NewMarket Technology, Inc. and Diamond I, Inc. today announced a $10 million revenue forecast for fiscal year 2007 for Diamond in conjunction with NewMarket's pending acquisition of a majority interest in Diamond.
NewMarket and Diamond have entered into a letter of intent agreement to consolidate Wi-Fi technology assets and proprietary knowledge to build a comprehensive emerging Wi-Fi business that can be leveraged to build revenue and profits in various market segments. Earlier today, NewMarket announced a letter of intent agreement to acquire a majority interest in its affiliate Wi-Fi operation RedMoon, Inc. (News - http://biz.yahoo.com/bw/070109/20070109005776.html?.v=1) RedMoon will also be combined into Diamond in conjunction with NewMarket's acquisition of a majority interest in Diamond. The combined NewMarket, Diamond and RedMoon operations will create a multi-industry Wi-Fi solution provider with a 2007 revenue forecast of $10 million. The financial results of Diamond's operations will be reported in Diamond's public financial reports, in addition to being consolidated into NewMarket's overall financial report.
RedMoon has designed, engineered and deployed mesh network solutions, providing high-speed internet service, security surveillance, automatic meter reading and mobile broadband for municipalities. In 2006, RedMoon and Chevron Energy Solutions, a Unit of Chevron Corporation (NYSE:CVX - News), signed a contract with the City of Burleson, Texas, to construct a wireless broadband network and implement an automatic water meter reading pilot project. (News - http://www.chevronenergy.com/news_room/default.asp?pr=pr_20060329.asp)
About RedMoon, Inc. (www.redmoonbroadband.com)
RedMoon was founded in August 2000 and is a pioneer in the wireless mesh arena. Today, RedMoon is leading the mesh revolution with next-generation, network solutions for mobile broadband and wireless access in city deployments. RedMoon's networks are designed for Wi-Fi in the unlicensed 2.4 GHz spectrum, 4.9 GHz spectrum for public safety and integrates 5 GHz mesh for backhaul.
RedMoon networks are high-performance, scalable networks that can support the growing demand for high bandwidth applications such as business connectivity, video surveillance, emergency response communications and voice-over-IP (VoIP) services. The network design allows a city, campus or county to start small and grow over time.
RedMoon holds a DIR Commodity Purchasing Program Contract (No.DIR-SDD-475) offering discounted products and services to the State of Texas and is also certified by the State of Texas through the Certified Information Services Vendor (CISV) program.
About NewMarket Technology Inc. (www.newmarkettechnology.com)
NewMarket helps clients maintain the delicate balance between maintaining legacy systems and gaining a competitive edge from the latest technology innovations. NewMarket provides certified integration and maintenance services to support the prevailing industry standard solutions to include Microsoft (Nasdaq:MSFT - News), Cisco Systems (Nasdaq:CSCO - News), SAP (NYSE:SAP - News), Siebel (Nasdaq:ORCL - News) and Sun Microsystems (Nasdaq:SUNW - News). Concurrently, NewMarket continuously seeks to acquire undiscovered emerging technology assets to incorporate into an overall product portfolio carefully packaged to complement the prevailing industry standard solutions. NewMarket delivers its portfolio of products and services through its global network of Solution Integration subsidiaries in North America, Latin America, China and Singapore. NewMarket maximizes shareholder return on investment by independent listing of consolidated regional and emerging technology subsidiaries in order to issue subsidiary stock in shareholder dividends.
About Diamond I, Inc. (http://www.wificasino.net/)
Diamond I owns the rights to patent-pending voice-recognition and finger-print biometric security technologies. These security technologies will be incorporated into Diamond I's WifiCasino GS wireless, hand-held gaming system, as well as the hand-held gaming unit to be employed by the Global Gaming Platform venture.
Diamond I, Inc. is a development-stage company that develops wireless gaming products, including a hand-held Wi-Fi-based gaming system for on-premises use by casinos/resorts, known as "WifiCasino"(TM), which includes the GS2(TM), the user-friendly wireless hand-held unit. With the passage of Nevada Law AB471, which authorizes the use of mobile communication devices for gaming in public areas in Nevada casinos, Diamond I seeks to secure a Las Vegas hotel/casino to serve as the demonstration site for its WifiCasino, in conjunction with its application for a gaming license in Nevada. To that end, in a letter of intent, The Palms Resort and Casino has agreed to continue to develop a working relationship relating to Diamond I's WifiCasino and, assuming Diamond I continues to meet certain standards, The Palms stated that it intends to pursue an opportunity with Diamond I. Diamond I continues to seek venues in which to establish its WifiCasino system, including other U.S. casinos and horse and dog racing facilities. Diamond I has had preliminary discussions with certain owners of cruise ships, certain owners of horse racing facilities in the United States and dog and horse racing facilities outside the United States.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause NewMarket's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
Source: NewMarket Technology, Inc. and Diamond I, Inc.
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