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Moissanite lawsuit headed to court

February 24, 2009

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Morrisville, N.C.--Moissanite maker Charles and Colvard and manufacturer K and G Creations are prepared to take their legal battles to the mat after attempts to resolve their dueling lawsuits outside the courtroom failed.

On Monday, Charles and Colvard issued a release stating that it intends to "move forward" with the lawsuit filed on June 16, 2008, against K and G Creations, and anticipates the battle will culminate in a court trial that is currently scheduled for December.

In the suit filed in U.S. District Court for the Eastern District of North Carolina, Western Division, the Morrisville, N.C.-based company claims that K and G owes $2.83 million plus interest for Moissanite jewels it delivered and sold to the Boca Raton, Fla.-based manufacturer.

A month after Charles and Colvard filed its initial complaint, K and G fired back, filing its own suit on July 14 claiming that Charles and Colvard didn't uphold its end of the contract and was overcharging K and G.

K and G is seeking $40 million in damages in the case, according to its counterclaim.

K and G President and CEO Neil Koppel said he plans to "vigorously pursue" his company's counterclaim in court.

"We have too much of a difference here," he said. "The only way through this one is through the court system."

Charles and Colvard is set to mount a defense of K and G's counterclaim.

"The board of directors continues to believe that the counterclaims of K and G are without merit and the company intends to vigorously defend against the counterclaims," the release states.
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