Adamas One Enters into a Letter of Intent to Acquire a Key Diamond Manufacturing Company, Solidifying Its Position as a Leader in the Lab-Grown Diamond Market
08 August 2023 - 10:30PM
Adamas One Corp. (Nasdaq: JEWL) (“Adamas One,” “Adamas” or the
“Company”), The Original Lab-Grown Diamond Company™, a high-tech
company that leverages proprietary technology to produce
high-quality, single-crystal, Lab-Grown Diamonds for jewelry and
diamond materials for industrial uses, today announces it has
entered into a non-binding Letter of Intent (LOI) to acquire a key
lab-grown diamond manufacturer, Flawless Allure Grown Diamonds, LLP
(“FAGD”).
The LOI is subject to customary due diligence
and confirmations within industry standards and final approval by
board of directors of the Company. The Company intends to acquire
100% of FAGD, which includes all patents, trademarks, know-how,
trade secrets, supply lists and other assets of intellectual
property, as well as all material assets, including property and
property rights currently held by the soon-to-be acquired company.
Importantly, this acquisition allows the Company to control all
aspects of production of our lab-grown diamonds, as the cut and
polish capabilities of this entity significantly adds value to the
Company’s holdings.
Adamas One CEO Jay Grdina comments, “This
acquisition will solidify our position as a leader in the Lab-Grown
diamond industry based on our capabilities to vertically integrate,
produce and market Lab-Grown Diamonds. Our goal has been to
complete our ecosystem and become as self-sufficient as possible,
and the acquisition of Flawless, one of the top diamond cut and
polishers in the industry, completes our ability to control our
end-to-end production, speed of production and time-to-marketing.
This transaction represents a significant step in the execution of
our strategy to ensure that we are well positioned in the market,
with minimal to no shareholder dilution.”
About Adamas One Corp.
Adamas is a lab-grown diamond manufacturer that
produces near flawless single-crystal diamonds for gemstone and
industrial applications, in its facilities in Greenville, South
Carolina. The Company holds 36 patents and uses its proprietary
chemical vapor deposition (CVD) to grow gem-sized and smaller
diamond crystals. Adamas One™ lab-grown diamonds have the same
physical, chemical and optical properties as mined diamonds. The
Company’s controlled manufacturing processes enables it to produce
very high-quality, high-purity, single-crystal colorless, near
colorless and fancy colored Type IIA diamonds to suit a variety of
industrial and gemstone applications. The Company intends to market
and sell its diamonds into the wholesale jewelry and industrial
markets. For more information, visit www.adamasone.com.
Not Mined. Not Fake. Just sped up
perfection. ™
Forward-Looking StatementsThis
press release may include “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
To the extent that the information presented in this press release
discusses financial projections, information, or expectations about
our business plans, results of operations, products or markets, or
otherwise makes statements about future events, such statements are
forward-looking. Such forward-looking statements can be identified
by the use of words such as “should,” “may,” “intends,”
“anticipates,” “believes,” “estimates,” “projects,” “forecasts,”
“expects,” “plans,” and “proposes.” Although we believe that the
expectations reflected in these forward-looking statements are
based on reasonable assumptions, there are a number of risks and
uncertainties that could cause actual results to differ materially
from such forward-looking statements. You are urged to carefully
review and consider any cautionary statements and other
disclosures, including the statements made under the heading “Risk
Factors” and elsewhere in documents that we file from time to time
with the Securities and Exchange Commission. Forward-looking
statements speak only as of the date of the document in which they
are contained, and Adamas One Corp. does not undertake any duty to
update any forward-looking statements except as may be required by
law. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
For more information contact:
Investor RelationsCORE IRScott Arnold, Managing
Partner516 222 2560ir@adamasone.com
Media RelationsCORE IRJules Abraham917 885
7378
Source: Adamas One Corp.
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