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Charles and Colvard announces management changes

March 07, 2007

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Morrisville, N.C.—Moissanite creator Charles and Colvard announced today a senior addition to its sales team and two management promotions, which will position the company for future growth, according to the company.

Dennis Reed, chief marketing officer, was promoted to president. He will retain his current duties and will be responsible for the sales and marketing functions of the company. Reed started with Charles and Colvard in October 2002 and has overseen sales since then, getting promoted to chief marketing officer in May 2005. He will continue to report to chairman and chief executive officer Bob Thomas.

The company also announced the promotion of Steven Abate, lead director of manufacturing, to vice president of manufacturing. He will continue reporting to Thomas. Abate joined the company in June 2005.

Joining the company is Carl Mielke as senior vice president of sales. He will be responsible for managing all sales-related functions and will work closely to develop relationships with the company's manufacturing distributors and retail customers. He will report directly to Reed beginning March 19.

Mielke joins Charles and Colvard from Citizen Watch Co. of America, where he has served as executive vice president. In this role, he directed and managed all selling, merchandising and supply-chain initiatives, as well as being actively involved in product development and marketing functions. Prior to Citizen, he was with Waterford Wedgwood USA for 19 years, most recently as senior vice president of sales.

Thomas said Mielke is a valuable addition to Charles and Colvard and praised Reed and Abate on their promotions, noting how they will contribute to the continued growth of the company.

"The size and scope of our moissanite business has increased over the past several years. We believe that we are well positioned to continue this trend of growth and that hiring Carl and promoting Dennis and Steven will enhance our capability to capitalize on our many opportunities for growth in 2007 and beyond," he stated.
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