March 12, 2015

Posts Comments

SCIO DIAMOND TECHNOLOGY

Scio Diamond Technology Corp, is a technology leader in lab grown diamonds. Using a patent-protected chemical vapor deposition process to produce high quality, single-crystal diamonds in a controlled laboratory setting, Scio delivers near colorless and fancy colored diamonds to the gem and jewelry industry. Scio also delivers diamond materials to several industrial applications where hard diamonds are used to cut, polish, mill and grind. Scio’s lab-grown diamonds are chemically, physically and optically identical to earth-mined diamonds and offer flexibility in size, color and quality combinations that are very rare in earth-mined diamonds.
Get Adobe Flash player

Scio Diamond Successfully Completes Funding Round

December 22, 2014 By

GREENVILLE, SC, December 22, 2014 – Scio Diamond Technology Corporation (OTCBB: SCIO) today announced it has closed $2.5 million in growth funding from Heritage Gemstone Investors (HGI) to double production of its lab-grown diamonds and refinance debt.

In addition, the two companies agreed on terms for a second phase of funding from HGI that will take place in 2015 to further increase the company’s production capacity by up to 10 times.

Also, two Scio Diamond board members, Bruce Likly and Lewis Smoak, have increased their equity investment in the company, following investments the two individuals made in the company in October. Another board member, Karl Leaverton, also invested in the company in December.

The funding from HGI will be used to refinance a $1.5 million loan from Platinum Capital Partners at more favorable terms, reducing Scio Diamond’s borrowing costs by more than 10 percent. The doubling of capacity will come from the purchase of additional production platforms in a larger size.

“Scio Diamond has been a pioneer in developing the technology behind the success in lab-grown diamonds,” noted Vivian Wong from HGI. “We believe the company is well-positioned to be a major factor in expanding the market for lab-grown diamonds.”

“Our growth strategy is designed to take advantage of both near-term and future market opportunities that we believe will make Scio Diamond the leader in lab-grown diamonds,” said Gerald McGuire, President and CEO, Scio Diamond. “Our investors and board members believe strongly that lab-grown diamonds are a promising growth market. These investments illustrate the high level of confidence that they have in Scio’s management team and business plan.”

The worldwide diamond jewelry market has been estimated by the World Diamond Council at more than $72 billion. Lab-grown diamonds, with identical properties as mined diamonds, are a growing portion of the market and expected to increase by 50% per year CAGR through 2018, according to Frost & Sullivan’s 2014 market assessment of grown diamonds.

In the report, Frost & Sullivan pointed out that “change in consumer preferences tending towards environmentally and socially responsible products is a key driver for the acceptance of grown diamonds.” Bain & Company’s 2014 report on the global diamond industry noted that “diamond demand is expected to outpace future supply”. These developments could accelerate demand for grown diamonds.

In 2014, SCIO named a new board of directors, hired a new executive team and developed a new business plan. The company added “fancy” colored diamonds to its product lineup, along with colorless stones for jewelers and cutting devices and electronics for manufacturers.

In its fiscal year ending March 31, 2014, the company increased net revenue by more than $500,000 over 2013. The company reduced operating expenses from $8.1 million to $5.6 million from 2013 to 2014.

About Scio Diamond

Scio Diamond employs a patent-protected chemical vapor deposition process to produce high-quality, single-crystal colorless, near colorless and fancy colored diamonds for the jewelry market in a controlled laboratory setting. 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 earth-mined diamonds. Scio also delivers diamond materials for advanced industrial, medical and semiconductor applications. www.sciodiamond.com.

About Heritage Gemstone Investors

HGI is a collaborative group of investors based in Greenville, SC. The group includes Vivian Wong, William Coleman, and Sudhirkumar C. Patel, MD.

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.

