SOURCE: Diamond I, Inc.

April 19, 2007 12:44 ET

Diamond I Shareholder Update on 1st Year Revenue Forecast of $10 Million With Combined Wi-Fi Assets of Diamond and NewMarket

Spin-Off a Key Component of NewMarket Technology's Plan for Increasing Shareholder Value

LAS VEGAS, NV -- (MARKET WIRE) -- April 19, 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, today provided additional clarification of its previously announced spin-off of its gaming subsidiary, Diamond I Technologies.

As previously announced, NewMarket Technology (OTCBB: NMKT) will consolidate its own Wi-Fi assets into Diamond to build a comprehensive wireless broadband offering with applications in multiple market segments. Initially, the municipal government and casino/gaming sectors will be targeted. The 1st Year revenue forecast with the combined Wi-Fi assets of Diamond and NewMarket is approximately $10 million. The Diamond I name will be changed to NewMarket Broadband, Inc. and the ticker symbol will change by June 1.

Additionally, NewMarket Technology is in the process of acquiring a majority interest in Texas-based RedMoon Broadband to further strengthen the new NewMarket subsidiary, NewMarket Broadband. An announcement on the closing is pending. 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.

To assist cities in rapidly launching their Wi-Fi networks, the RedMoon Broadband has created the RedMoon Starter Kit, conveniently bundling all that's required to build a secure 2.4 GHz Wi-Fi and 4.9 GHz Public Safety HotZone including SkyPilot mesh nodes, video surveillance cameras, and a complete Support System. Although managed by the state of Texas, other state agencies and local government entities are able to benefit from the Go DIRect Program based upon eligibility.

Diamond I shareholders of record on a date yet to be determined, but anticipated to be prior to June 1, 2007, will receive shares in he new gaming subsidiary. Diamond I Technologies is to receive $750,000 in funding under the agreement with NewMarket.

In addition to the $750,000 in funding to Diamond I's Gaming Subsidiary, under the agreement with NewMarket, NewMarket will purchase two million shares of a new series of preferred stock of Diamond I, in exchange for (1) a $2,000,000 promissory note, (2) a $250,000 credit line, $25,000 of which is available immediately, and (3) a commitment for an additional $1,000,000 in funding (terms to be negotiated) for Diamond I's revived WIFI division. Diamond I shareholders of record on the closing date of the agreement with NewMarket will be entitled to their pro rata share of the $2,000,000 received under the promissory note and will be entitled to their pro rata share of the stock of Diamond I's gaming subsidiary. The new series of preferred stock to be issued to NewMarket will possess voting rights that give NewMarket voting control of Diamond I.

All interested investors and shareholders interested in being added to the DMOI corporate e-mail list should send 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