Diamond I and The Palms Resort and Casino Sign Letter of Intent; To Forge Working Relationship Regarding WifiCasino GS - Sunday 16th of October 2005

Diamond I, Inc. (OTC BB: DMOI), a developer of wireless gaming products, today announced that in a Letter of Intent, The Palms Resort and Casino, winner of 17 "Best of Las Vegas" Awards, has agreed to continue to develop a working relationship relating to Diamond Is WifiCasino GS™ wireless gaming system, which is designed for gaming in public areas in Nevada casinos. Diamond I continues to assure its prospective casino clients of WifiCasino GS "best-in-breed" status relative to its competitors and that Diamond I will, once appropriate licensing has been obtained, provide product servicing in line with other gaming machine vendors. On that assurance, The Palms stated that it intends to pursue an opportunity with Diamond I.

Jason Davis, Diamond I Technologies President, said, "The Palms is a leading trendsetter in Las Vegas. Their interest in our WifiCasino GS technology again demonstrates their progressive attitude. This Letter of Intent, along with the recent progress being made towards implementing Nevada Law AB471, has further boosted our confidence."

Diamond I Technologies Chief Technical Officer, Mike Prasad, added, "Weve worked diligently to build our WifiCasino GS, along with our support and servicing strategy, to the highest standard. The Palms continues to be one of the hottest spots in Las Vegas, especially among the young and upcoming generation of gamblers. Together we are a perfect match. This relationship will allow us to debut our product to an ideal audience."

"On behalf of our board of directors and shareholders, I would like to express my pride in our teams efforts, and continue to remind everyone that bold projects often take time," said David Loflin, Diamond Is President and CEO.

About Palms Resort and Casino

The Palms Resort and Casino, heralded as one of the hippest resorts in Las Vegas, offers guests a major destination getaway with a relaxing and affordable resort atmosphere. Owned by the Maloof family, the $265 million, 430-room property boasts a diverse mix of restaurants and bars, a 95,000-square-foot casino; a 14-theater Cineplex and IMAX theater complex; a full-service spa and salon; and more than 20,000 square feet of meeting space. The resort is home to the hit television show "The Real World: Las Vegas" and the Bravo Celebrity Poker Showdown. For more information, visit www.palms.com.

About Diamond I, Inc.

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 GS Concierge and Gaming System"™. The term "Wi-Fi" (wireless fidelity) refers to an industry standard for wireless equipment that meets published 802.11(x) standards. Wi-Fi equipment operates in unlicensed spectra, such as 2.4 and 5.8 Ghz.

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 GS, in conjunction with its application for a gaming license in Nevada. Currently, Diamond I is in negotiations with nationally known Las Vegas casinos to serve as the demonstration facility for its system. Also, Diamond I is working to secure cruise ships on which to implement a WifiCasino GS system; Diamond I has had preliminary discussions with certain owners of cruise ships. Diamond I has also had preliminary discussions with certain owners of horse racing facilities in the United States and dog and horse racing facilities outside the United States, with respect to its establishing a WifiCasino GS system on such a facility.

Forward-Looking Statements

Certain statements in these interviews and news releases may constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risk, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ materially from the forward-looking statements. Certain statements contained in the interviews are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of Diamond Is products and services and markets for such products and services, the timing and level of customer orders, competitive products and service, changes in economic conditions and other risks and uncertainties. Although Diamond I believes the statements are reasonable, it can give no assurance that such expectations will prove correct. Diamond I cautions that any forward-looking statements contained herein are not a guarantee of future performance and that actual results may differ materially.

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