No..Mulla is right! Read Below.
(COMTEX) B: Diamond Entertainment Announced Today, the Conversion to
B: Diamond Entertainment Announced Today, the Conversion to Restricted Equity,
$1.9 Million in Current Liabilities Owed to Two of Its Largest Creditors
CERRITOS, Calif., Jun 10, 1999 (BUSINESS WIRE via COMTEX) --
DiamondEntertainment (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 uponfinancing,
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.
Copyright (C) 1999 Business Wire. All rights reserved.
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