Scio Diamond Provides Business Update

Announces Preliminary Quarterly Revenue and Outlook for Fiscal Year - To Present Tomorrow at the 15 ^TH Annual ICR XChange Conference

GREENVILLE, SC, Jan. 16, 2013 /PRNewswire/ - SCIO Diamond Technology Corporation (OTCBB: SCIO) today announced a business update, including preliminary third quarter fiscal year 2013 (FY13) sales results and its outlook for the fourth quarter. The company will present a company update at the 15th Annual ICR XChange Conference to be held in Miami, Florida at the Fontainebleau Hotel.

Estimated FY13 Financial Results (unaudited) and Outlook

• Scio expects to report third quarter FY13 revenue of approximately $550,000.
• Scio expects fourth quarter FY13 revenue of approximately $650,000 to $725,000.
• Scio expects full-year FY13 revenues of approximately $1,260,000 to $1,330,000.

Conference Presentation

The Company's presentation at the 15th Annual ICR XChange will begin at 1:10 p.m. Eastern Time on Thursday, January 17, 2013. Chief Executive Officer Steve Kelley will be speaking at the conference in the Glimmer Ballroom 3 & 4.  Mr. Kelley will also host two question-and-answer sessions, at 9:15 am EST and 11:30 am EST at Table E4 in the Fontaine Fleur De Lis breakout room.  Mr. Kelley will also be available for private meetings throughout the day.

A live webcast of the presentation will be available in the Investor Relations area of the Company's website at http://www.sciodiamond.com.  A replay of the webcast will be accessible at the same location.

The ICR XChange is one of the leading consumer-oriented investment conferences.  Over the course of three days, more than 150 companies will present to over 1500 attendees, including buy- and sell-side analysts, the private equity community, the media, select investment banks, law firms and consultants. This event each year sets the tone for industry developments in the coming twelve months.

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