RESEARCH TRIANGLE PARK, N.C., April 09, 2020 (GLOBE NEWSWIRE) — Charles & Colvard, Ltd. (Nasdaq: CTHR), the unique and main worldwide supply of created moissanite, supplied an replace on actions being carried out in response to the COVID-19 pandemic.
“Throughout this evolving surroundings, we’ve got acted shortly to give attention to three key areas,” commented Suzanne Miglucci, President and CEO of Charles & Colvard. “These embrace safeguarding the well being and security of our staff; streamlining operations whereas guaranteeing help of our model and prospects; and sustaining our monetary power and stability.”
“We’ve got needed to make some powerful selections, together with furloughing a big portion of our workforce. We’re dedicated to rising from this disaster as a robust, growth-oriented firm and can make each effort to deliver our group members again to their jobs as shortly as doable. Regardless of these short-term disruptions, we consider the underlying tendencies that can drive our enterprise over the long-term stay intact, together with our e-commerce oriented Millennial and Gen Z buyer base and the massive and increasing world marketplace for lab-created gems and ethically-sourced jewellery,” mentioned Ms. Miglucci.
The Firm is implementing quite a few measures to assist mitigate the working and monetary affect associated to the pandemic, together with:
- Deploying a do business from home coverage for all however important staff resulting from a mandated stay-at-home order by the state of North Carolina;
- Persevering with to course of on-line orders on the Firm’s e-commerce web site throughout the closure interval, with restricted transport and achievement capabilities till state and municipal keep at house orders allow full operations to renew;
- Working with third occasion companions to allow alternate distribution choices, although there could also be restricted skill to deploy these contingency plans resulting from world stay-at-home restrictions;
- Furloughing roughly 50% of staff, beginning April 13, 2020, and funding all medical health insurance premiums throughout the furlough for all eligible staff impacted by these measures;
- Implementing momentary wage reductions for all staff, together with 25% for the Chief Government Officer and 15% for the Chief Monetary Officer and Chief Working Officer;
- Instituting a 50% discount in Board Director charges;
- Decreasing non-payroll bills, together with product growth, digital advertising, and journey;
- Working with advisors to maximise participation in all eligible authorities or different initiatives accessible to companies or staff impacted by the COVID-19 pandemic reminiscent of extending Households First Coronavirus Response Act (FFCRA) advantages to impacted staff, and making use of for government-subsidized enterprise loans. The Firm additionally prolonged new 401(okay) advantages to help staff with extra distributions and mortgage phrases throughout this difficult time.
“As we proceed to navigate the rapidly-changing enterprise and regulatory surroundings, we’re dedicated to aiding our impacted staff with advantages that can assist them stay protected and solvent, to sustaining the excessive stage of service our prospects have come to count on of Charles & Colvard, and to speaking with all of our stakeholders to supply periodic updates on our progress. Please seek advice from the COVID-19 status on the charlesandcolvard.com web site for updates as they turn out to be accessible,” concluded Ms. Miglucci.
About Charles & Colvard, Ltd.
Charles & Colvard, Ltd. (Nasdaq: CTHR) believes luxurious could be stunning and conscientious. As an e-commerce pushed enterprise, the Firm brings revolutionary gems and jewellery to market by using revolutionary know-how and direct-to-consumer engagement. Charles & Colvard is the unique pioneer of lab-created moissanite, a uncommon gemstone shaped from silicon carbide. Shoppers search Charles & Colvard style, bridal and positive jewellery due to its distinctive high quality, unimaginable worth and shared beliefs in environmental and social accountability. Charles & Colvard was based in 1995 and relies in North Carolina’s Analysis Triangle. For extra info, please go to https://www.charlesandcolvard.com/.
This press launch comprises forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. Statements expressing expectations concerning our future and projections regarding our merchandise, gross sales, revenues, and earnings are typical of such statements and are made underneath the Personal Securities Litigation Reform Act of 1995. These forward-looking statements embrace, however usually are not restricted to, statements about our plans, goals, representations, and contentions and usually are not historic details and usually are recognized by use of phrases reminiscent of “might,” “will,” “ought to,” “may,” “count on,” “plan,” “anticipate,” “consider,” “estimate,” “predict,” “proceed,” and related phrases, though some forward-looking statements are expressed in a different way.
All forward-looking statements are topic to the dangers and uncertainties inherent in predicting the longer term. You need to be conscious that though the forward-looking statements included herein symbolize administration’s present judgment and expectations, our precise outcomes might differ materially from these projected, said, or implied in these forward-looking statements on account of many components together with, however not restricted to, the affect of a public well being disaster or illness outbreak, epidemic or pandemic, such because the latest novel coronavirus on our enterprise; our dependence on elevated client acceptance, development of gross sales of our merchandise, and operational execution of our strategic initiatives; the affect of the execution of our enterprise plans on our liquidity; intense competitors within the worldwide jewellery trade; the monetary difficulties or insolvency of a number of of our main prospects and their willingness and skill to market our merchandise; sure dangers resulting from our worldwide operations, distribution channels and distributors; common financial and market situations, together with the present financial surroundings; dependence on a restricted variety of distributor and retail companions in our Conventional section; our skill to satisfy orders on a well timed foundation; dependence on our unique provide settlement with Cree, Inc. for the provision of our silicon carbide crystals for the foreseeable future; inaccuracies in assumptions, estimates and knowledge we use to calculate sure of our key working metrics; our skill to take care of compliance with The Nasdaq Inventory Market’s continued itemizing necessities; high quality management challenges occasionally that can lead to misplaced income and hurt to our manufacturers and status; the potential affect of seasonality on our enterprise; the affect of pure disasters and different occasions past our management on our operations; the pricing of valuable metals, which is past our management; our present prospects’ potential notion of us as a competitor within the completed jewellery enterprise; the affect of great adjustments in e-commerce alternatives, know-how, or fashions; the danger of a failure of our info know-how infrastructure or a failure to guard confidential info towards safety breaches; our skill to guard our mental property; the potential hostile affect of damaging or inaccurate info on social media; the failure to guage, implement, and combine strategic alternatives; doable hostile results of governmental regulation and oversight; and the affect of anti-takeover provisions included in our constitution paperwork, along with the opposite dangers and uncertainties described in our filings with the Securities and Change Fee, or the SEC, together with our Annual Report on Kind 10-Okay for the fiscal 12 months ended June 30, 2019 and subsequent studies filed with the SEC. Ahead-looking statements converse solely as of the date they’re made. We undertake no obligation to replace or revise such statements to replicate new circumstances or unanticipated occasions as they happen besides as required by the federal securities legal guidelines, and you’re urged to overview and contemplate disclosures that we make within the studies that we file with the SEC that debate different components related to our enterprise.
Clint J. Pete
Chief Monetary Officer
Supply: Charles & Colvard, Ltd.