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Scio Diamond Technology Corp. (SCIO) Board Of Directors Appoints New CEO

|Includes: Scio Diamond Technology, Corp. (SCIO)

Scio Diamond Technology recently announced that Steve Kelley has joined the company as its new Chief Executive Officer, effective December 5, 2012.

Ed Adams, the Chairman of Scio's Board of Directors, said: "We are delighted that Steve has accepted our offer to lead Scio. His diverse skill set, international business experience and technical acumen are a great fit for the company. In many ways, we see Cree, Steve's former company, as an aspirational model for Scio and where it might go. From that perspective, Steve's experience leading high-growth technology businesses fits ideally with Scio's continuing and rapid evolution toward large-scale production of diamond material. I'd also like to thank Joseph Lancia for his service to the company. He helped make Scio a commercially viable enterprise with excellent growth prospects."

Regarding his new employer, Mr. Kelley remarked: "I am very impressed with Scio's growth potential. The fundamentals are excellent - a well-established and patent-protected technology, strong customer demand, moderate capital intensity and good gross margins. Scio diamonds are an eco-friendly alternative to mined diamonds. Scio has the potential to be a phenomenal business."

A seasoned professional with almost 20 years of experience, Mr. Kelley was most recently at Cree, Inc. where he served as COO and Executive Vice President. His responsibilities included worldwide production, licensing, technology development, and the chips & materials business. Over a period of 24 months, Mr. Kelley directed a capacity expansion program that more than doubled unit output while significantly lowering unit cost.

Prior to his employment at Cree, Mr. Kelley was a Vice President at Texas Instruments, Inc. where he led the turnaround of a large business unit. Prior to that, he was a Senior Vice President at Philips Semiconductors, where he successfully grew sales and profits at a variety of small and large businesses in North America, Europe, and Asia.

Mr. Kelley earned a SB ChE at the Massachusetts Institute of Technology, and a JD at Santa Clara University. He is also a member of the board at Switch Lighting, a California-based LED lighting company.

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