Filed Under: News Tagged With: , , , , , ,

Scio Diamond Technology Corporation to Host 2014 Annual Meeting of Stockholders

August 27, 2014 By

GREENVILLE, SC, Aug. 27, 2014 /PRNewswire/ - Scio Diamond Technology Corporation (OTCBB: SCIO) (hereinafter “Scio” or the “Company”) a manufacturer of lab-grown diamond for the gemstone and industrial marketplace, announced today that it will host its Annual Meeting of Stockholders on Wednesday, October 29, 2014, beginning at 4:00 PM ET. The meeting will be held at the Triple Tree Aerodrome, 330 Mary Hanna Road,Woodruff, SC 29833. Participants will include Bern McPheely, Chairman of the Board, Gerald McGuire, President and Chief Executive Officer, and Jonathan Pfohl, Chief Financial Officer. Stockholders of record as of the close of business on September 29, 2014 will be eligible to vote at the meeting.

Immediately following the conclusion of the Annual Meeting, stockholders in attendance are invited to participate in a dinner also at the Triple Tree Aerodrome facility.

Because the Board of Directors has not convened an annual meeting of the Stockholders since the Company, formerly known as “Krossbow Holding Corporation”, acquired the assets of a corporation with the name “Scio Diamond Technology Corporation” (the name of which was assumed by Scio) on August 5, 2011, stockholders are advised that the deadline for any stockholder proposal to be considered for inclusion in the Company’s proxy statement for the Annual Meeting of Stockholders will be Monday, September 22, 2014. This determination is pursuant to Rule14a-8 under the Securities and Exchange Act of 1934, as amended.

 

WHAT: 2014 Annual Meeting of Shareholders
WHEN: Wednesday October 29, 2014 at 4:00 pm Eastern Time

 

About Scio Diamond Technology Corp

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 diamonds in size, color and quality combinations that are rare in earth-mined diamonds. Additionally, Scio is capable of producing diamonds that have 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.

Filed Under: News Tagged With: , , , , , , , ,

SCIO announces the “Lease-a-Diamond Reactor Program,” to meet burgeoning demand for “Lab-Grown” diamond.

April 24, 2014 By

GREENVILLE, SC, April 24, 2014 /CNW/ – Scio Diamond Technology Corporation (OTCQB: SCIO) (hereinafter “Scio” or the “Company”) announced today, the Scio Lease-a-Diamond Reactor Program. The program is in response to repeated customer requests for dedicated resources to meet end-user demand for both industrial and gem quality diamond.

Designed with Scio customers’ total convenience in mind, the innovative Lease Program features:

 

  • Predictable Diamond Supply Horizon:
    • Scio customers site “supply of quality diamond” as their top concern. Having a dedicated diamond reactor provides a guaranteed supply horizon delivered at regular intervals.

 

  • Guaranteed “Environmentally Safe and Conflict Free” Diamonds:
    • No blood on Scio stones. Scio customers know their diamonds don’t come from global conflict zones and are environmentally friendly. Scio’s lab-grown diamond is currently manufactured in the Company’s Greenville, SC factory.

 

  • Conservation of Capital:
    • Monthly payments, customer cash outlays are a fraction of mining expenses or wholesale prices.

 

  • Tax Savings and Improved Cash Flow:
    • Equipment leasing can often be treated as an expense deduction for income tax purposes and may result in a larger tax deduction than claiming depreciation expenses. This can mean substantial tax savings and improved cash flow.
    • Better Terms:
      • Scio is prepared to offer an up to a 5% discount over normal production costs depending on the number of reactors leased and duration.

On September 17, 2013 Scio’s announced a Joint Venture arrangement and is currently repurposing a manufacturing facility in the PRC to further meet increasing customer demand. The Scio Joint Venture will, as outlined in our previous press release, initially be fitted with 100 Scio-designed diamond-growing reactors and support equipment. The China facility will have the capability to expand to 400 diamond-growing reactors over the next 2 years.

On April 14, 2014, Scio 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 SCIOs’ entire product line by 100%.

Scio is using its new technology and soon, its new Joint Venture manufacturing facility, to meet customer demand, which is currently outpacing production by nearly a 25-to-1 ratio.

Mike McMahon, Scio’s CEO stated, “We are pleased to be in a position to offer our customers this opportunity. We have seen tremendous interest in Scio’s products and have taken prudent steps to accommodate our customers and to meet demand and quality expectations. So far, the response has exceeded our estimates.

