SOURCE: Diamond I, Inc.

June 24, 2008 10:59 ET

Diamond I Retains Software Engineer for USBiofuelsExchange.com Project

Internet Biofuels Marketplace Scheduled for Beta Testing This Summer

BATON ROUGE, LA--(Marketwire - June 24, 2008) - Diamond I, Inc. (OTCBB: DMOI) announced that it has retained an experienced software engineer and web development specialist to expedite the completion of its USBiofuelsExchange.com (the "USBE") web site, a web site that will feature real time pricing, quantities and matching of producers, sellers and buyers. The USBE, DMOI's planned Internet biofuels marketplace, is scheduled for beta testing beginning Summer 2008.

"The US Biofuels Exchange platform will address all the inefficiencies currently plaguing the biofuels industry," said Tom Gray, DMOI's newest director. "Our exchange will address pricing, quantities, locations, existing and future products, member data, all biofuel production and quality variables and more. US Biofuels Exchange will be designed by actual biofuels and petroleum marketing experts and veterans and our software engineer is the right guy for the job."

More about the USBE:

The USBE, the vision of DMOI's newest director, Tom Gray, 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 Ebay.com. 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 USBiofuelsExchange.com 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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