GREENVILLE, SC, Feb. 1, 2013 /CNW/ - Scio Diamond Technology Corporation
(OTCBB: SCIO.OB) (hereinafter "Scio" or the "company") today announced
that its Board of Directors appointed Michael McMahon as Chief
Executive Officer, effective February 1, 2013.
Mr. McMahon has been the company's Chief Operating Officer since
2011. Mr. McMahon is a graduate of the University of Cincinnati and has
over 30 years of senior management leadership experience. He has held
Senior Executive positions at Fluor Corporation, Jacobs Engineering,
and CRSS, Inc. managing the design and construction of over 19 billion
dollars of constructed value worldwide, much of it in high technology.
Ed Adams, Chairman of Scio's Board of Directors, said: "We are delighted
that Michael has accepted our offer to lead Scio. Michael's leadership
in designing, building, and starting up Scio's production facilities
enabled Scio to now aggressively ramp production and revenue. His
diverse skill set, international business experience, corporate
governance expertise and business acumen are a great fit for the
company. His vision of mass production of diamond for both the
industrial and gemstone markets is clear, concise and focused. Michael
has already demonstrated a leadership perspective that fits ideally
with Scio's. There is no doubt that Michael will lead Scio to being the
most productive and efficient diamond operation in the world. More
importantly, his strategic approach and previous experience in building
successful partnerships will lead Scio to new markets that can exploit
the power of diamond as a disruptive material technology."
Michael McMahon commented: "The growth possibilities for Scio are
immense, and I look forward to leading the company to achieve its full
potential. Our achievements to date in starting mass production are
just the beginning. Our patented technology will enable us to continue
our production ramp in the months ahead."
Scio 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.These cultivated diamonds have chemical, physical
and optical properties identical to mined diamonds.The company's
manufacturing process enables it to produce 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 very rare in nature.
Scio produces diamonds for industrial, gemstone, medical and
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
For further information:
Scio Diamond Technology Corporation
Michael McMahon - firstname.lastname@example.org