SOURCE: Diamond I

June 01, 2006 07:30 ET

Diamond I Completes Acquisition of U.K. Gaming Software Company, Touchdev Limited

Acquisition to Facilitate Additional Avenues of Opportunities

LAS VEGAS, NV -- (MARKET WIRE) -- June 1, 2006 -- Diamond I, Inc. (OTCBB: DMOI), a developer of wireless gaming products, including the WifiCasino GS™ wireless hand-held gaming system, today announced that it has completed its acquisition of Touchdev Limited. The acquisition was made solely for Diamond I stock.

In addition to its proprietary wireless-PDA and cellular-phone-based compatible gaming software, Touchdev Limited, a private U.K. company, operates, a Texas Hold'em play-money Internet site where visitors can play poker for entertainment only.

"We are proud to add Touchdev's proprietary software portfolio to our holdings," said David Loflin, Diamond I's CEO. "We are also extremely excited about the other opportunities presented by Touchdev's holdings."

Mr. Loflin further noted that, because of Touchdev's proprietary software and other intellectual properties, the company expects the acquisition of Touchdev to provide Diamond I a platform from which to become a dynamic participant in the growing international wireless hand-held and cellular-phone-based gaming segments.

Mr. Brad Thomas of Touchdev stated, "We are pleased to have completed this deal and believe that Diamond I will be able to capitalize on Touchdev's global marketing opportunities, including the opportunity."

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"™. 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.

With the passage of Nevada Law AB471, which authorizes the use of mobile communication devices for gaming in public areas in Nevada casinos, 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. To that end, in a letter of intent, The Palms Resort and Casino has agreed to continue to develop a working relationship relating to Diamond I's WifiCasino GS and, assuming Diamond I continues to meet certain standards, The Palms stated that it intends to pursue an opportunity with Diamond I. Diamond I continues to seek venues in which to establish its WifiCasino GS system, including other U.S. casinos and horse and dog racing facilities. Diamond I has had preliminary discussions with certain owners of cruise ships, certain owners of horse racing facilities in the United States and dog and horse racing facilities outside the United States.

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.

Contact Information

  • Contact:
    Diamond I, Inc.
    Baton Rouge
    David Loflin