SOURCE: Diamond Powersports, Inc.

June 09, 2008 09:30 ET

Diamond Powersports, Inc (O.T.C.-DPWS) Finalizes Merger With Golden Dragon Food & Beverages Import & Export Company of Hong Kong, Ltd.

FORT LAUDERDALE FL--(Marketwire - June 9, 2008) - Diamond Powersports, Inc. (OTC: DPWS) is proud to announce that Diamond Powersports has merged with Golden Dragon Food & Beverage Import & Export Company of Hong Kong, Ltd. As part of the stock exchange agreement, management of Golden Dragon will replace former management of DPWS. In the following week the company will file for a name change to better fit its new operations. There will be no reverse stock split to DPWS.

About Golden Dragon Holdings, Inc.

Golden Dragon Holdings, Inc. (GDHI) is a U.S.A. publicly traded company that owns and operates Golden Dragon Food & Beverage Import & Export Company of Hong Kong, Ltd. (GDHK) in central Hong Kong. Golden Dragon Holdings, Inc. has agreement with US food giants like Goya Foods, Inc., Eden Foods, Inc. GDHI acts as a buying agent for GDHK, negotiating vendor contracts and services with US food and beverage industry leaders.

About Golden Dragon Food & Beverage Import & Export Company of Hong Kong, Ltd.

The company purchases goods and services directly from Golden Dragon Holdings, Inc. The Hong Kong Company plays a strategic role in the importation of products into the Chinese market by leveraging the Closer Economic Partnership Arrangement "CEPA" with China. We distribute some of the most popular USA food and beverage brand products directly into the hypermarkets, supermarkets and convenience stores in China. We provided 3rd party logistics "3PL" to our USA parent company, order fulfillment for our clients in China and provide advertising and promotion "A&P" services for our USA food and beverage products and partners.

About Goya Foods

Goya Foods, founded in 1936, is a food processor and distributor of food and Beverages. Products include more than 1,200 varieties of beans, rice mixes, spices, frozen foods and packaged meals. In 2006 Forbes ranked GOYA among U.S.A biggest Companies.

About Eden Foods

Eden Foods founded in 1968, in Ann Arbor, Michigan. Today Eden is the oldest natural/organic food company in North America, and the largest independent manufacturer of 'dry grocery' organic foods.

U.S. Department of Agriculture Report

From the early 1990s until 2002, China's agricultural imports fluctuated around $8-12 billion per year, with few signs of growth.

Finally, in 2003 and 2004, imports exploded, more than doubling to $25 billion in 2004 and 2005.

China is now the fourth-largest agricultural importer in the world (after the EU, United States, and Japan) and the fourth-largest market for U.S. agricultural exports (after Canada, Mexico, and Japan).

U.S. agricultural exports to China reached $5.5 billion in calendar year 2004. Has China's demand for food reached a "critical mass" where market opportunities are starting to multiply?

Safe Harbor Statement

Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Golden Dragon Holding's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Golden Dragons Holding's periodic reports filed with the regulatory authorities.

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