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Charles and Colvard settles lawsuit with K and G

June 30, 2009

Morrisville, N.C.--Charles and Colvard Ltd., the sole manufacturer of Moissanite jewels, announced today that it has settled its lawsuit filed on June 16, 2008, against manufacturer K and G Creations.

According to a media release issued by Charles and Colvard, the suit was settled under acceptable terms that are not material to the company's financial position "in order to avoid further litigation expenses and to dispose of the case."

In the suit filed on June 16, 2008, in U.S. District Court for the Eastern District of North Carolina, Western Division, Charles and Colvard claimed that K and G owed $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 sought $40 million in damages in the case, according to its counterclaim.

In other Charles and Colvard news, the company has appointed Dr. Charles D. Lein, retired president and chief operating officer of Stuller Inc., to its board of directors.

Lein has more than 27 years of experience in the jewelry, wholesale and retail industries. Prior to his position at Stuller, Lein spent 12 years in the jewelry industry as chairman, president and chief executive officer of Black Hills Jewelry Manufacturing Co. in Rapid City, S.D., where he was responsible for all operations, including the development of substantial domestic and international markets and account relationships with thousands of independent jewelry retailers and almost all major retail jewelry chains.

Prior to the jewelry industry, Lein held various positions in education, including Dean of the College of Business at Boise State University. He also became the youngest state university president in the United States when he was appointed president of The University of South Dakota in 1977.

Lein has also served on a variety of business and education boards, including Albertson's Inc., where he served for 28 years.

George R. Cattermole, chairman of Charles and Colvard's board, welcomes Lein and looks forward to working with him to expand the company's markets worldwide and to grow businss.

"Dr. Lein's extensive qualifications, leadership skills, proven business acumen and in-depth understanding of the global jewelry industry, markets and customers make him a very unique and valued addition to our board," Cattermole said in a media release.

Lein's appointment increases the size of the company's board of directors to five.
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