Adamas One to Initiate Up to $7.5 Million Share Repurchase Plan

Rhea-AI Summary

Adamas One Corp. (Nasdaq: JEWL) has announced a share repurchase program authorized by its Board of Directors to buy back up to $7.5 million of outstanding common stock. The repurchase will occur through various methods, dependent on market conditions and corporate limitations. CEO Jay Grdina stated that this initiative supports shareholder value, reflecting a belief that the current stock price does not accurately represent the company’s market potential. The company is also preparing for the launch of its lab-based diamond jewelry, reinforcing its commitment to growth and shareholder interests.

Positive

• Share repurchase program of up to $7.5 million aims to enhance shareholder value
• CEO's confidence in the growth potential and market opportunity for Adamas One
• Preparation for the consumer launch of lab-based diamond jewelry indicates business expansion

Negative

• None.

SCOTTSDALE, Ariz., Feb. 22, 2023 (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 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 Statements
This 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 Relations
CORE IR
Scott Arnold, Managing Partner
516 222 2560
ir@adamasone.com

Media Relations
CORE IR
Jules Abraham
917 885 7378

Source: Adamas One Corp.

FAQ

What is the purpose of Adamas One's share repurchase program?

The share repurchase program aims to enhance shareholder value by buying back up to $7.5 million of the company's outstanding common stock.

How much is Adamas One planning to spend on stock buybacks?

Adamas One is authorized to repurchase up to $7.5 million of its outstanding common stock.

What are the expected effects of the buyback on Adamas One's stock price?

The buyback is expected to support the stock price by demonstrating confidence in the company's value and potential.

When will Adamas One start its share repurchase program?

The share repurchase program is effective immediately as authorized by the Board of Directors.