SOURCE: Diamond I, Inc.

January 31, 2008 10:51 ET

Diamond I to Sign Agreement to Acquire Six Producing Oil and Gas Properties

BATON ROUGE, LA--(Marketwire - January 31, 2008) - Diamond I, Inc. (OTCBB: DMOI) announced today that it has entered into an agreement with a private Texas company to acquire six producing oil and gas properties. DMOI has commenced a short period of due diligence and financing activities. DMOI intends to complete the acquisition of the first of the properties within sixty days.

"We believe this agreement puts us on the right track with our oil and gas program," said DMOI's CEO David Loflin. "Our first oil and gas acquisitions are being carefully made for near-term production, with an eye on our long-term success."

DMOI continues to operate its free online Poker site, IslandBlueCasino.net, a for-entertainment-only site, and to finalize its "GS3" hand-held gaming unit that is the key facet of its WifiCasino GS gaming system.

About Diamond I, Inc. (www.wificasino.net)

DMOI has determined to diversify its business interests, with an initial effort focused on the oil and gas industry. DMOI expects to announce other diversification initiatives in the future.

Recently, DMOI opened its first free online Poker site, IslandBlueCasino.net, a for-entertainment-only site legal for users in the United States. Island Blue Casino was designed to create a revenue stream for the company, through the use of click-through advertising programs, such that offered by Amazon.com. DMOI derived revenues from this web site, during the last two months of 2007.

In addition, DMOI owns the rights to patent-pending voice-recognition and fingerprint biometric security technologies. These security technologies will be incorporated into DMOI's WifiCasino GS wireless, hand-held gaming system, which includes the hand-held gaming unit known as the "GS3," with the passage of Nevada Law AB471, which authorizes the use of mobile communication devices for gaming in public areas in Nevada casinos. DMOI continues to seek a hotel/casino to serve as the demonstration site for its WifiCasino.

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 DMOI'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 DMOI believes the statements are reasonable, it can give no assurance that such expectations will prove correct. DMOI 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:
    David Loflin
    Diamond I, Inc.
    Baton Rouge
    225-341-4004