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Charles and Colvard faces NASDAQ delisting

August 20, 2008

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Morrisville, N.C.—Moissanite maker Charles and Colvard Ltd. has received notice from the Nasdaq Stock Market Inc. that it faces possible delisting if the company's stock doesn't rise.

According to a release from the North Carolina-based company, on Aug. 18, Nasdaq sent notice to Charles and Colvard that its stock has been trading at below $1.00 per share—the minimum required by Marketplace Rule to remain listed—for the last 30 consecutive business days.

To avoid delisting, the company's stock must trade at $1.00 or more per share for a minimum of 10 consecutive business days before Feb. 17, 2009. If it does not, then its securities will be delisted.

Charles and Colvard then will have the option of appealing the ruling or applying to transfer its securities to the Nasdaq Capital Market.

This news is the latest in a series of woes for the moissanite maker.

Amid financial turmoil, the company announced earlier this year that it was cutting 10 jobs and closing its Hong Kong office.

Company Chief Executive Officer Robert Thomas resigned, the company announced in July, and it is embroiled in a lawsuit with North Carolina jewelry manufacturer K and G Creations over which firm owes the other money.

In the midst of all of this, in July, the company launched WhatIsMoissanite.com, a Web site designed to educate and promote the jewel to both retailers and consumers.
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