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Diamond I, Inc. : Diamond I Shareholder Update Regarding ubroadcast, Inc.'s User Base, Revenues

^{Published on 2009-01-15 06:39:13, Last Modified on 2009-01-15 06:40:00 - Market Wire}
 

BATON ROUGE, LA--(Marketwire - January 15, 2009) - Diamond I, Inc. (OTCBB: [ DMOI ]), a reporting company trading on the OTCBB that recently signed a definitive agreement to acquire privately held ubroadcast, Inc., a leader in Internet Broadcasting, today provided additional information regarding ubroadcast's 2008 growth.

From 2007 to 2008, ubroadcast.com's user base grew in excess of 400%, to its current level of nearly 90,000 beta users. In addition to this dramatic growth, ubroadcast was able to begin generating advertising revenues during the fourth quarter of 2008.

ubroadcast, Inc.'s President, John Castiglione, commented, "Our results for 2008, and especially for the fourth quarter, were gratifying, as we demonstrated growth and that we could generate advertising revenues. Now, by adding the exposure that comes with being a public company, we expect that we will be in position to capture more permanent advertising clients. This natural growth progression, coupled with our upcoming 'ubroadcast TV' launch scheduled for later this quarter, leads us to believe that 2009 will again be a year of significant expansion of our business."

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® and YouTube®."

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.

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.