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 diamonds in size, color and quality combinations that are rare in earth-mined diamonds. Additionally, Scio is capable of producing diamonds that have 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.

 

Filed Under: News Tagged With: , , , , , , , , , , , , ,

Scio Diamond Technology Corporation Comments on Consent Proposed by Small Group of Stockholders

April 22, 2014 By

GREENVILLE, SC, April 22, 2014 /PRNewswire/ - Scio Diamond Technology Corporation (OTCQB: SCIO) (“Scio” or the Company”) comments on the filing with the Securities and Exchange Commission made by a small group of dissident stockholders.

As an initial matter, the Company notes that the consents solicited by the group are not permitted under the Company’s bylaws and will have no effect. As a result, the Company requests that stockholders not participate in the solicitation efforts by the group. This small group is principally made up of people who have sued the Company and its Board of Directors earlier and those matters were dismissed.

Recently, in certain SEC filings, Michael McMahon was named by the group of shareholders as one of persons participating in the solicitation of written consents from Scio shareholders. Mr. McMahon, the Company’s Chief Executive Officer, stated: “Although I shared with a member of the group that I was willing to be nominated as a director, as I have with the current Board, I am not a participant in their solicitation, I am not now nor do I have any plans on working with them and I do not otherwise support their proposals in any manner.”

Speaking for the Board, “The group’s attack on the Company’s performance ignores the strong progress that we have made in the face of challenges inherent in this emerging industry” Chairman of the Board, Edward Adams stated.

McMahon stated “under the current Board’s leadership, we are advancing our technology for the mass production of diamonds, while we continue to explore the huge potential of our awesome technology. The Company continues its efforts to increase value by creating joint ventures, licensing technology, increasing sales, lowering overhead and operating costs, increasing revenue, lowering capital costs and dramatically improving our technology, as shown in our recent press release on 4” technology.” McMahon also stated “the proposals and maneuvers like this one by anyone, cause the Company to incur additional unnecessary costs, that we just cannot afford, and are detrimental to all of our shareholders.”

Adams concurred saying that the management of the Company has remained tremendously strong and focused, through these difficult times and are supported by the Board.

McMahon stated that, “The Management team of Scio has and will continue to support and execute the actions of the Board. He added: “In my judgment, during my tenure as CEO, the Board’s actions have intended to enhance and protect shareholder value.”

Copies of filings made by the Company with the Securities and Exchange Commission are available at the SEC’s website at http://www.sec.gov, or at the Investor Relations section of the Company’s web site at www.sciodiamond.com, and are also available, without charge, by directing requests to the Company’s Investor Relations department.

 

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.

Important Additional Information and Where to Find It

This press release may be deemed to be solicitation material in respect of the proposed changes to the Company’s Bylaws and director nominations made by a small group of stockholders (the “Proposals”). In connection with the Proposals, the Company may file relevant materials, including other soliciting materials, with the Securities and Exchange Commission (the “SEC”). BEFORE MAKING ANY VOTING DECISION, THE COMPANY’S STOCKHOLDERS ARE URGED TO CAREFULLY READ ALL SUCH SOLICITING MATERIAL IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS THAT THE COMPANY MAY FILE WITH THE SEC IN CONNECTION WITH THE PROPOSALS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of any solicitation materials and any other documents filed by the Company with the SEC at the SEC’s website at www.sec.gov. In addition, copies will also be available at no charge at the Investors section of the Company’s website at http://www.sciodiamond.com/investors-news/sec-filings.

Participants in the Solicitation

The Company and its directors, executive officers and other employees and persons may be deemed to be “participants” in the solicitations of proxies from the Company’s stockholders in connection with the Proposals. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of the Company’s stockholders in connection with the Proposals and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013, filed with the SEC on June 28, 2013 (the “Annual Report”) and other materials to be filed with the SEC. To the extent holdings of the Company’s securities have changed since the amounts printed in the Annual Report, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents are available free of charge at the SEC’s website at www.sec.gov.

Filed Under: News Tagged With: , , , , , , , , , , ,

Are diamonds the new gold?

