Diamond Manufacturer Scio Receives Financial Injection
Lab-grown diamond manufacturer, Scio Diamond Technology Corp, has signed a financial agreement which the firm says will give it the ability to expand its manufacturing base.
The deal to restructure its debt was signed with Heritage Gemstone Investors (HGI).
The agreement includes an extended maturity date, relief on interest payments and access to additional funding.
HGI's increased funding commitment of $250,000 will be matched dollar for dollar by investors, including members of the Scio Diamond board of directors and management team.
"We've made significant progress with our white diamonds recently, and I am excited by the rapid growth we are seeing in the market said Gerald McGuire, CEO of Scio Diamond. "Our board and lender, HGI, recognize the incredible opportunity we have before us and I believe this announcement demonstrates their support of the company's efforts.
"Our customer base has recognized these improvements and are creating stunning gemstones from our rough. Scio Diamond expects to ramp up its production of white diamonds over the summer months," he added.