A New Player

8 July 1998

CERRITOS, Calif. -- Diamond Entertainment Corp. (OTCBB:DMEC) announced July 7 the formation of GalaxyNet International Ltd., a full-service Internet gaming company.

"We viewed Internet gaming as a tremendous opportunity for our company," said James Lu, chairman of Diamond Entertainment Corp. "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."