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 - Maximizing Diamond Growing Recipes Further Increases Production

GREENVILLE, SC, Oct. 15, 2012 /PRNewswire/ - Scio Diamond Technology Corporation (OTC-BB: SCIO.OB) announced today that it has surpassed the 4,000 mark in the production of useable carats. These CVD diamond crystals are now either in the hands of our customers, working through the fabrication cycle or have contributed to Scio's self-sustaining diamond seed stock.

"It is always exciting to meet or beat milestones that define the vision of the company.  Using a mass production strategy, we have exceeded our expectations for diamond growth," says Joseph Lancia, Scio's President and CEO.  "We are optimizing our current recipe technology for growth per hour, which has been key in our rapid increase in production."

Mike McMahon, Scio's COO, says, "in addition to adjusting our recipes as Joe explains, we are increasing our seed count per grow.  In the beginning we were using 12 seeds per grow as we came on line in July.  For the past few weeks we have increased the seed count to an average of 25 per growth and are currently loading growers with up to 40 seeds per reactor."

"The result of this accelerated approach to mass production with high quality material, using our current average carat growth and seed count, is an annualized 24,000 carats per year," says Lancia.  "The demand for industrial diamond continues at a high level.  When we finalize our phasing of 40 seeds per reactor, we will be at an annualized carat production rate of 36-38,000.  For every additional seed we put above 40 on the growing table, we gain a little over 900 additional carats per year."

"Growing in sync with our growth capability is our internal laser capability.  Our first diamond laser is installed and is cutting diamond for seeds 24/7," says McMahon.  Current laser operation output exceeds 800 seeds per month plus special projects.  Five additional lasers are scheduled for installation and operation by the end of the calendar year."

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 17,238.28 +81.43 0.47%
S&P 500 2,010.66 +9.09 0.45%
NASDAQ 4,587.0260 +24.8370 0.54%

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