(BSNS WIRE) Diamond Entertainment Announced Today, the Conversion to Res
Diamond Entertainment Announced Today, the Conversion to Restricted Equity,
$1.9 Million in Current Liabilities Owed to Two of Its Largest Creditors
Business Editors
CERRITOS, Calif.--(BUSINESS WIRE)--June 10, 1999-- Diamond
Entertainment (OTC:DMEC) is in the business of distributing and
selling videocassettes, general merchandise, a patented flying toy
"Zoombie", furniture, and Cine-Chrome gift cards, and in the process
of becoming its own web-host is pleased to announce the successful
arrangement to reduce its current liabilities by entering into
agreements with its two largest business creditors to convert their
remaining loan balances totaling $1.9 million into one-year restricted
Common Stock of Diamond Entertainment Corporation.
"The elimination of these liabilities will provide added
flexibility and strengths to introduce Diamond's new products which
are planned for the second half of 1999," stated James Lu, CEO of
Diamond Entertainment. "Diamond will be doing business as e - DMEC and
together with its new strategic alliance partners, to be announced
later, aggressively pursue the major retail chains, as well as,
feature current and new products on our upcoming e-commerce site
e-dmec.com."
Presently the internet server is being tested for traffic
restrictions and security. As further development occurs, the
financial community will be updated in a timely manner.
Safe Harbor Act Disclaimer: This release may contain
forward-looking statements that involve risks and uncertainties,
including, without limitation, continued acceptance of the company's
products and services, increased levels of competition, new products
and technological changes, the company's dependence upon financing,
third-party suppliers and intellectual property rights, and other
risks detailed from time to time in the company's federal filings,
annual report, offering memorandum, or prospectus.
Note to Editors: "Cine-Chrome" is usually spelled with an asterisk
rather than a hyphen.
--30--RH/da*
CONTACT: Marketex, Atlanta
Gary Swancey, 770/389-5645
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED ENTERTAINMENT
PRODUCT
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