April 17, 2014 By

Gold has always been the ultimate investment and a currency used by civilizations for more than 6,000 years. However, as the value of the shiny metal plunges 30 percent, it is becoming increasingly apparent that gold may soon be losing its luster. Investors are now turning toward another precious metal: the diamond.

According to Mark Mobius, a well-known emerging markets investor, diamonds are on the cusp of a boom and should soon be available to investors via funds. In fact, a group of hedge fund traders have already launched a Los Angeles, California-based investment Diamond Exchange, allowing investors to buy physical diamonds.

Similarly, Gemshares, a Chicago, Illinois-based company has also announced a partnership with the Nasdaq OMX Group (NDAQ) and is in the process of developing the GemShares Global Investment Grade Standard Diamond Basket Index. This union will lead to the creation of an exchange traded fund (ETF) backed by real diamonds.

With more attention being diverted towards diamonds, several companies are now producing (or growing) diamonds via a process called Microwave Plasma Chemical Vapor Deposition. Carbon atoms are layered on top of a diamond seed initiating a process similar to the natural one.

The only difference is that this man-made process produces diamonds much faster than those obtained through the natural process. Lab-created diamonds are grown in controlled laboratory environments. Advanced technological processes duplicate the conditions under which diamonds naturally develop. The final product – once it’s cut and polished – looks identical to the one that is obtained through mining.

Man-made diamonds were first developed during the 1950s by research scientists at General Electric (GE). Initially, they developed near-gemstone quality synthetic diamonds primarily for industrial purposes. Three decades later, in 1982, a 1.2 carat single crystal diamond was synthesized by Sumitomo Electric. The diamond turned out to be one of the largest man-made stones in the world. Since then, synthetic diamonds have been designed, developed and created.

Lynette Gould, spokesperson for De Beers, believes that synthetic diamonds have “very exciting potential,” especially in industrial applications.

While diamonds are known for their beauty and their use in jewellery, this metal has many other qualities. It is the hardest substance known to man with the highest thermal conductivity, which means a high level of heat can pass through it without causing any damage.

If there was a huge supply of diamonds, it could be used quite effectively by manufacturers. The fact that now diamonds can actually be created opens up an entirely new avenue for their use and application.

The story of man-made diamonds and how they have the capacity to influence many industries was reported by 21st Century Television, a television show on the forefront of exploring state-of-the-art technology and innovative business strategies.

According to the 21st Century Television’s news report, man-made diamonds open up incredible possibilities. Natural diamonds may be one of the most sought-after gems in the world but they are also extremely expensive. Man-made diamonds may very well open up a new chapter in the history of diamonds.

These lab-made precious stones are not only good for the environment but the industrial uses for diamond are almost without limits. While there is no doubt that there will always be consumers who will never accept lab-grown diamonds (approximately 15 percent, according to this report), there is still the other 85 percent that is open to the idea.

Concerns have been raised that man-made diamonds will not command the same premium, prestige and recognition as natural diamonds.

According to Ya’akov Almor, a representative of the International Diamond Council, this is not the case and man-made diamonds can enjoy the same recognition, depending on the market segment. It is believed that these diamonds can play a critical role in industrial application such as mining, electronics and construction.

“Synthetics have a place in the market and it’s a completely legitimate market. There is a need for flawless, clean, synthetic diamonds especially for the semi-conductor industry,” Almor said.

Demand for man-made diamonds is growing at an exponential rate in China. In addition, the United States has also been showing a rapid increase in diamond demand.

Approximately $23 billion worth of polished diamonds were imported by the U.S. last year, an increase of nearly 16 percent from 2012. The average price of diamonds has also increased by 14 percent to $1,855 per carat.
With the entry of man-made diamonds, it is evident that the global diamond industry is getting ready for a transformation. Diamond prices are highly volatile and there is no doubt that consumers are looking for alternate options. Thus, while there will always be skeptics, at the same time, there will be consumers who will show interest in these diamonds.

Filed Under: News Tagged With: , , , , , , , , , , , ,

ContentBottomLeft

This is a widgeted area called ContentBottomLeft.

ContentBottomRight

This is a widgeted area called ContentBottomRight.