SCOTTSDALE, Ariz., Feb. 07, 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 it has renegotiated the lease for its new South Carolina manufacturing facility. The new lease allows for expansion of the facility to support up to a total of 400 proprietary reactors to produce the Company's lab-grown diamonds.

The first phase will consist of the installation of 100 reactors, which at full capacity will be able to generate up to $30 million in topline revenue, or approximately $14 million in EBITDA on a monthly basis, or more than $300 million in topline revenue/$150 million EBITDA on an annual basis. Upon completion, the Company expects to house close to 400 of its proprietary CVD reactors.

"The renegotiation of our new Greenville facility lease is an important step in our capability to ramp up production of our lab-grown diamonds. We have completed the architectural design for the new facility and we are approaching completion on the engineering designs. This state of the art facility is designed to have an extremely low carbon footprint and a safe and friendly work environment for our employees. We anticipate to start generating income from this facility towards the end of Q3. At full capacity, this represents a significant, rapid increase in revenue generation, which we see only increasing upon reaching the facility's full capacity of 400 units. We are aggressively moving forward with our development plans, which we believe will generate optimal shareholder value by bringing new product into the consumer market. We look forward to continuing to update shareholders on these developments as well as other activities that will facilitate our entry into the consumer jewelry market," 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 .

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.