On the Heels of Its Initial Public Offering, Adamas One Reports Initial Diamond Sales for Fiscal Year 2022
19 January 2023 - 01:00AM
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, announced financial results
for the fiscal year ended September 30, 2022.
Financial highlights from the year, which are
discussed in detail in the Company’s Annual Report on Form 10-K
filed with the Securities and Exchange Commission on January 13,
2023, include more than $1.78 million in sales of the Company’s
Lab-Grown Diamonds, compared to zero sales in the prior fiscal
year. Significantly, based on the Company’s preparations and
refinement of its processes, sales and marketing activities began
mid-second quarter, which means that all sales were achieved within
the closing seven months of the year. Other pertinent activities
include the initial public offering of the Company and significant
intellectual property activities.
“Our goal as a company is continued growth,
quarter over quarter, year over year,” stated Adamas One CEO, Jay
Grdina, “Fiscal 2022 was important for the Company as we pivoted
from our R&D efforts to production for commercial sales of our
diamond products. We are now hard at work both producing diamonds
and upgrading our production capabilities, working diligently to
reach full capacity at our Greenville, S.C. facility. We are on
target to have our Greenville facility at full manufacturing
capabilities of 3,000 cts per month, and expect over $1 million in
revenue per month, both by May 2023. All of these activities
are designed to lay the groundwork for what we believe will be a
successful fiscal 2023. We look forward to, as appropriate,
continuing to update our shareholders on our progress.”
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.” 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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