This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Scio Diamond - Diamond Production Begins

Stocks in this article: SCIO

GREENVILLE, SC, May 10, 2012 /PRNewswire/ - Scio Diamond Technology Corporation (OTC-BB: SCIO.OB) announced today that production of cultured diamond has begun. Led by the Scio Operations Team and supported by local contractors, city and state governments, engineers, vendors, and suppliers, the company successfully produced usable diamond material in its CVD reactors in the new facility in South Carolina.

Joe Lancia, Scio Diamond's CEO said, "the thousands of hours of effort were all put into perspective when we saw a hydrogen glow appear in the reactors last week, marking the first phase of our rigorous startup process.  We then began short production runs on several of the reactors and removed product from the chambers Monday morning.  Reaching this milestone was a very tangible indicator of our momentum toward full-scale production."

Scio is proceeding with the systematic startup of the balance of our reactors.  This start-up process is inclusive of multiple levels of growth times, testing the functionality of the direct support equipment and infrastructure support equipment building from short to longer duration run times.

This is yet another critical step in the company's plan to initiate and build production during its fiscal first quarter ending June 30 and to phase into full production during the following quarter ending September 30.

About SCIO Diamond

Scio Diamond will employ 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 are intended to have the identical chemical, physical and optical properties as diamonds found in the earth, and the company's highly controlled manufacturing process will enable it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,511.85 +112.18 0.68%
S&P 500 1,928.60 +24.59 1.29%
NASDAQ 4,386.7260 +70.6520 1.64%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs