DMEC Diamond Entertainment: NEWS OUT & Profile:
SEC Disclosure at
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Company Name: Diamond Entertainment Stock Symbol: DMEC
Shares Outstanding: 457.6M 52 Hi/Lo: $0.03-$0.004
Float: 375.2M Recent Price: $0.012
Company Profile: Diamond Entertainment Corporation d/b/a e-DMEC markets and sells a variety of videocassette and DVD (Digital Video Disc) titles to the budget home video and DVD markets. The Company also purchases and distributes general merchandise including children's toy products. The Company's videocassette and DVD titles includes certain public domain programs and certain licensed programs. Public domain programs are video titles that are not subject to copyright protection. Licensed programs are programs that have been licensed by the Company from a third party for duplication and distribution, generally on a non-exclusive basis.
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E-DMEC Reports Positive Results of Inventory Loan Pay-Down from $800K to Less Than $90K; Expects Pay-Off by the End of October 2002
WALNUT, Calif., Apr 23, 2002 (BUSINESS WIRE) -- Diamond Entertainment Corporation (the "Company"), dba e-DMEC, ( OTCBB:DMEC), a leading dealer of videocassette and DVD (Digital Video Disc) titles to the budget home video & DVD markets, is pleased to report the positive result of Inventory pay-down from $800K to less than $90K. The resultant reduction in debt of more than $700K will produce substantial savings in debt carrying costs, and further improvements in annual gross margins.
"This positive result stems from Company-Wide efforts to reduce overhead in order to contribute to debt reduction. Obviously the result is encouraging and we expect to pay off this loan by the end of October this year. The goal to reduce the Company's debts altogether by the end of 2003 is certainly possible, provided we can reach our projected revenue on a healthy pace," quoted Mr. Fred Odaka, CFO of Diamond Entertainment Corporation.
About Diamond Entertainment Corporation
Diamond Entertainment Corporation develops, markets, and distributes multiple lines of high-quality products. Diamond markets & sells videocassette and DVD (Digital Video Disc) titles to the budget home video & DVD markets through national & regional mass merchandisers, department stores, drug stores, supermarkets, and other similar retail outlets. Diamond's other products and services include sundry and general merchandise and contract Replication & Duplication Services. To add to its traditional distribution focused businesses, Diamond has placed major emphasis on Internet e-focused business strategies, and has recently introduced its completely new, redesigned Web site, e-dmec.com, with the addition of new product lines, and promotional programs.
Safe Harbor Statement
This news announcement contains certain forward-looking statements and information relating to the Company that are based on the beliefs of the Company or management as well as assumptions made by and information currently available to the Company or management. When used in this news announcement, the words "anticipate," "believe," "expect," "estimate" and "intend" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties in this announcement and in the Company's Forms 10-KSB for the year ended March 31, 2001, filed June 29, 2001, Form 10-QSB for the quarters ended December 31, 2001, September 30, 2001, June 30, 2001 and December 31, 2000, and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein noted or in its SEC filings.
CONTACT: Diamond Entertainment Corporation
Fred Odaka, 909/839-1989
Fax: 909/869-1990 |
