This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

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