SOURCE: Diamond I, Inc.

June 18, 2008 07:30 ET

Diamond I Establishes Online Biofuels Exchange to Be First Internet Biofuels Marketplace

BATON ROUGE, LA--(Marketwire - June 18, 2008) - Diamond I, Inc. (OTCBB: DMOI) announced that it has established (the "USBE"), a new Internet biofuels marketplace. The USBE is the brainchild of DMOI's newest director, Tom Gray.

Mr. Gray has over 25 years' experience marketing biofuels, including 25 years of marketing ethanol, and has been marketing biodiesel since its market introduction. Mr. Gray is a past winner of the "Northern Colorado Entrepreneur of the Year." Also, Mr. Gray served the Colorado Wyoming Petroleum Marketers Association in various capacities, including Co-Chairman of the Board, President and Trustee.

Mr. Gray's vision brings to the chaotic biofuels marketplace an orderly and efficient matching of producers and other sellers with buyers, using the Internet, in a manner similar to the model currently employed by

"Biofuels in the U.S. is a multi-billion dollar industry, growing at over 25% per year, with no national exchange or marketplace. Currently, the Biofuels industry is rife with, and hampered by, its own inefficiencies. The U.S. Biofuels Exchange expects to bring order to the Biofuels industry while becoming the industry's central marketplace," said Tom Gray. "I've experienced the frustration first hand and I believe this exchange can make the difference."

More about the USBE:

USBE is to be the first and only Internet marketplace for all current and future biofuels and biofuel products, which include biodiesel (in all of its forms) and ethanol. Biofuel producers and other sellers will list their biofuel quantities and desired pricing directly on the USBE web site. Then, buyers will buy or bid on these listed biofuel quantities.

It is intended that the USBE will charge a fee on every transaction between sellers and buyers. The USBE expects that it will, in the long-term, assist in bringing market order to a large, fast-growing and chaotic marketplace, by offering a venue that will facilitate national pricing, among other things, for biofuels and biofuel products.

The USBE will be dynamic. Biofuels producers and other sellers will be able to update, in real time, their available quantities, as well as pricing, as often as desired.

About Diamond I, Inc.

The establishment of represents DMOI's initial step in diversifying its business interests.

Safe Harbor Statement

This press release contains statements that may constitute forward-looking statements, including the company's ability to enter successfully the alternative fuel industry and to expand its Internet-based business. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Diamond I's future business and financial results, refer to Diamond I's Annual Report on Form 10-KSB for the year ended December 31, 2007. Diamond I undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.

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