CRYSTALLUME TRIPLING DIAMOND COATING CAPABILITY; Company Places $2.8 Million Production Equipment Order.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--March 30, 1995--Crystallume (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CRYS, CRYSW; PACIFIC EXCHANGE: CYL CYL Cylinder CYL See You Later CYL Catch You Later CYL Complex Stutter Dial Report CYL See Y'all Later CYL Call Your Lawyer , CYL WS) announced today that it has signed a Letter of Intent with Applied Science and Technology, Inc. (NASDAQ/NMS:ASTX) of Woburn, Massachusetts Woburn (/'wu.bə(r)n/) is a city in Middlesex County, Massachusetts, USA. The population was 37,258 at the 2000 census. Woburn is the birthplace of Anglo-American scientist Benjamin Thompson, a.k.a. , to purchase six additional diamond production reactors for approximately $2.8 million with delivery beginning July, 1995. The new reactors will be added to three coating systems already in operation at Crystallume to triple the Company's production capacity for diamond- coated tungsten carbide tungsten carbide n. An extremely hard, fine gray powder whose composition is WC, used in tools, dies, wear-resistant machine parts, and abrasives. tools. Diamond's exceptional hardness helps diamond-coated tools last up to fifty times longer than conventional tungsten carbide tools. This extended tool life reduces factory downtime and is particularly attractive to high volume users such as automotive manufacturers. Crystallume's products are designed to serve the high end of the $8-billion-a-year worldwide cutting tool industry, offering the user much greater productivity at a premium price. The Company estimates that diamond-coated tools may account for as much as $450 million of the market in the future. Thomas A. Schultz, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Our Santa Clara production facility can accommodate up to 10 production reactors with a combined revenue capacity of $20 to $30 million per year. Based upon feedback from our sales representatives and our distribution partner, Mitsubishi Materials U.S.A., we plan to bring a new production reactor on stream each quarter for the next six quarters to keep up with anticipated market demand." The purchase is subject to final agreement between the two companies on delivery schedule, certain technical specifications, equipment technical support, and financing. Crystallume develops and manufactures synthetic diamond Synthetic diamond, also called lab-created, manufactured, "lab-grown" or cultured diamond is a term used to describe diamond (the tetrahedral carbon allotrope) which has been produced by a technological process, as opposed to natural diamond, which is products for the automotive, aerospace and electronics industries. CONTACT: CRYSTALLUME Thomas A. Schultz, Jeffrey R. Osorio, 408/653-1700 or WOLFE AXELROD ASSOCIATES Stephen D. Axelrod, Mona J. Walsh, 212/370-4500 |
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