonds per month.

“From an expansion perspective, we expect to make a significant investment in building out our new manufacturing facility where we anticipate building as many as 300 diamond growing machines. We anticipate this expansion to begin in early 2023 and require several phases. We will continue to update shareholders on progress in that area, as it is essential to our growth.

“We are optimistic about the future of Adamas One, and while there is significant work yet to be done, we believe that this work will serve to drive the company forward in terms of capacity, revenue, and ultimately shareholder value. We look forward to taking this journey with our current and future stockholders, customers, and partners,” concludes Mr. Grdina.

About Adamas One CorpAdamas is a lab-grown diamond manufacturer that produces near flawless single-crystal diamonds for gemstone and industrial applications, in its facilities in Greenville, South Carolina. The Company holds 36 patents and uses its proprietary chemical vapor deposition (CVD) to grow gem-sized and smaller diamond crystals. Adamas One™ lab-grown diamonds have the same physical, chemical and optical properties as mined diamonds. The Company’s controlled manufacturing processes enables it to produce very high-quality, high-purity, single-crystal colorless, near colorless and fancy colored Type IIA diamonds to suit a variety of industrial and gemstone applications. The Company intends to market and sell its diamonds into the wholesale jewelry and industrial markets. For more information, visit www.adamasone.com.

Not Mined. Not Fake. Just sped up perfection.™

Forward-Looking StatementsThis press release may include “forward-looking statements.” To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as “should”, “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes.” Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in documents that we file from time to time with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and Adamas One Corp does not undertake any duty to update any forward-looking statements except as may be required by law. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

For more information contact:

Investor RelationsCORE IRScott Arnold, Managing Partner516 222 2560ir@adamasone.com

Media RelationsJules Abraham917 885 7378

Source: Adamas One Corp

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