Press Release Source: Global Diamond Exchange Inc.
Global Diamond Exchange Inc. Offers Updates on Merger/Acquisition and Future Business Strategy
Wednesday August 15, 7:30 am ET
NEW YORK, Aug. 15 /PRNewswire-FirstCall/ -- Global Diamond Exchange Inc. (OTC Pink Sheets: GBDX - News) Global Diamond updates shareholders on merger/Acquisition with Sib Almaz. The transaction has proceeded slower than expected, but completion is anticipated by mid September. Slava Beurikov states: "The transaction was more complicated than originally anticipated. We have international agreements and formal contracts that had to be finalized. New management is in place and the company is looking forward to a timely completion of the transaction. Details will be made public through press releases as they occur and the transaction is finalized."
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Regarding Current Business and the Office: Numerous inquiries have been received regarding the company's current business operations, including several investors trying to visit the office on 46th street. As previously stated in a press release; The Company is currently in the process of remodeling this office for the fall season. Again, the company would like to remind investors that this facility is a wholesale office. Global specializes in selling groups of stones or "lots" and not individual pieces. Also, the majority of the European/Russian cutting facilities are closed for August before they gear up for the busy fall season.
Regarding Fall Season: Sixty five to seventy percent of the year's business can be realized in the Fall season, and Global plans to increase the staff to accommodate this added activity. Global has significant ability to buy diamonds with their venture partners, and has been successful in turning these shipments at a profit in an efficient manor. New management is also currently implementing a different business strategy; which includes a more aggressive approach in offering inventory as individual pieces and lots. This business model will allow qualified buyers to view individual pieces and allow the company to generate more profit on these pieces. New management plans to keep substantial inventory (as allowed by insurance limits) on hand at all times for lot sales, as well as, pieces for individual purchases.
About Global Diamond Exchange:
Global Diamond Exchange originally opened their office on 2 West 46th street in the heart of the New York's Diamond District. After several years of operation at their New York office the company decided to shut down the operation due to low pricing and soft demand in North America. The company concentrated its efforts on exporting cut diamonds from the Russia Federation and European locations. The new company has reopened its sales offices in the original building ready to take on the increased demand for fine quality diamonds.
NOTE: Safe Harbor for Forward-Looking Statements.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of the Company to complete the planned bridge financing, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
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Source: Global Diamond Exchange Inc.
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