GREER, South Carolina, Sept. 23, 2011 /CNW/ - (OTCBB: SCIO) SCIO DIAMOND
TECHNOLOGY CORPORATION is pleased to report that the company has
appointed a new CEO.
Joseph D. Lancia has been appointed new CEO of Scio Diamond Technology
Mr. Lancia brings over twenty years of executive leadership experience
in high-growth, technology companies. Most recently he served for nine
years as president and CEO of D&W Fine Pack, a manufacturer of
disposable packaging products for the food industry with locations in
California, Indiana, Nebraska, Texas and South Carolina ("D&W"). D&W
was the entity resulting from the 2009 merger of Dispoz-o Products,
Inc. ("Dispozo-o") and two other companies. When Mr. Lancia assumed the
CEO position at Dispoz-o in 2002, the company had 630 employees,
revenues of $48,000,000 and EBITDA of $6,900,000. During the first six
years of his tenure at Dispoz-o Mr. Lancia oversaw organic growth to
$106,000,000 in revenues and $21,700,000 in EBITDA with 570 employees.
After the aforementioned merger, Mr. Lancia was retained as President
and CEO of D&W and the company grew to $320,000,000 in revenue with
EBITDA in excess of $50,000,000.
In making the announcement, Mr. Edward Adams Chairman of Scio said: "Mr.
Lancia is the right executive to propel Scio Diamond into the next
phase of commercialization. Joe possesses a proven track record of
repeated success in working with high-growth companies. He has
extensive experience in operations, sales, marketing and the
integration of businesses with a stellar reputation and a leadership
ability capable of executing on strategic plans to advance the company
and seize new opportunities."
Joe said: "I'm very excited to join Scio at such an opportune time. Scio
Diamond has a wide-range of core assets that can be immediately
commercialized and exposed to the wide-open demand for cultured
diamonds in todays market. I will look to drive revenue growth in
existing market opportunities, and build commercial success by
leveraging our equipment and patented technology into a range of new
service areas and markets worldwide."
Mr. Lancia also has experience as an investment banker and private
investor, having worked with and invested in many private equity and
investment companies. He has completed over 40 mergers including 14
outside of the United States across a wide range of industries.
About Scio Diamond Corporation is based in Greer, South Carolina. Scio Diamond employs a chemical
deposition process to produce high-quality, single-crystal diamonds.
Our diamond materials are grown in a controlled laboratory setting. As
such, we refer to our laboratory grown diamonds as "cultured" diamonds.
Scio cultured diamonds have the identical chemical, physical and optical
properties as any diamond found in the earth. Through our highly
controlled manufacturing process we are able to produce very
high-quality, high-purity, single-crystal colorless, near colorless and
fancy colored diamond. Our technology will permit us to produce
cultured diamond in size, color, and quality combinations that are
rare, if at all present in nature. Our cultured diamonds are now being
offered in limited quantities as jewelry and in the technology arena as
the material operating system of the future.
Forward-Looking Statements You should not place undue reliance on forward-looking statements in
this press release. This press release contains forward-looking
statements that involve risks and uncertainties. Words such as "will,"
"anticipates," "believes," "plans," "goal," "expects," "future,"
"intends," and similar expressions are used to identify these
forward-looking statements. Actual results could differ materially from
those anticipated in these forward-looking statements for many reasons,
including the risks we face as described in this press release.
SOURCE Scio Diamond