SOURCE: Diamond I, Inc.

April 27, 2007 09:22 ET

Diamond I in Preparation to Serve as Platform for NewMarket's Wireless Broadband Offerings

Company's Efforts in Re-Establishing Wireless Internet Business Attracting Interest From Business Contacts

LAS VEGAS, NV -- (MARKET WIRE) -- April 27, 2007 -- Diamond I, Inc. (OTCBB: DMOI), a developer of wireless gaming products, including the GS2™ wireless hand-held gaming unit and the WifiCasino™ wireless gaming system, released an update to shareholders on its activities as it prepares to serve as the platform for the plans of NewMarket Technology (OTCBB: NMKT) for Diamond I to offer wireless broadband services.

David Loflin, CEO of Diamond I, Inc., said, "In undertaking activities preliminary to the full-scale re-establishment of the company's wireless Internet access business, we are very encouraged that many business contacts in that industry segment have expressed strong interest in the company's plans for the future. We look forward to pursuing these business leads as we finalize our business plan going forward."

NewMarket has previously announced that it plans to consolidate its own Wi-Fi-related assets into Diamond I as part of a broader plan to build a comprehensive wireless broadband offering with applications in multiple market segments. Initially, the municipal government and casino/gaming sectors will be targeted. In addition, NewMarket has announced that it is in the process of acquiring a majority interest in Texas-based RedMoon Broadband (see http://www.redmoonbroadband.com/) to further strengthen NewMarket Broadband products and services (currently Diamond I). RedMoon Broadband is a leader in municipal Wi-Fi and has designed, engineered and deployed wireless mesh network solutions, providing high-speed Internet service, security surveillance, automatic meter reading and mobile broadband for municipalities.

NewMarket has projected first-year revenue forecast of approximately $10 Million with the combined Wi-Fi assets of Diamond I and NewMarket. The Diamond I name will be changed to NewMarket Broadband, Inc. and the ticker symbol will change by during the second quarter of 2007.

Interested investors and shareholders will be added to the DMOI corporate e-mail list after sending an e-mail to ir@newmarkettechnology.com.

About Diamond I, Inc. (www.wificasino.net)

"Voice-Print" and "Finger-Print" Technologies. Diamond I owns the rights to patent-pending voice-recognition and fingerprint biometric security technologies. These security technologies will be incorporated into Diamond I's WifiCasino GS wireless, hand-held gaming system, as well as the hand-held gaming unit to be employed by the Global Gaming Platform venture.

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"™, which includes the GS2™, the user-friendly wireless hand-held unit. 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, 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 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 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 contained herein 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 herein 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
    225-341-4004