SOURCE: Diamond I, Inc.

November 15, 2005 07:00 ET

Diamond I Retains Northeast Securities as Its Investment Banker

LAS VEGAS, NV -- (MARKET WIRE) -- November 15, 2005 -- Diamond I, Inc. (OTC BB: DMOI), a developer of wireless gaming products, today announced that is has retained Northeast Securities, Inc. as its investment banker. Northeast Securities is headquartered on Wall Street and provides a full line of financial services, in addition to its investment banking activities. Northeast Securities' engagement will begin on December 1, 2005.

"Our engagement of Northeast Securities to serve as our investment banker, given their industry standing, their capital raising success and collective expertise in the gaming industry, represents an important milestone for our company," said David Loflin, Diamond I's president and CEO.

The investment banking division of Northeast Securities is under the direction of O. Lee Tawes III, a Wall Street veteran with over 30 years of experience at Goldman Sachs, Oppenheimer & Co. Inc. and C.E. Unterberg, Towbin. At these firms, Mr. Tawes was an all-American-team food analyst, a diversified company analyst and Director of equity research. Mr. Tawes is assisted by Steven Eisenberg, managing director of the firm's investment banking division, overseeing its gaming, lodging, entertainment and leisure efforts. For over 20 years, Mr. Eisenberg was widely recognized as a top-ranked gaming, lodging and leisure analyst, achieving the number one rank in both the Institutional Investor All-American Team poll and the Wall Street Journal's "Best on the Street" survey of all brokerage industry analysts. Prior to his joining Northeast Securities, Mr. Eisenberg was a managing director at Bear Stearns & Co., Oppenheimer & Co. Inc. and CIBC World Markets.

About Northeast Securities, Inc.

Northeast Securities, Inc. is a member of the National Association of Securities Dealers and a member of the Securities Insurance Protection Corp. The firm was founded in 1989 by its Chairman and Chief Executive Officer, Steve Perrone, on the single principle of providing the best possible service to its clients. Today, Northeast operates several key offices with its headquarters located at 100 Wall Street, servicing more than $4.0 billion of client assets. Northeast's team currently consists of over 130 employees, many of whom are either registered brokers, portfolio managers, investment bankers or directly involved in production and client support. Northeast's business also includes 120 independent brokers and 28 broker/dealers who transact their business through Northeast. Additional information about Northeast is available online at www.nesec.com.

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, 225-923-1034
    Email Contact