SCOTTSDALE, Ariz., Feb. 24, 2024 (GLOBE NEWSWIRE) -- 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 technology and other industrial uses, provides a shareholder update from our CEO below:
Upon closing out our first year as a publicly traded company, listed on the NASDAQ exchange, we wanted to reach out to you, our shareholders, with an update on our business and to thank you for both your support and patience. Being a young company listed in a difficult market has been challenging, but we learned, adjusted and now we are looking forward to a good year ahead.
At Adamas One Corp, our strategy to build a successful and profitable company is based on three key initiatives: First, deliver the highest quality lab-grown diamond materials for the markets we serve. Second, become a highly integrated and branded supplier of lab-grown diamond jewelry, in order to facilitate our path to increased revenue and propel us into the fastest growing market segment. Third, leverage the company's extensive IP and continued R&D efforts to exploit opportunities in new sectors, starting with the technology industry.
Additionally, we used a portion of our proceeds to update our factory with state of the art equipment, including 12 full-capacity reactors, extensive backup systems, testing equipment, lasers for initial rough cutting and various other essential equipment. In addition, we fine-tuned our recipes to increase the color and clarity of our diamonds in preparation for expanded distribution. We have also increased our staff to meet our production and sales & marketing needs.
In the spring we completed the designs for nearly 200 different pieces of jewelry for our Elle Jolie luxury jewelry line, which we anticipate officially launching in Q2 of 2024. Following the completion of the design process we began manufacturing utilizing our proprietary scalable process. We also entered into an agreement with a renowned high-end digital agency to partner with us on the branding, marketing, e-commerce, and fulfillment of the Elle Jolie jewelry line. Our goal is to compete with high-end retailers by bringing sustainable luxury to the lab grown diamond sector in a way that delivers increased revenue and high gross margin. We have already delivered the first Elle Jolie pieces to lead customers and plan to initially market the line Direct to Consumer (DTC) through our ElleJolie.com eCommerce website.
In the summer we launched our redesigned corporate website - AdamasOne.com with a fresh look aimed at raising our corporate visibility and demonstrating the value we are building for our shareholders. The new site includes a shopping feature for Business-to-Business (B2B) transactions and provides educational materials to help raise awareness of the value and benefits of Adamas' lab-grown diamonds for our customers.
We also announced our intention to acquire a high-quality diamond cutter to further optimize our diamond manufacturing process and control all aspects of production, as the cut and polish capabilities of this entity will add significant value to the company's holdings. Furthermore, we intend to acquire a lab-grown diamond wholesaler/retailer with a presence in New York's diamond district. Combined with our manufacturing, these companies will enable us to complete the cycle from "seed to sale" and become one the most vertically integrated lab grown diamond companies in the world. We have hired Cappello Global Capital to assist with the capital raise needed to acquire the target assets. Our goal is to have minimal to no dilutive effect on our current shareholder base from the funds raised to complete the transactions.
We announced plans to increase our presence in the semiconductor sector space with the launch of our wholly owned subsidiary, Adamas One Technologies, and put together an experienced team to determine how we can best adapt our diamond substrate for use into new technology opportunities. Over the course of the last year we have worked with a National Laboratory in advanced material science to perform extensive testing on our diamond materials to help increase our knowledge on how to best exploit the extraordinary physical properties of lab-grown diamonds within the semiconductor space.
Awareness of lab-grown diamonds has grown exponentially over the past year, and we believe that now is the right time to increase our PR profile and leverage that awareness to increase the profile of Adamas One. As such, our CEO has been a regular on a handful of talk and morning shows highlighting how the company plans to take advantage of the positive trends and additional focus on the lab-grown diamond industry. Being a top U.S. based manufacturer puts us in an excellent position to take advantage of the timing in order to get our name and brand out to the domestic and international consumers. Additionally, we have been working with our partner, NexGen AI to leverage artificial intelligence solutions to develop and extend our customer base and further solidify our brand position. These AI based outreach opportunities have already generated a number of significant B2B openings for the company.
When Adamas One first started in the industry, lab-grown diamonds represented less than 1% of loose diamond sales in the U.S., currently that figure is over 55%. Over the course of the last year, we have worked to put ourselves in a position to take advantage of the growth in the market and place ourselves as a dominant manufacture and distributor in the U.S. and international lab-grown diamond markets for both jewelry and technologies. Our confidence is very high for the adaptation and use of lab-grown diamonds in the semiconductor industry and we want to make sure that we are in the forefront of that industry as well as the loose and finished goods jewelry industry.
We have hired Turner, Stone and Company, L.L.P. as our new audit firm. We look to work closely with them to get our future filings done in a timely manner. We understand the importance of our filings and wanted to make sure we are always compliant and in good status.
We are very excited by the rapid development of the market over the past year and continue to work diligently to position the company to thrive. Please follow us at https://ir.adamasone.com/
Not Mined. Not Fake. Just sped up perfection.
Forward-Looking Statements
This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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.
Source: Adamas One Corp.
