Charles & Colvard Appoints Steven M. Larkin as Chief Operating Officer

  Charles & Colvard Appoints Steven M. Larkin as Chief Operating Officer

Business Wire

MORRISVILLE, N.C. -- April 23, 2013

Charles & Colvard, Ltd. (NASDAQ Global Select Market: CTHR), the sole
manufacturer of created moissanite gemstones, The Most Brilliant Jewel in the
World^®, announced today the appointment of Steven M. Larkin as its Chief
Operating Officer effective May 6, 2013. Mr. Larkin has served on our Board of
Directors since February 2011 and has resigned that position effective May 6,
2013. Mr. Larkin’s responsibilities in his new role will include the
development of long-term operating strategies designed to enhance shareholder
value by growing top-line revenue and improving net profit and cash flow.

Mr. Larkin's career spans over 30 years of diverse, progressive merchandising
and marketing responsibilities in the retail, e-commerce, and fine jewelry
industries. Since 2010, Mr. Larkin was most recently Senior Vice President,
Direct, of Golfsmith International Holdings, Inc., a specialty retailer of
golf and tennis equipment, apparel and accessories.

Previously, Mr. Larkin served as Executive Vice President, Chief Marketing and
E-commerce Officer at Zale Corporation. Prior to Zale Corporation, Mr. Larkin
served in a variety of marketing, merchandising, and e-commerce-related
executive positions with various companies in the retail industry, including
ShopNBC, The Fingerhut Corporation, and Federated Department Stores/Macy’s,
Inc. Mr. Larkin is a graduate of The School of Management at Boston
University.

Randy McCullough, Chief Executive Officer of Charles & Colvard, Ltd.,
commented, "We are extremely pleased to add Steve to our executive management
team, and we believe his jewelry merchandising and marketing backgrounds will
be a contributing factor to Charles & Colvard's future success. During his
service on our Board of Directors, he has demonstrated the ability and the
right cross-section of talent to help expand awareness and educate consumers
of the great properties and value of our incredible gemstone via traditional
and non-traditional channels.”

“I’m impressed with consumer acceptance and satisfaction with our products,
and I’m confident via increased awareness and education campaigns that we can
significantly grow market share in the large worldwide gemstone sector,”
stated Mr. Larkin. “Opportunities exist in traditional and progressive digital
channels. Social, mobile, and international media may all be utilized in
expanding awareness and growing the business. As a prior Board member, I have
been impressed and excited about the future that Randy and the team created
thus far. I look forward to contributing in further growing the business and
shareholder value,” concluded Larkin.

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd., based in the Research Triangle Park area of North
Carolina, is the global sole source of moissanite, a unique, near-colorless
created gemstone that is distinct from other gemstones and jewels based on its
exceptional fire, brilliance, luster, durability, and rarity. Charles &
Colvard Created Moissanite^® and Forever Brilliant^® are currently
incorporated into fine jewelry sold through domestic and international
retailers and other sales channels. Charles & Colvard, Ltd. is headquartered
in Morrisville, North Carolina, and its common stock is listed on the NASDAQ
Global Select Market under the symbol “CTHR.” For more information, please
visit www.charlesandcolvard.com.

This press release contains forward-looking statements within the meaning of
Section27A of the Securities Act of 1933, as amended, and Section21E of the
Securities Exchange Act of 1934, as amended. Statements expressing
expectations regarding our future and projections relating to products, sales,
revenues, and earnings are typical of such statements and are made under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements about our plans,
objectives, representations, and contentions and are not historical facts and
typically are identified by use of terms such as “may,” “will,” “should,”
“could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“continue,” and similar words, although some forward-looking statements are
expressed differently.

All forward-looking statements are subject to the risks and uncertainties
inherent in predicting the future. You should be aware that although the
forward-looking statements included herein represent management’s current
judgment and expectations, our actual results may differ materially from those
projected, stated, or implied in these forward-looking statements as a result
of many factors including, but not limited to, our dependence on consumer
acceptance and growth of sales of our products resulting from our strategic
initiatives; dependence on a limited number of customers; our ability to
fulfill orders on a timely basis; the financial condition of our major
customers; dependence on Cree, Inc. as the sole current supplier of the raw
material; our current wholesale customers’ potential perception of us as a
competitor in the finished jewelry business; intense competition in the
worldwide jewelry industry; general economic and market conditions, including
the current economic environment; risks of conducting business in foreign
countries; the pricing of precious metals, which is beyond our control; the
potential impact of seasonality on our business; our ability to protect our
intellectual property; the risk of a failure of our information technology
infrastructure to protect confidential information and prevent security
breaches; possible adverse effects of governmental regulation and oversight;
and the failure to evaluate and integrate strategic opportunities, in addition
to the other risks and uncertainties described in our filings with the
Securities and Exchange Commission, or the SEC, including our Annual Report on
Form 10-K for the fiscal year ended December 31, 2012 and subsequent reports
filed with the SEC. Forward-looking statements speak only as of the date they
are made. We undertake no obligation to update or revise such statements to
reflect new circumstances or unanticipated events as they occur except as
required by the federal securities laws, and you are urged to review and
consider disclosures that we make in the reports that we file with the SEC
that discuss other factors relevant to our business.

Contact:

Charles & Colvard, Ltd.
Timothy Krist, 919-468-0399, ext. 295
Chief Financial Officer
tkrist@charlesandcolvard.com
or
Investor Relations:
Taglich Brothers, Inc.
Christopher Schreiber, 800-383-8464
Investor Relations Counsel
cs@taglichbrothers.com
 
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