Adamas One to Initiate Up to $7.5 Million Share Repurchase Plan
23 February 2023 - 1:30AM
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, announces today that its
Board of Directors has authorized a share repurchase program to
repurchase up to $7.5 million of Adamas One’s outstanding common
stock. This share repurchase authorization is effective
immediately.
Adamas One’s shares may be repurchased from time
to time in open market transactions, privately negotiated block
transactions, or other means in accordance with applicable
securities laws. The timing of the purchase, the number of shares
repurchased, and the prices paid for the shares under the program
will depend on general business and market conditions, the trading
price of Adamas One’s common stock and corporate and regulatory
limitations
“As we ramp up our consumer-focused operations,
to meet the growing demand in our industry, we believe it is
essential that we continue to support shareholder value. We believe
that the current stock price is not reflective of the value and
opportunity that Adamas brings to the market. Given this gap in
perception, our board of directors has approved a up to a $7.5
million dollar share buyback."We believe this stock buyback program
demonstrates our commitment to shareholders. In the meantime, we
are completing final preparations for the consumer launch of our
lab-based diamond jewelry. We will continue to update our
shareholders with company developments as appropriate,” stated
Adamas One CEO, Jay Grdina.
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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