Scio Diamond Technology Corporation Announces Plans To Dedicate Production To Grow Raw Diamond Cylinders for Industrial Use

GREENVILLE, S.C., Nov. 8, 2011 /CNW/ - Scio Diamond Technology Corporation (OTCBB: SCIO) today announced plans to dedicate a portion of its production capacity growing various sizes of raw diamond cylinders to support specific industrial partnerships.

Industrial requirements are different than the requirements for gemstones.  Industrial products demand cultivated diamond in the form of, squares, cylinders, and bars, which in turn will allow the creation of extremely thin diamond membrane.  The Scio Diamond Technology has developed and proven the technology to grow diamond in these shapes, marking it the first company to provide industry with a deliverable product, with dedicated production, as required.

With a high demand for these cultivated diamond configurations, Scio has customers waiting for diamond product.  A very real example, says Joseph Lancia, Scio Diamond's CEO, "is our development of diamond base high temperature electronic components.  The characteristics of diamond based electronics enables high performance and lower weight relative to conventional silicon electronics in many industrial products.  Diamond based electronics result in much faster switching, higher load capability, smaller parts, reduced cooling requirements and simplified electromagnetic shielding needs."  Mr. Lancia goes on to say, "this is just one of several industry applications where Scio will specifically dedicate diamond production."

Scio's intention is to not only increase production by adding additional reactors during the first year at it's manufacturing facility, but to dedicate at least 50% of it's R&D effort to maximizing yield within the reactor dedicated to specific requirements of the industrial sector.  Many of the industrial specifications allow Scio's growing time to be reduced to 4 days, versus the 22 days it takes to grow high quality .5-carat gemstones.

Scio Diamond is currently in discussions with over a dozen industrial users where Scio's proven technology has been used.  CEO Lancia said that, "over the next five years it is our full intention to increase our production percentage dedicated to industrial users to a minimum of 60%, where the diamond demand, therefore revenue stream potential is so large it is indefinable."

About Scio Diamond

Scio Diamond employs a patent-protected chemical 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 any diamond 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.

Scio's technology permits it to produce lab-grown diamond in size, color, and quality combinations that are rare, if at all present in nature. Diamonds are now being offered in limited quantities as jewelry and in the technology arena as the material operating system of the future.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-KSB and 10-QSB. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.

 

SOURCE Scio Diamond

For further information:

Investor Relations:   Company:
ICR, LLC   SCIO Diamond Technology Corporation
Gary T. Dvorchak, CFA   Joseph D. Lancia
Senior Vice President   +1 (864) 346-2733
+1 (310) 954-1123   jlancia@sciodiamond.com
gary.dvorchak@icrinc.com

 

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Scio Diamond

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