Key Developments For Charles & Colvard, Ltd.
Charles & Colvard, Ltd. (CTHR.O) (Nasdaq)
Charles & Colvard Ltd. Announces Stock Repurchase Program
Charles & Colvard Ltd. announced that its Board of Directors has authorized a share repurchase program of up to an aggregate one million shares of company stock. The program authorizes the Company to repurchase shares of the Company's common stock until August 12, 2010 in open market or private transactions.
Charles & Colvard Ltd. Appoints Randy N. McCullough As Chief Executive Officer
Charles & Colvard Ltd. announced the appointments of Randy N. McCullough as its Chief Executive Officer and H. Marvin Beasley to its Board of Directors.
Charles & Colvard Ltd. Signs New And Expanded Distribution Agreement With Stuller, Inc.
Charles & Colvard Ltd. announced that it has signed a new and expanded distribution agreement with Stuller, Inc. (Stuller). Under the terms of the agreement, Stuller has the right to sell Charles & Colvard Created Moissanite as either a loose jewel or in manufactured jewelry in North America through December 31, 2010. Together, Stuller and Charles & Colvard will collaborate to increase moissanite sales in the near-term as well as build a foundation for a sustainable long-term partnership. Under the terms of the agreement, Stuller has the right to sell Charles & Colvard Created Moissanite as either a loose jewel or in manufactured jewelry in North America through December 31, 2010. Together, Stuller and Charles & Colvard will collaborate to increase moissanite sales in the near-term as well as build a foundation for a sustainable long-term partnership.
Charles & Colvard Ltd. Appoints George R. Cattermole As Interim CEO-Form 8-K
Charles & Colvard Ltd. reported in its Form 8-K that effective July 17, 2009, the Board of Directors appointed George R. Cattermole, the Company's current Chairman of the Board, as the Company's Interim Chief Executive Officer until the earlier of the hiring of a permanent Chief Executive Officer or three months. While Mr. Cattermole will retain his position as Chairman of the Board.
Charles & Colvard Ltd. Announces Management Change
Charles & Colvard Ltd. announced that due to mounting evidence that recovery of the depressed worldwide jewelry markets will be later and slower than previously expected, Charles & Colvard, Ltd. and Bird Capital Group, Inc. are in agreement that Charles & Colvard`s current business model must be modified to work within the current economic environment as a low cost operation and have mutually agreed on July 2, 2009 to terminate the Management Services Agreement between the parties. Concurrently, Richard Bird resigned as a Director and officer of Charles & Colvard effective July 2, 2009. The Board has initiated the search, led by Dr. Charles D. Lein, for a new Chief Executive Officer.
