Charles & Colvard (CTHR) Appoints George R. Cattermole as Chairman; Richard A. Bird Named as CEO

February 5, 2009 2:17 PM EST

Charles & Colvard, Ltd. (NASDAQ: CTHR) announced that George R. Cattermole, a current Director of the Company, has been elected Chairman of the Board of Directors, effective as of February 3, 2009.

Charles & Colvard, also announced today that the Company's Board of Directors has appointed Richard A. Bird, a current Director of the Company, as Chief Executive Officer. In addition, the Company has ended its employment relationships with three executive officers: Dennis M. Reed, President and Chief Marketing Officer; Carl A. Mielke, Senior Vice President of Sales; and Steven Abate, Vice President of Operations.

The Company has entered into a Management Services Agreement with Bird Capital Group, Inc., effective February 3, 2009, under which Bird Capital Group will provide management services to Charles & Colvard including the services of Richard A. Bird as chief executive officer. Mr. Bird was appointed Chief Executive Officer of Charles & Colvard by the Board on February 3, 2009.

Charles & Colvard, Ltd. is the global sole source of lab-created moissanite, a unique, near-colorless jewel that is distinct from other gemstones and jewels based on its exceptional fire, brilliance, luster, durability and rarity. [SM]

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