Wholly owned subsidiary will focus on R&D, partnering, and deployment of Lab-Grown Diamond solutions for the technology industry

SCOTTSDALE, Ariz., Nov. 9, 2023 -- Adamas One Corp. (Nasdaq: JEWL) ("Adamas One," "Adamas" or the "Company"), The Original Lab-Grown Diamond Company™, a high-tech company that leverages proprietary technology to produce high-quality, single-crystal, Lab-Grown Diamonds for jewelry and diamond materials for technology and other industrial uses, today announced the formation of its new wholly owned subsidiary, Adamas Technologies.

Adamas Technologies will be responsible for research & development, partnerships, and deployment of Lab-Grown Diamond-based solutions for the technology industry. Lab-Grown Diamonds' thermal conductivity and durability make them ideal for use in semiconductor devices in the industrial and technology sectors. Adamas' patented technology provides a significant opportunity to address increasing demand from the semiconductor sector.

"The formation of Adamas Technologies follows our recently announced plans to increase our presence in the semiconductor sector. We want to make sure that Adamas One is always in the forefront of Lab-Grown Diamond utilization across industries. We believe that our proprietary and patented technologies give us a strong competitive advantage within the category, especially when it come to the adaptation of Lab-Grown Diamonds in the technology sector. It's clear that the remarkable properties of diamond materials offer solutions to some very difficult industrial problems" remarked Jay Grdina, the Adamas One Corp. CEO. "Lab-Grown Diamonds offer the repeatability, consistency, and reliability that both industry and technology applications demand at a cost that will support market acceptance."

Mr. Gerald McGuire, COO of Adamas One Corp., will lead the newly formed subsidiary. Mr. McGuire has nearly 30 years of extensive experience in the semiconductor market bringing innovative ICs and analog circuits to market.

"We are especially excited by the opportunities in the semiconductor markets. There is a significant amount of activity for the thermal and other properties of diamond to increase efficiency and speed of leading-edge circuitry. Lab-Grown Diamonds have recently entered cost, quality and manufacturability points that enable their use in these applications. The Adamas materials offer precise chemistry and manufacturability in single-crystal diamond using our proprietary processes and recipes," said Gerald McGuire. "Lab-Grown Diamond use is new to these semiconductor applications, and I look forward to our team's contributions as this market emerges," McGuire added.

"The extraordinary physical properties of diamond have been known for some time. Innovations enabled by the thermal conductivity, carrier mobility and bandgap of diamonds are just beginning," McGuire concluded.

About Adamas One Corp.

Adamas is a lab-grown diamond manufacturer that produces near flawless single-crystal diamonds for gemstone and industrial applications, in its facilities in Greenville, South Carolina. The Company holds 36 patents and uses its proprietary chemical vapor deposition (CVD) to grow gem-sized and smaller diamond crystals. Adamas One™ lab-grown diamonds have the same physical, chemical and optical properties as mined diamonds. The Company's controlled manufacturing processes enables it to produce very high-quality, high-purity, single-crystal colorless, near colorless and fancy colored Type IIA diamonds to suit a variety of industrial and gemstone applications. The Company intends to market and sell its diamonds into the wholesale jewelry and industrial markets. For more information, visit www.adamasone.com.

Not Mined. Not Fake. Just sped up perfection. ™

Forward-Looking Statements

This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as "should", "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes." Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in documents that we file from time to time with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and Adamas One Corp. does not undertake any duty to update any forward-looking statements except as may be required by law. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

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