Charles & Colvard (CTHR) Announces Resignation of CEO

July 7, 2009 2:34 PM EDT

Charles & Colvard, Ltd. (NASDAQ: CTHR) announced that due to mounting evidence that recovery of the depressed worldwide jewelry markets will be later and slower than previously expected, Charles & Colvard, Ltd. and Bird Capital Group, Inc. are in agreement that Charles & Colvard's current business model must be modified to work within the current economic environment as a low cost operation and have mutually agreed on July 2, 2009 to terminate the Management Services Agreement between the parties. Concurrently, Richard Bird resigned as a director and officer of Charles & Colvard effective July 2, 2009. The Board has initiated the search, led by Dr. Charles D. Lein, for a new chief executive officer.

Mr. Bird has agreed to consult for Charles & Colvard until August 31, 2009, to assist in the transition to a new management team. In this transition period, Charles & Colvard employees will report to Mr. Timothy Krist, chief financial officer. During this period both Mr. Bird and Mr. Krist will report to the Board of Directors through George Cattermole, Chairman of the Board. [SM]

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