MORRISVILLE, NC -- (Marketwire) -- 05/25/11 -- Charles & Colvard, Ltd. (NASDAQ: CTHR), the sole manufacturer of created moissanite gemstones, The Most Brilliant Jewel in the World®, today announced that David B. Barr was elected to serve as an independent member of the Company's Board of Directors at the Company's Annual Meeting of Shareholders on Thursday, May 19, 2011.
Mr. Barr, age 47, currently serves on the boards of a number of restaurant companies that are owner-operators or franchisees. He has served as Chairman of PMTD Restaurants LLC since September 1998 and Chairman of Rita Restaurants LLC and its predecessor Avado Brands, Inc. since May 2005, and is a member of the Board of Directors of Del Frisco's Restaurant Group, LLC; Mrs. Fields Original Cookies, Inc.; and Bistro Restaurant Group. From November 2000 until December 2007, Mr. Barr was Chairman of the Board of Samuels Jewelers, and subsequently served as a member of the Board of Directors of Samuels Jewelers from January 2008 to December 2008. Since September 1998, Mr. Barr has provided consulting and valuation services for small- and mid-cap companies and investment firms. From June 1994 to September 1998, he served as Chief Financial Officer and then President and Chief Executive Officer of Great American Cookie Company, Inc.
Mr. Barr earned a B.S. in Commerce from the McIntire School of Commerce at the University of Virginia in 1985. He began his career at Price Waterhouse in 1986.
"I am very pleased to welcome David Barr to our Board of Directors," stated George R. Cattermole, Chairman of the Board of Directors at Charles & Colvard, Ltd. "David served as Chairman of the Board of Samuels Jewelers during the period that our CEO, Randy McCullough, was Chief Executive Officer of the Samuels chain of retail jewelry stores and prior to the sale of Samuels to an international buyer. His familiarity with the jewelry industry, combined with his extensive retail and franchise experience and his relationships within the investment community, are invaluable to Charles & Colvard as we pursue our strategy to realize the full potential of moissanite within the $120 billion global jewelry industry."
About Charles & Colvard, Ltd.
Charles & Colvard, Ltd., based in the Research Triangle Park area of North Carolina, is the global sole source of moissanite, a unique, near-colorless created gemstone that is distinct from other gemstones and jewels based on its exceptional fire, brilliance, luster, durability, and rarity. Charles & Colvard Created Moissanite® is currently incorporated into fine jewelry sold through domestic and international retailers and other sales channels. Charles & Colvard, Ltd. is headquartered in Morrisville, North Carolina, and its common stock is listed on the NASDAQ Global Select Market under the symbol "CTHR." For more information, please access www.moissanite.com or www.charlesandcolvard.com.
This press release contains 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. Statements expressing expectations regarding our future and projections relating to products, sales, revenues, and earnings are typical of such statements and are made under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations, and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "continue," and similar words, although some forward-looking statements are expressed differently.
All forward-looking statements are subject to the risks and uncertainties inherent in predicting the future. You should be aware that although the forward-looking statements included herein represent management's current judgment and expectations, our actual results may differ materially from those projected, stated, or implied in these forward-looking statements as a result of many factors including, but not limited to, our dependence on consumer acceptance and growth of sales of our products; our dependence on third parties for the sales and marketing of our products to end consumers; dependence on a limited number of customers; our current customers' potential perception of us as a competitor as we enter the finished jewelry business; general economic and market conditions, including the current economic environment; dependence on Cree, Inc. as the current supplier of the raw material; intense competition in the worldwide jewelry industry; the financial condition of our major customers; risks of conducting business in foreign countries; the pricing of precious metals, which is beyond our control; our ability to protect our intellectual property; and possible adverse effects of governmental regulation and oversight, in addition to the other risks and uncertainties described in our filings with the Securities and Exchange Commission, or the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and subsequent reports filed with the SEC. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur except as required by the federal securities laws, and you are urged to review and consider disclosures that we make in the reports that we file with the SEC that discuss other factors relevant to our business.