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Diamond I Restructures Diamond I Tech Acquisition

Posted on: Monday, 18 July 2005, 15:01 CDT

Diamond I, Inc. (OTCBB: DMOI), a developer of wireless gaming products, today announced that it has restructured its January 2005 acquisition of Diamond I Technologies. The restructuring transaction resulted in the finalization of the acquisition price of Diamond I Technologies. Diamond I intends to file a Current Report on Form 8-K with respect to this restructuring transaction in the near future.

David Loflin, CEO of Diamond I, stated, "The former owners of DiTech are part of our team and they wanted things to stay that way. They believe, as do I, that our combined efforts will produce the outcome we seek."

About Diamond I, Inc.

Diamond I, Inc. is a development-stage company that develops wireless gaming products, including a hand-held Wi-Fi-based gaming system for on-premises use by casinos/resorts, known as "WifiCasino GS Concierge and Gaming System"(TM). The company also provides Wi-Fi Internet access in Louisiana, Arizona, Maryland, Pennsylvania, Nebraska and Washington, D.C. The term "Wi-Fi" (wireless fidelity) refers to an industry standard for wireless equipment that meets published 802.11(x) standards. Wi-Fi equipment operates in unlicensed spectra, such as 2.4 and 5.8 Ghz.

Diamond I seeks to secure a Las Vegas hotel/casino to serve as the demonstration site for its WifiCasino GS, in conjunction with its application for a gaming license in Nevada. Currently, Diamond I is in negotiations with one or more nationally-known Las Vegas casinos to serve as the demonstration facility for its system. Also, Diamond I is working to secure one or more cruise ships on which to implement a WifiCasino GS system; Diamond I has had preliminary discussions with the owners of one or more cruise ships. Diamond I has also had preliminary discussions with the owners of one or more horse racing facilities in the United States and dog and horse racing facilities outside the United States, with respect to its establishing a WifiCasino GS system on such a facility.

Forward-Looking Statements

Certain statements in these interviews and news releases may constitute "forward looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risk, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. Certain statements contained in the interviews are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of Diamond I's products and services and markets for such products and services, the timing and level of customer orders, competitive products and service, changes in economic conditions and other risks and uncertainties. Although Diamond I believes the statements are reasonable, it can give no assurance that such expectations will prove correct. Diamond I cautions that any forward-looking statements contained herein are not a guarantee of future performance and that actual results may differ materially.

Source: Business Wire

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