SOURCE: Diamond I, Inc.

September 27, 2005 07:00 ET

Diamond I Sees Growing Opportunity in Mobile Gambling Market Outside U.S.

Company's U.K. Acquisition Target Possesses PDA, Cell-Phone-Based Capabilities

LAS VEGAS, NV -- (MARKET WIRE) -- September 27, 2005 -- Diamond I, Inc. (OTC BB: DMOI), a developer of wireless gaming products, today confirmed the PDA and cell-phone-based capabilities of the internally derived and copyrighted gambling software products of Touchdev Limited, a U.K. company on which Diamond I holds an option. Should Diamond I elect to exercise its option to acquire Touchdev Limited, Diamond I would immediately be in a position to accelerate the launch of its planned Internet poker site, as well as its planned mobile gambling content, both of which would cater only to non-U.S. residents.

According to Juniper Research, worldwide revenues from mobile gambling, mobile betting and mobile lotteries will exceed US$19.3 billion by 2009, or approximately one-third of all mobile entertainment revenues. These estimates do not include the U.S. and China markets, due to expected regulatory barriers. In a similar study, Informa Telecoms & Media predicts that there will be 201 million mobile gamblers by 2010, with the European and Asia-Pacific markets leading the way. The Informa study estimates that, by 2010, the European mobile gambling market will generate at least US$3.2 billion in annual revenues, with the Asia-Pacific market generating revenues of US$2.7 billion annually by 2010.

"In nearly all of the recent industry publications, Europe, and more specifically the U.K., has been identified as the leading source of mobile gambling revenues. Given our determination to pursue all available gaming opportunities, the acquisition of Touchdev would obviously provide a significant inroad into the European market," said David Loflin, Diamond I's CEO. "We are committed to being in position to capitalize on the predicted explosive near-term growth in mobile gambling," added Mr. Loflin. In addition, Mr. Loflin reiterated his belief that the overseas Internet and mobile gambling market appears to be accessible and belief that the opportunity represents an important complement to Diamond I's wireless gambling products.

Diamond I also noted that it appears that the U.K., by implementing important and effective monitoring mechanisms designed to prevent usage by underage customers, has been a leader in addressing issues of social responsibility.

Touchdev Limited, a private U.K. company, is the developer of an array of internally derived and copyrighted gaming software products, with wireless PDA and cellular-phone-based capabilities. Touchdev has created 12 different games, including Texas Hold'em Poker (touchpoker.com). Touchpoker.com is an Internet site where interested persons can currently play poker for entertainment purposes only. Diamond I has obtained an option to acquire Touchdev Limited, pursuant to which Touchdev would be acquired by Diamond I for a combination of cash and stock.

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. Currently, Diamond I is in negotiations with nationally known Las Vegas casinos to serve as the demonstration facility for its system. Also, Diamond I is working to secure cruise ships on which to implement a WifiCasino GS system; Diamond I has had preliminary discussions with certain owners of cruise ships. Diamond I has also had preliminary discussions with certain owners of horse racing facilities in the United States and dog and horse racing facilities outside the United States, with respect to its establishing a WifiCasino GS system on such a facility.

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