Diamond I, Inc. Expects Adoption of Final AB471 Regulations Today
03/23/06 08:01
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LAS VEGAS, NV -- (MARKET WIRE) -- 03/23/06 -- Diamond I, Inc. (OTC BB: DMOI), a developer of wireless gaming products, today discussed its expectation that the Nevada Gaming Commission will adopt final regulations implementing Nevada Law AB471 at its meeting today in Las Vegas. Adoption of these final regulations would allow companies to file applications for approval of hand-held wireless gambling devices, such as Diamond I's WifiCasino GS(TM) wireless gaming system.
Nevada Law AB471 authorizes the use of mobile communication devices for gaming in public areas in Nevada casinos.
"We are here in Las Vegas to participate in this historic event, where the future of gaming will be set in motion," said David Loflin, Diamond I's CEO. "Nothing has changed our belief that hand-held wireless gaming will be extremely popular with the casinos' patrons."
About Diamond I, Inc.
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 GS Concierge and Gaming System"(TM). 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 GS, 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 GS 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 GS 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 in these interviews and news releases 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 in the interviews 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:Diamond I, Inc.Baton RougeDavid Loflin225-341-4004
