Diamond I to Change Name to "US BioFuels Exchange, Inc."

New Name to Reflect Corporate Focus

Diamond I, Inc. (OTCBB: DMOI) (DMOI), a fully reporting company trading on the OTCBB, announced that it has determined to change its corporate name to "US BioFuels Exchange, Inc.," in a move intended to better link its name to its main business focus. The name change will be made, after approval is obtained from shareholders. These efforts will begin immediately.

"This is a natural step in our progression as we sharpen our business focus. We look forward to announcing more developments in this important project," said Tom Gray, DMOI's newest director.

More about the USBE:

The USBE, the vision of DMOI's newest director, Tom Gray, brings to the chaotic biofuels marketplace an orderly and efficient matching of producers and other sellers with buyers, using the Internet, in a manner similar to the model currently employed by Ebay.com. It is intended that the USBE will charge a fee on every transaction between sellers and buyers. The USBE expects that it will, in the long-term, assist in bringing market order to a large, fast-growing and chaotic marketplace, by offering a venue that will facilitate national pricing, among other things, for biofuels and biofuel products. The USBE will be dynamic. Biofuels producers and other sellers will be able to update, in real time, their available quantities, as well as pricing, as often as desired.

About the Biofuels Industry:

In 2007, over 450 million gallons of biodiesel and over 6.5 billion gallons of ethanol were produced. The Biodiesel industry is growing at over 25% per year.

About Diamond I, Inc.

The establishment of USBiofuelsExchange.com represents DMOI's initial step in diversifying its business interests.

Safe Harbor Statement

This press release contains statements that may constitute forward-looking statements, including the company's ability to enter successfully the alternative fuel industry and to expand its Internet-based business. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Diamond I's future business and financial results, refer to Diamond I's Annual Report on Form 10-KSB for the year ended December 31, 2007. Diamond I undertakes no obligation to update any forward-looking statements that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.