SOURCE: NewMarket Technology, Inc.

May 03, 2007 12:33 ET

NewMarket Technology, Inc. Acquires Majority Interest in RedMoon, Inc. to Expand and Solidify $10 Million One Year Revenue Forecast in Publicly Listed Wireless Subsidiary

DALLAS, TX -- (MARKET WIRE) -- May 3, 2007 -- NewMarket Technology, Inc. (OTCBB: NMKT) today announced executing an agreement to acquire the majority interest in RedMoon, Inc. NewMarket previously acquired a minority interest in RedMoon in 2004 and has since partnered to develop RedMoon into a recognized leading provider of broadband wireless mesh networks for multiple uses including municipal networks.

The RedMoon operation will be an integral part of Diamond I's (OTCBB: DMOI) overall wireless broadband business strategy. NewMarket previously announced executing a stock purchase agreement to acquire majority interest in Diamond I. NewMarket will consolidate all of its current Wi-Fi assets into Diamond to build a comprehensive wireless broadband offering with applications in a number of market sectors. Initially, the municipal government and casino/gaming sectors will be targeted.

The one 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 accordingly.

Once RedMoon is combined into Diamond I, the definitive agreement memorializing RedMoon as a Diamond I subsidiary will be filed in an SEC Form 8K under Diamond I. No NewMarket stock has been issued in conjunction with this transaction.

RedMoon, Chevron Energy Solutions and the Future of Wireless Mesh Solutions

RedMoon has designed, engineered and implemented mesh network solutions, providing high-speed internet service, security surveillance, automatic meter reading and mobile broadband. In 2006, RedMoon and Chevron Energy Solutions, a Unit of Chevron Corporation, signed a contract with the City of Burleson, Texas, to construct a wireless broadband network and implement an automatic water meter reading pilot project. (News)

NewMarket Listed Wi-Fi Subsidiary with $10 Million One Year Revenue Forecast

NewMarket, Diamond I and RedMoon will consolidate Wi-Fi technology assets and proprietary knowledge to build a comprehensive emerging Wi-Fi business that can be leveraged to build revenue into a number of market segments. The combined NewMarket, Diamond I and RedMoon operations will create a multi-industry Wi-Fi solution provider with a 2007 revenue forecast of $10 million. The combined Wi-Fi operations will constitute a single consolidated NewMarket subsidiary with a public listing independent of NewMarket's parent listing.

New Technologies, New Markets, Listed Subsidiaries and Shareholder Dividends

NewMarket Technology launched an innovative business plan in 2002 to introduce new technologies to new and emerging markets. The Company has grown from reporting $2.3 million in profitable revenue in 2003 to being recognized by Deloitte & Touche USA LLP as the fifth fastest growing technology firm in North America after reporting over $50 million in audited profitable revenue in 2005. NewMarket sells technology products and services throughout North America, China, South East Asia and South America. The independent public listing of consolidated subsidiaries is an integral component of NewMarket's long-term plan to introduce innovative technologies to these rapidly growing markets. NewMarket plans to subsequently issue stock in its independently listed subsidiaries to NewMarket shareholders in dividend distributions.

Recent Analyst Recommendations on NewMarket Technology with Target Prices of $0.78 and $1.00; BreakAway Investor says "early investors could reap 262% returns."

The BreakAway Investor of the Taipan Financial Network (www.taipanfinancialnews.com) issued a "Buy" recommendation on NewMarket Technology, Inc. Beginning the report with "West Point grad leaves Wall Street dumbfounded after he makes dot-com-era business model work," Andrew Mickey, the editor-in-chief of The BreakAway Investor financial advisory newsletter, says that "early investors could reap 262% returns." The independent research report recommends "Buy shares of NewMarket under 45 cents per share. It has become a key partner to customers throughout high growth regions including Latin America and China. Shares won't be hanging below $1.00 for too much longer." The BreakAway Investor investment report on NewMarket Technology is accessible at www.taipanfinancialnews.com/redhotstockpick0307.html.

Separately, Beacon Equity Research issued an independent analyst report rating NewMarket as an "Outperform" with a fair market value of $0.78. The report was issued during the fourth quarter of 2006 and did not take into consideration the recent independent listing of consolidate subsidiaries which will eventually add to shareholder valued when subsidiary stock dividends are declared and distributed. The research report is available at www.beaconequityresearch.com.

To be added to NewMarket's corporate e-mail list for shareholders and interested investors, please send an e-mail to ir@newmarkettechnology.com.

About RedMoon, Inc. (www.redmoonbroadband.com)

RedMoon was founded in August 2000 and is a pioneer in the wireless mesh arena. Today, RedMoon is leading the mesh revolution with next-generation, network solution for mobile broadband and wireless access in city deployments. RedMoon's deployment of mobile broadband networks cover all aspects of Public Safety, including Police, Fire and Emergency Systems. The unique mesh technology and systems integration provide total coverage, enabling city agencies to access the tools needed to efficiently handle both emergency and non-emergency situations.

RedMoon networks are high-performance, scalable networks that can support the growing demand for high bandwidth applications such as business connectivity, video surveillance, emergency response communications and voice-over-IP (VOIP) services. The network design allows a city, campus or county to start small and grow overtime.

RedMoon holds a DIR Commodity Purchasing Program Contract (No.DIR-SDD-475) offering discounted products and services to the State of Texas and is also certified by the State of Texas through the Certified Information Services Vendor (CISV) program.

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

"Voice-Print" and "Finger-Print" Technologies. Diamond I, Inc. 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.

About NewMarket Technology, Inc. (www.newmarkettechnology.com)

NewMarket helps clients maintain the delicate balance between maintaining legacy systems and gaining a competitive edge from the latest technology innovations. NewMarket provides certified integration and maintenance services to support the prevailing industry standard solutions to include Microsoft, Cisco Systems, SAP, Siebel and Sun Microsystems. Concurrently, NewMarket continuously seeks to acquire undiscovered emerging technology assets to incorporate into an overall product portfolio carefully packaged to complement the prevailing industry standard solutions. NewMarket delivers its portfolio of products and services through its global network of Solution Integration subsidiaries in North America, Latin America, China and Singapore. NewMarket maximizes shareholder return on investment by independent listing of consolidated regional and emerging technology subsidiaries in order to issue subsidiary stock in shareholder dividends. NewMarket ranked Number Five on Deloitte's 2006 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage revenue growth over five years, from 2001-2005. The Company grew from less than $1 million in revenue in 2001 to over $50 million in profitable revenue in 2005.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause NewMarket's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.

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