This Day On The Street
Continue to site
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

Partnership With "Save Scio" Shareholder Group Results In Transition Of Four Directors

GREENVILLE, S.C., June 23, 2014 (GLOBE NEWSWIRE) -- Scio Diamond Technology Corporation ( Scio) (OTCQB:SCIO) a leading manufacturer of lab-grown diamond for the gemstone and industrial marketplace, today announced further restructuring of its Board of Directors with the following statement: "Today, the Scio Diamond Technology Corporation Board of Directors, after extensive discussions, is announcing a transition from the Board team that took the Company public to a team the Board anticipates will take the Company to profitability and future growth. Effective immediately, Edward Adams, Scio's Co-Chairman and co-founder has resigned from the Company's Board of Directors as have fellow Directors, Robert Linares (principal inventor of the technology), Theodorus Strous, and Gerald McGuire." "The Board would like to thank Messrs. Adams, Linares and Strous for their many years of dedicated service to Scio and their vision in developing the Company's exciting technology," stated Bruce Likly, one of Scio's current Co-Chairmen.  Mr. Likly added: "We are incredibly appreciative for the Board's positioning of Scio to capitalize on its substantial market opportunity.  We thank Messrs. Adams, Linares, Strous and McGuire for their tireless and professional service to Scio, and wish them well.  Additionally, effective immediately, we are pleased to announce the addition of Mr. Bernard McPheely, Mr. Ben Wolkowitz, Mr. Lewis Smoak and Mr. Karl Leaverton to the Company's Board of Directors.  Mr. James Korn, the Board's current Secretary and myself will remain on the Board. New Board leadership will be decided and announced in the coming weeks." On behalf of the Save Scio Group, Bernard McPheely, noted: "as Scio is evolving from a development-stage company to a viable commercial enterprise and as we move to our future, we thank those, including Messrs. Adams, Linares, Strous and McGuire, who have served the Company's past.  We are excited to have a resolution that allows Scio to move forward.  All parties involved in this process wish to see Scio succeed in the future while enhancing value for all stockholders." The Board is confident in the future of the Company and views this transition as an opportunity to focus on operational issues and execution of the Company's strategy.  Scio's aim is to become the preeminent mass producer of cultured diamond in the world for industrial and gemstone markets.   The Board also announced that it is implementing other corporate governance changes pursuant to a settlement agreement, including the repeal of its amended and restated bylaws and its stockholder rights plan.  The Save Scio Group has also agreed to terminate its consent solicitation. The Company expects to hold an annual meeting to elect the new directors following the filing of its Form 10-K for the fiscal year ended March 31, 2014. About Scio Scio employs a patent-protected chemical vapor deposition process to produce high-quality, single-crystal diamonds in a controlled laboratory setting.  These are known as "lab-grown" diamonds. Lab-grown diamonds have chemical, physical and optical properties identical to "earth-mined" diamonds. The Company's manufacturing process produces high-quality, high-purity, single-crystal colorless, near colorless and fancy colored diamonds. Scio's technology offers the flexibility to produce lab-grown diamonds in size, color and quality combinations that are rare in earth-mined diamonds.  Additionally, Scio is capable of producing diamonds that have the structural, optical and electronic characteristics for industrial, medical and semiconductor applications. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements that may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Scio to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "may," "will," "should," "could," "would," "forecast," "potential," "continue," "contemplate," "expect," "anticipate," "estimate," "believe," "intend," "or "project" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. SOURCE: Scio Diamond Technology Corporation For further information:  Joe Cunningham at  612 991-1778
CONTACT: Joe Cunningham
         612 991-1778

scio diamond LOGO

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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.46 -0.30%
FB $118.48 0.77%
GOOG $700.05 1.00%
TSLA $242.05 0.54%
YHOO $36.55 -0.14%


Chart of I:DJI
DOW 17,883.90 +110.26 0.62%
S&P 500 2,080.64 +15.34 0.74%
NASDAQ 4,814.8120 +39.4540 0.83%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs