Adamas One Enters Into A Letter Of Intent To Acquire A Key Diamond Manufacturing Company, Solidifying Its Position As A Leader In The Lab-Grown Diamond Market; No Financial Terms Disclosed

Author: Happy Mohamed | August 08, 2023 08:53am

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, today announces it has entered into a non-binding Letter of Intent (LOI) to acquire a key lab-grown diamond manufacturer, Flawless Allure Grown Diamonds, LLP ("FAGD").

The LOI is subject to customary due diligence and confirmations within industry standards and final approval by board of directors of the Company. The Company intends to acquire 100% of FAGD, which includes all patents, trademarks, know-how, trade secrets, supply lists and other assets of intellectual property, as well as all material assets, including property and property rights currently held by the soon-to-be acquired company. Importantly, this acquisition allows the Company to control all aspects of production of our lab-grown diamonds, as the cut and polish capabilities of this entity significantly adds value to the Company's holdings.

Adamas One CEO Jay Grdina comments, "This acquisition will solidify our position as a leader in the Lab-Grown diamond industry based on our capabilities to vertically integrate, produce and market Lab-Grown Diamonds. Our goal has been to complete our ecosystem and become as self-sufficient as possible, and the acquisition of Flawless, one of the top diamond cut and polishers in the industry, completes our ability to control our end-to-end production, speed of production and time-to-marketing. This transaction represents a significant step in the execution of our strategy to ensure that we are well positioned in the market, with minimal to no shareholder dilution."

Posted In: JEWL