GREENVILLE, S.C., June 20, 2014 (GLOBE NEWSWIRE) -- Scio Diamond Technology Corporation (Scio) (OTCQB: SCIO) a leading manufacturer of lab-grown diamond for the gemstone and industrial marketplace, today announced the appointment of Gerald McGuire, a consultant and current member of Scio's Board of Directors, as the Company's interim Chief Executive Officer. The appointment reflects the Board's desire for greater accountability, in-house manufacturing expertise and improvements in company performance as well as increased and improved shareholder communications. Mr. McGuire's appointment follows the decision of the Board of Directors to dismiss Michael McMahon as Chief Executive Officer. The Company has also dismissed Jonathan Pfohl as Chief Financial Officer and named Douglas Walker, also a consultant to the Company, to that position in an interim capacity. Additionally, the Company has added Michael Laub, a consultant specializing in restructuring, to the management team.
Mr. McGuire brings over twenty-five (25) years of semiconductor industry experience to Scio. The semi-conductor industry is expected to be a strong growth area for Scio in the years ahead. Mr. McGuire was most recently a Senior Vice President and General Manager of the Low-Voltage and Mid Power Analog Business at Fairchild Semiconductor. Prior to Fairchild Semiconductor, Mr. McGuire was the VP/GM of the Digital Signal Processing business at Analog Devices. He spent twenty-three (23) years at Analog Devices in various technical, marketing and business roles. His specialties range broadly including: product development, strategy, marketing and branding. Mr. McGuire has spent his career determining what global customers want and how to deliver it.
Bruce Likly, Co-Chairman of the Board of Directors, commented, "The Board believes this leadership change is necessary to enhance the management teams' operational focus and ability to execute the Company's plans for profitable growth. We are fortunate to have someone with Gerald's extensive operational, financial and leadership experience ready to assume the role of CEO at this important juncture. We are confident that he is the right person to lead Scio at this time."
About Scio
Scio employs a patent-protected chemical vapor deposition process to produce high-quality, single-crystal diamonds in a controlled laboratory setting. These are known as "lab-grown" diamonds. Lab-grown diamonds have chemical, physical and optical properties identical to "earth-mined" diamonds. The Company's manufacturing process produces high-quality, high-purity, single-crystal colorless, near colorless and fancy colored diamonds.
Scio's technology offers the flexibility to produce lab-grown diamonds in size, color and quality combinations that are rare in earth-mined diamonds. Additionally, Scio is capable of producing diamonds that have the structural, optical and electronic characteristics for industrial, medical and semiconductor applications. For more information visit www.sciodiamond.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Scio to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "may," "will," "should," "could," "would," "forecast," "potential," "continue," "contemplate," "expect," "anticipate," "estimate," "believe," "intend," "or "project" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
SOURCE: Scio Diamond Technology Corporation