Charles & Colvard and Cree Enter Into a New Exclusive Supply Agreement

Charles & Colvard, Ltd. (NASDAQ:CTHR), the sole source of created moissanite and Forever Brilliant®, The World’s Most Brilliant Gem®, entered into a new Exclusive Supply Agreement on December 12, 2014 with Cree, Inc. (NASDAQ:CREE) for purchases of silicon carbide (SiC) crystals.

The new Exclusive Supply Agreement supersedes and replaces the existing Amended and Restated Exclusive Supply Agreement with Cree that is set to expire in 2015. The new Exclusive Supply Agreement is set to expire in June 2018; however, provided certain conditions are met, Charles & Colvard has a renewal option to extend the term of the agreement for an additional two-year period.

Randy N. McCullough, Chief Executive Officer of Charles & Colvard, said, “We are excited to extend our long standing partnership with Cree. Cree’s significant and continued investments in SiC growth technology and high volume manufacturing scale enable Charles & Colvard to reliably provide a superior product to the marketplace.”

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