Charles & Colvard (CTHR) to File Suit Against K&G Creations

February 23, 2009 11:45 AM EST

Charles & Colvard, Ltd. (NASDAQ: CTHR) announced today that its discussions with Jewelnet Corporation d/b/a K&G Creations regarding possible settlement of the litigation between the parties have been unsuccessful.

Charles & Colvard's Board of Directors confirmed that the Company will move forward with the lawsuit filed on June 16, 2008 against K&G Creations, anticipating it may be necessary to continue the legal process through a court trial which is scheduled for December 2009. The Company intends to vigorously pursue its collection claim against K&G Creations for in excess of $2.8 million with interest at a rate of 12% from July 4, 2008. The Board of Directors continues to believe that the counterclaims of K&G are without merit, and the Company intends to vigorously defend against the counterclaims.

Charles & Colvard, Ltd. (Charles & Colvard) is engaged in the manufacturing, marketing and distribution of Charles & Colvard created Moissanite jewels (also called moissanite) for sale in the worldwide jewelry market. [SM]

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