Facts about Scio Diamond
Quick facts

Company Headquarters
Scio Diamond Technology Corporation
411 University Ridge, Suite D
Greenville, SC 29601
Stock Information
Exchange: OTCBB
Symbol: SCIO
Public as of September 30, 2011
Sales
$1,418,341 (March 31, 2014)
Products/Markets
Commercial production of lab-grown diamonds for fine jewelry and industrial applications
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Colorless Diamonds
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Fancy color yellow diamonds
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Fancy color pink diamonds
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Custom diamond products for industrial applications
Leadership
Gerald McGuire, President and CEO
Jonathan Pfohl, CFO
Board of Directors
James Korn
Karl Leaverton
Bruce Likly, Vice Chairman
Gerald McGuire
Bern McPheely, Chairman
Lewis Smoak
Ben Wolkowitz
Scio Diamond history
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1990
Apollo Diamond, Inc. started in Boston, founded by Dr. Robert Linares, an expert in crystal growth technologies and an early pioneer in chemical vapor deposition (CVD) techniques. Apollo was successful in demonstrating the CVD technology and growing diamonds for gems, military and industrial applications. Over the course of approximately 10 years, Apollo created a significant pool of intellectual property, including more than 20 patents.
A technological success, Apollo ceased operations because it failed to commercialize the technology.
2010
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2011, August
Through a series of business transactions involving Apollo Diamond and Krossbow Holdings, a public shell company, Scio Diamond Technology Corporation was formed. Assets, including patents and intellectual property from Apollo, were transferred to Krossbow Holdings and the company began operations as Scio Diamond.
Scio Diamond started trading on the OTC Bulletin Board at $0.82 per share. The company raised $4.5M in equity financing that completed in December 2011.
2011, September
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2012, March
Scio Diamond opened its company headquarters in Greenville, SC, where it also built and opened a production facility.
Diamond production began. The company initially produced diamonds for a machine tool manufacturer who used them for precision machining of billet aluminum and chamfered glass for cell phone bodies and laptop chassis.
2012, June
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2012, September
Scio Diamond received its first revenues from diamond sales.
Scio Diamond began to focus on producing colorless diamonds as demand decreased for industrial stones from its machine tool customer.
2013, March
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2013, July
A group of investors, concerned about inadequate governance practices, initiated legal proceedings against the board of directors. These legal issues were resolved in 2014 with a new management team and board of directors.
2014, June
The group of investors that brought suit in 2013 on behalf of shareholders forced a settlement with the Scio Diamond board of directors. The old board resigned and returned 1 million shares to the company.
A new independent board was formed. Six board members (James Korn, Karl Leaverton, Bruce Likly, Bern McPheely, Lewis Smoak, Ben Wolkowitz) were appointed.
Scio Diamond adopted new by-laws consistent with established good governance practices. -
2014, July
A new CEO, Gerald McGuire, was hired. He was also appointed to the board of directors.
The company began a $2M equity raise, a direct private placement to accredited investors.2014, October
The board and management team held the very first Scio Diamond annual shareholder meeting. At the meeting, all of the board members who were appointed in June 2014 were elected by the shareholders.
Scio Diamond signed a memo of understanding for a joint venture with Renaissance Diamonds Inc. to develop and deliver high-quality, lab-grown fancy color diamonds to the gem and jewelry market. -
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2014, December
Scio Diamond completed several financial milestones.
• Closed on $2 million in equity financing through a direct private placement of common shares to accredited investors, which began in July 2014 and was fully subscribed in December 2014
• Received $2.5 million in growth funding from Heritage Gemstone Investors
• Refinanced a $1.5 million loan from Platinum Capital Partners at more favorable terms, reducing Scio Diamond’s interest expense by more than 50%.The company began delivering high-quality fancy color pink diamonds to a large national retail jewelry chain. The jewelry company began selling the diamonds to its customers in the spring.
2015, February
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2015, May
Scio Diamond completed work on a manufacturing expansion that more than doubled production capacity at its South Carolina facility.