Worthington, Ohio, February 19, 2004. Diamond Innovations (formerly GE Superabrasives) and Phoenix Crystal Corporation announced that Diamond Innovations will acquire Phoenix Crystal’s polycrystalline diamond cutter (PDC) intellectual property and physical assets. Under the agreement reached between the two companies, Diamond Innovations will assume production of Phoenix Crystal’s polycrystalline drilling products serving the oil and gas markets. It was further agreed that Dr. Robert H. Frushour, CEO of Phoenix Crystal Corporation, will act as a consultant to Diamond Innovations. Additional terms of the deal were not disclosed.

Tanya D. Fratto, CEO of Diamond Innovations, commented "At Diamond Innovations, our focus is on our 50-year tradition of delivering innovative high-performance products, developing applications that work in the end-user’s markets, and providing outstanding service to our customers. Dr. Frushour has extensive experience in an industry that we feel is critical to Diamond Innovations’ long-term strategy. We fully expect to strengthen our focus on developing advanced products and superior service that will enable us to be a major source of drilling products for the oil and gas industries.”

Dr. Frushour commented, "The Diamond Innovations team has a global reach through its vast marketing and sales offices around the world. I am delighted about the opportunity to work with this team and utilize my experience to help develop the next generation of PDC cutter technology.”

Diamond Innovations is the inventor and the world's leading supplier of manufactured diamond, cubic boron nitride (CBN), and polycrystalline products used in the metalworking, stone, concrete, petroleum, glass, woodworking, electronics and mining industries.