Chester Paulson to Step Down as a Director of Charles & Colvard.Business Editors MORRISVILLE, N.C.--(BUSINESS WIRE)--May 5, 2003 Charles & Colvard, Ltd., (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quotation system that reports on : CTHR) today announced that Chester L. F. Paulson has asked that his name be withdrawn as a nominee nominee n. 1) a person or entity who is requested or named to act for another, such as an agent or trustee. 2) a potential successor to another's rights under a contract. for re-election to the Board of Directors of the Company at the Annual Meeting of Shareholders on Monday, May 12, 2003. In his request, Mr. Paulson noted that he needs to devote more time to the management and operations of his investment firm. Mr. Paulson, 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. of The Paulson Investment Company, a NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). member, and a wholly-owned subsidiary of Paulson Capital Corp. (NASDAQ: PLCC (Plastic Leaded Chip Carrier) A plastic, square, surface mount chip package that contains leads on all four sides. The leads (pins) extend down and back under and into tiny indentations in the housing. See chip package. ) said, "I have every confidence that Charles & Colvard will continue to grow and prosper, and I strongly support the actions and plans undertaken by Bob Thomas For the Irish footballer, see . Bob Thomas (born March 1, 1965 in Appalachia, Virginia) is a radio personality, actor, and writer. He was one of the top radio announcers in Knoxville, Tennessee for 25 years. and his management team, but the more immediate needs of my company require that I take this action." Bob Thomas, Chairman & CEO of Charles & Colvard, stated, "Chet Paulson has been, and continues to be, an enthusiastic and supportive shareholder, and he has made many valuable contributions to our Company. We will miss his presence on our Board of Directors, but we will continue to enjoy his friendship and support." The Company will not offer an alternative candidate to Mr. Paulson at the Annual Shareholders Meeting. Mr. Thomas continued, "We will continue to have an outstanding group of Directors, with four of the five posts held by independent directors. The Board may decide to add an additional member or members in the future, though we currently have no specific candidates in mind." This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such forward-looking statements are subject to a number of material risks, uncertainties and contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. that could cause actual results to differ materially from those set forth in the forward-looking statements. Those risks and uncertainties include but are not limited to the Company's: ability to manage growth effectively; dependence on Cree Inc. for SiC crystals; dependence on a limited number of distributors such as K&G Creations and Stuller Inc.; limited operating history; and dependence on continued growth and consumer acceptance of the Company's products, in addition to the other risks and uncertainties set forth in the Company's 10-K for the year ended December 31, 2002 and other filings with the Securities and Exchange Commission. |
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