BATON ROUGE, La., Jan. 13, 2009 (GLOBE NEWSWIRE) -- Diamond I, Inc. (OTCBB:DMOI), a reporting company trading on the OTCBB, announced today that it has signed a definitive agreement to acquire privately-held ubroadcast, Inc., a leader in Internet Broadcasting and the owner of www.ubroadcast.com.
With ubroadcast's proprietary software, anyone can host a live interactive radio show on the Internet. During the first quarter of 2009, ubroadcast plans to launch "ubroadcast TV," which will allow users to produce live television shows in addition to radio.
"With nearly 90,000 beta users having tried ubroadcast, and our upcoming ubroadcast TV launch scheduled for this quarter, we are ready to take the next step in our development. We are fortunate to have reached this agreement with DMOI," said ubroadcast, Inc.'s President, John Castiglione.
DMOI's President, David Loflin, commented, "We are extremely excited about our acquisition of ubroadcast, a leading-edge company with growing revenues that has already proven to be in touch with the Internet generation. The near-term and long-term plans of ubroadcast.com are impressive and have quite obviously been carefully cultivated in the private-company setting with an eye towards one day being a part of a public company."
DMOI and ubroadcast, Inc. are aware of no impediment to closing the acquisition transaction and are working together to close the transaction by the end of January 2009.
About ubroadcast, Inc.
Founded in 2006, in San Diego, CA, ubroadcast has received media attention and coverage in Rolling Stone magazine, About.com, TechCrunch and ABC News. The San Diego Business Journal headline stated that the market for ubroadcast programs could be "Larger than MySpace(r) and YouTube(r)".
Please visit www.ubroadcast.com for more information and to listen to original programming, and to get free ubroadcast software.
About Diamond I, Inc.
DMOI has, for the past year, sought to diversify its business interests.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements, including the company's ability to complete a business acquisition. 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.