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Charles & Colvard updates fiscal 2007 financial guidance
22
Jan '08
Charles & Colvard Ltd announced that the Company has engaged Kanter International, a Philadelphia-based business and brand building consulting firm, to provide a high-level independent assessment of the Company's current business model and provide recommendations for improved sales performance.

The business model review will include evaluating the Company's current supply chain, sales distribution channels and marketing program. In addition, Kanter International will identify internal and external resources, both human capital and financial support, required to implement any changes to the Company's business model.

Bob Thomas, Chairman and Chief Executive Officer commented, "While we have achieved increased consumer awareness over the last year and consistently maintained a healthy gross margin rate of between 70%-75%, we have not achieved the level of revenue growth we anticipated.

Therefore the Board of Directors, with the full support of management, issued a request for a proposal from various strategic consulting firms early in the fourth quarter. Kanter International has been selected based on its track record in assisting a diverse array of clients in improving performance."

Dr. Frederick Russ, the lead outside director at the Company stated, "Identifying Kanter International for this engagement is the result of a board initiative begun several months ago. We are delighted to be working with them to identify strategic and resourcedeployment steps we can implement to regain revenue growth momentum.


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