GREENVILLE, SC, April 24, 2014 /PRNewswire/ - Scio Diamond Technology Corporation (OTCQB: SCIO) (hereinafter "Scio" or the "Company") announced today, the Scio Lease-a-Diamond Reactor Program. The program is in response to repeated customer requests for dedicated resources to meet end-user demand for both industrial and gem quality diamond.
Designed with Scio customers' total convenience in mind, the innovative Lease Program features:
- Predictable Diamond Supply Horizon:
- Scio customers site "supply of quality diamond" as their top concern. Having a dedicated diamond reactor provides a guaranteed supply horizon delivered at regular intervals.
- Guaranteed "Environmentally Safe and Conflict Free" Diamonds:
- No blood on Scio stones. Scio customers know their diamonds don't come from global conflict zones and are environmentally friendly. Scio's lab-grown diamond is currently manufactured in the Company's Greenville, SC factory.
- Conservation of Capital:
- Monthly payments, customer cash outlays are a fraction of mining expenses or wholesale prices.
- Tax Savings and Improved Cash Flow:
- Equipment leasing can often be treated as an expense deduction for income tax purposes and may result in a larger tax deduction than claiming depreciation expenses. This can mean substantial tax savings and improved cash flow.
- Better Terms:
- Scio is prepared to offer an up to a 5% discount over normal production costs depending on the number of reactors leased and duration.
On September 17, 2013 Scio's announced a Joint Venture arrangement and is currently repurposing a manufacturing facility in the PRC to further meet increasing customer demand. The Scio Joint Venture will, as outlined in our previous press release, initially be fitted with 100 Scio-designed diamond-growing reactors and support equipment. The China facility will have the capability to expand to 400 diamond-growing reactors over the next 2 years.On April 14, 2014, Scio announced a significant technological breakthrough in its new 4" Diamond Growth Technology. The 4" Diamond Growth Technology produces Type IIa, Single Crystal CVD Diamonds and will increase the production platform for SCIOs' entire product line by 100%. Scio is using its new technology and soon, its new Joint Venture manufacturing facility, to meet customer demand, which is currently outpacing production by nearly a 25-to-1 ratio.