Science & Technology
Science and Technology
Science and Technology
Tue, January 27, 2009
Diamond I, Inc. : Diamond I Acquires ubroadcast, inc.
SAN DIEGO, CA--(Marketwire - January 27, 2009) - Diamond I, Inc. (
The acquisition of ubroadcast, the owner of ubroadcast.com, was made solely with shares of DMOI stock. ubroadcast's management took control of DMOI, in conjunction with the acquisition, and now controls DMOI's board of directors.
DMOI's new President, John Castiglione, commented, "We've been eagerly awaiting this day. We are convinced that ubroadcast's 'viral' component will allow us to achieve significant user growth in a relatively short period of time. Overall, we believe strongly that ubroadcast will bring our shareholders increased value and look forward to announcing more events as they transpire."
The company has approved a 32-to-1 reverse split and a change in DMOI's corporate name to "ubroadcast, inc.," and has applied to FINRA for a new trading symbol. The effective date of the reverse split and name change will be announced in the near future, once determined.
From 2007 to 2008, ubroadcast's user base grew in excess of 400%, to its current level of nearly 90,000 beta users. In addition to this dramatic growth in users, ubroadcast was able to begin generating advertising revenues during the fourth quarter of 2008.
About ubroadcast
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 shows.
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 adopted the business plan of ubroadcast, inc.
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.
