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Diamond Announces Board and Structural Changes to

TEMPE, Ariz.--(BUSINESS WIRE)--Nov. 19, 1999--

Diamond Equities Inc. (OTC BB: DDEQ) Friday announced that it has received proxy voting power from other shareholders of Inc. to give Diamond voting majority of GoProfit.

Diamond itself currently holds approximately 37 percent of GoProfit's total issued and outstanding common stock. In a written consent of shareholders, the majority voted to make changes to the board of directors of Inc. and to change the direction of the company.

GoProfit has been delayed in securing an underwriter for their IPO, which has delayed the progress of GoProfit's registration with the SEC and has detracted the attention of management in keeping up with the implementation of new features on the GoProfit web site.

Therefore, at the request of the shareholders, the board of directors and the executive officers of GoProfit resigned their positions and were replaced by a sole director and attorney, William T. Heywood. Key employees were asked to take a short vacation break while the new direction of the company is planned.

The GoProfit web site will temporarily be taken down, which is necessary for remodeling and to implement the new features of real time quotes, profittalk and multilingual menu functions. The site will then re-launch in February of 2000, in conjunction with the projected effective date of GoProfit's SB-2 filing with the SEC.

GoProfit intends to file its SB-2 registration statement by Dec. 15, 1999, thus registering its stock so the dividend of GoProfit stock to Diamond shareholders may be issued upon the later effectiveness of the registration statement. GoProfit will then offer a new issuance of its stock to investors or the public.

From time to time, the Diamond Equities Inc. may issue forward-looking statements which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended.

Actual results could differ and a forward-looking statement should be considered accordingly.

For more in formation, contact David Westfere, president, Diamond Equities Inc. 602/462-5900.
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Publication:Business Wire
Date:Nov 19, 1999
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