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To: P.E. Allen who wrote (28480)	7/7/1998 9:27:00 AM
From: CUBBY	Respond to of 34592

DMEC**NEWSINTERNET GAMING***** Diamond Entertainment Corp.Announces Formation Of A Subsidiary To Enter The Rapidly ExpandingField of Internet Gaming July 7, 1998 09:01 AM CERRITOS, Calif.--(BUSINESS WIRE)--July 7, 1998--Diamond Entertainment Corp. DMEC Tuesday announced that it has formed GalaxyNet International Ltd., a full service Internet gaming company. James Lu, chairman of Diamond Entertainment Corp., stated, "We viewed Internet gaming as a tremendous opportunity for our company. We intend to be fully operational this fall. The company will initially target Asian and European gamblers. An extensive marketing campaign will be initiated in Hong Kong and Taiwan. The new subsidiary will make use of our vast contacts throughout the Far East." cubby