Neal Goldman Elected Executive Chairman of Charles & Colvard’s Board of Directors

Appointment Follows George R. Cattermole’s Decision to Step Down as Chairman; Cattermole Will Remain Board Member

MORRISVILLE, N.C.--()--Charles & Colvard, Ltd. (NASDAQ:CTHR), the sole source of created moissanite and Forever Brilliant®The World’s Most Brilliant Gem®, announced that its Board of Directors has elected Neal Goldman to serve as Executive Chairman of the Board, effective January 1, 2015. The announcement follows the decision by George R. Cattermole to step down as Chairman of the Board while remaining a Board member. The Board unanimously appointed Mr. Goldman to lead the Company into its next phase of growth.

Neal Goldman became a director with Charles & Colvard in May 2014. His financial expertise and knowledge of the direct-to-consumer market span many years. He has served as President of Goldman Capital Management, Inc., an investment advisory firm, since he founded the firm in 1985. Prior to that, Mr. Goldman was an analyst and portfolio manager at Shearson/American Express Inc. Mr. Goldman served on the Board of Directors of Blyth, Inc., a multi-channel company focused on the direct-to-consumer market, and includes in its portfolio two direct sales companies, PartyLite Gifts and ViSalus. He also serves on the Board of Imageware Systems, Inc., a leading company in the emerging market for biometrically enabled software-based identity management solutions.

Mr. Goldman said, “On behalf of the entire Board of Directors, I would like to thank George Cattermole for his tremendous work in the role of Chairman since February 2009. As the new Chairman, I and my fellow Board members will continue to draw on his keen insights as we seek to bring the Company to greater levels of success. I strongly believe Charles & Colvard’s greatest achievements lie ahead, and we will work diligently with management to further establish our brands in the marketplace.”

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 gem that is distinct from other gems and jewels based on its exceptional fire, brilliance, luster, durability, and rarity. Charles & Colvard Created Moissanite® and Forever Brilliant® are currently incorporated into fine jewelry sold through domestic and international retailers and other sales channels. Charles & Colvard, Ltd.’s common stock is listed on the NASDAQ Global Select Market under the symbol “CTHR.” For more information, please visit www.charlesandcolvard.com.

Forward-Looking Statement

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 resulting from our strategic initiatives; dependence on a limited number of customers; the impact of the execution of our business plans on our liquidity; our ability to fulfill orders on a timely basis; the financial condition of our major customers and their willingness and ability to market our products; dependence on Cree, Inc. as the sole current supplier of the raw material; our current wholesale customers’ potential perception of us as a competitor in the finished jewelry business; intense competition in the worldwide jewelry industry; general economic and market conditions, including the current economic environment; risks of conducting business in foreign countries; the pricing of precious metals, which is beyond our control; the potential impact of seasonality on our business; our ability to protect our intellectual property; the risk of a failure of our information technology infrastructure to protect confidential information and prevent security breaches; possible adverse effects of governmental regulation and oversight; and the failure to evaluate and integrate strategic opportunities, 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, 2013 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.

Contacts

Charles & Colvard, Ltd.
Public Relations:
Dian Griesel Int’l.
Susan Forman, Laura Radocaj, 212-825-3210
or
Investor Relations:
Taglich Brothers, Inc.
Christopher Schreiber, 212-661-6886

Release Summary

Neal Goldman has been elected to serve as Chairman of Charles & Colvard's Board of Directors, replacing George Cattermole who remains on the Board.

Contacts

Charles & Colvard, Ltd.
Public Relations:
Dian Griesel Int’l.
Susan Forman, Laura Radocaj, 212-825-3210
or
Investor Relations:
Taglich Brothers, Inc.
Christopher Schreiber, 212-661-6886