GREENVILLE, SC, Nov. 29, 2012 /PRNewswire/ - Scio Diamond Technology Corporation (OTCBB: SCIO.OB) announced today that it has exceeded 6,5000 carats of diamond growth since the start of production and has successfully grown diamond using 52 seeds in a single run.
"In October, we announced that we had increased our crystals per growth run from 12 to 25," says Joseph Lancia, Scio's President and CEO. "We are now averaging over 40 crystals per run and have recently made our first two successful runs at 52 crystals." "No one in the world, to our knowledge, has ever accomplished this before." To see photo of 52 crystal run, visit our website at www.sciodiamond.com/production .
"Running our reactors at 40 crystals per run has increased our potential annualized production rate from 24,000 to 36,000 carats in the last 30 days," says Mike McMahon, Scio's COO. "Just as important as the carat growth is the millimeter growth. Scio's annualized current production rate is over 40,000 mm of vertical diamond growth."
"Shipments to our customers have increased steadily and must continue to do so to meet the demand requirement," says Lancia. "Even though our production has increased at an unbelievable rate, we remain pushed to capacity limits to complete fabrication and make shipments.""Our operational people continue to refine recipes and increase reactor utilization to get production ahead of the demand," says McMahon. "This production increase approach coupled with our plan to have 5 additional lasers operational in diamond fabrication in early 2013 should allow us to fulfill our customers' demands with less stress on the system." About SCIO Diamond Scio Diamond employs 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 have the identical chemical, physical and optical properties as diamonds found in the earth, and the company's highly controlled manufacturing process enables it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV