SOURCE: Diamond I, Inc.

July 10, 2008 08:30 ET

Diamond I Secures First Funding for Its US-BX Obtains Capital From Petroleum Marketing Veterans

BATON ROUGE, LA--(Marketwire - July 10, 2008) - Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," announced today that it has obtained the first round of funding for its online biofuels exchange, (the "US-BX"). This first funding was obtained from a group of investors, including petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies. This funding assures the launch of the US-BX.

"This type of industry support certainly bolsters our belief that the time for the US-BX is now," said Tom Gray, DMOI's newest director. "We are excited with the building momentum and look forward to announcing more developments in this important project."

The US-BX also advised that its Pre-Registration continues at:

More about the US-BX:

The US-BX, 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 It is intended that the US-BX will charge a fee on every transaction between sellers and buyers. The US-BX 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 US-BX 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.

Contact Information