Shareholders of record on July 20th will receive a one for 5 stock dividend of GoProfit shares when it comes public.
Read the DDEQ press release from today and you will see additional impact dates mentioned.
Diamond Equities Announces Shareholder Dividend
PHOENIX--(BUSINESS WIRE)--July 6, 1999--Diamond Equities Inc. (OTC BB: DDEQ - news) Tuesday announced that its board of directors has voted to declare a dividend of common stock of its subsidiary, GoProfit.com, payable upon registration of the distribution.
The dividend is set to take place in the form of 1 share of GoProfit.com for every 5 shares owned of Diamond Equities (DDE) as of the record date of July 20, 1999.
GoProfit.com is a Nevada corporation in the Internet business and a subsidiary of Diamond Equities, acquired in April 1999 through an exchange of stock. DDEQ plans to spin-off GoProfit through a registered offering of its common stock in an Initial Public Offering (IPO).
Diamond Equities is in the process of qualifying and selecting a significant underwriter for the GoProfit IPO and, market permitting, expects to offer GoProfit to the public at prices commensurate with similar offerings such as CBS Market Watch (Nasdaq: MKTW - news) and Priceline.com (Nasdaq: PCLN - news).
This selection process is expected to be complete in late August of this year and the selected underwriter is expected to be announced at that time.
On June 15, 1999 Diamond Equities launched a preview version of GoProfit.com, its proprietary multi-language search engine/Web portal site on the World Wide Web at goprofit.com.
''We are very excited about the launch of the GoProfit site. The initial reception by the public has been above expectations. I fully expect that we will have most features on the site completed by the end of August, which should coincide with our IPO filing date,'' said David Holifield, senior vice president and director of
creative development for GoProfit.
David Westfere, president of Diamond Equities stated, ''We are proud to offer this dividend to our shareholders. This affirms our commitment to increasing our shareholder value and establishing GoProfit as the worlds finest search engine.''
Westfere continued, ''With our recent announcement of discussions with GoNow.com we are targeting companies that we can help grow in order to benefit our shareholders. We will comment on these possible candidates as soon as the situation permits. Additional dividends, attractive rights offerings and increased value in general for our shareholders is our ultimate goal.''
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby.
Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, the ability of Diamond Equities Inc. to accomplish its stated plan of business. Although Diamond Equities believes that the assumptions underlying the forward-looking statements included in this press release will prove to be accurate.
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Diamond Equities or any other person that the objectives and plans of Diamond Equities will be achieved.
Contact:
Diamond Equities Inc., Phoenix
David Westfere, 602/462-5900
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