SOURCE: Diamond I, Inc.

July 17, 2008 10:02 ET

Diamond I's US-BX Garners Press Coverage, Support From Industry Veterans

Online Biofuels Exchange Set to Prove "If the Industry Needs It, It Will Take Off"

BATON ROUGE, LA--(Marketwire - July 17, 2008) - Diamond I, Inc. (OTCBB: DMOI), a reporting company trading on the OTCBB that is to change its name to "US BioFuels Exchange, Inc.," advised today that its online biofuels exchange, USBiofuelsExhange.com (the "US-BX"), was featured in an article in the July 10, 2008 edition of the "Platts Oilgram News." In the article, a spokesman for the ethanol lobbyist Renewable Fuels Association stated that "if the [ethanol] industry needs it [the US-BX], it will take off."

"Based on our monetary support from petroleum and biofuels marketing veterans and petroleum and biofuels marketing companies, it sure seems that the biofuels industry is saying in a loud voice, 'we need US-BX, now,'" said Tom Gray, DMOI's newest director. "With our recent first round of funding, the US-BX is close to being reality and we are anxious to announce the first trade."

The US-BX also advised that its Pre-Registration continues at: www.usbiofuelsexchange.com/preregistration.htm

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 eBay.com. 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.

www.USBiofuelsExchange.com

www.US-BX.com

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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