Scio Diamond Announces Michael McMahon as CEO
GREENVILLE, SC, Feb. 1, 2013
GREENVILLE, SC, Feb. 1, 2013 /PRNewswire/ - 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
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
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 semiconductor
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
Scio Diamond Technology Corporation
Michael McMahon -firstname.lastname@example.org
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