LOS ANGELES--(BUSINESS WIRE)--Diamond Entertainment Corporation (OTCBB:DMON), in accordance with its change in business direction pursuant to its merger with RX for Africa, Inc., announced today that it has sold its inventory of Electronic Media and certain other related assets.
“We are in position to focus all our attention to searching for innovative solutions to the critical challenge of meeting the healthcare needs of those living in Africa,” commented Dr. Mulugetta Bezzabeh, the new CEO of Diamond Entertainment Corporation and continuing CEO of Rx Africa (Ethiopia) PLC.
About Rx for Africa, Inc.
Rx for Africa, Inc. is a holding company headquartered in New York City which was recently acquired by a newly formed subsidiary of Diamond Entertainment Corporation, a publicly traded company (DMON). At present, the primary asset of Rx for Africa, Inc. is its 100% ownership interest in Rx Africa (Ethiopia) PLC, a pharmaceutical company based in Addis Ababa, Ethiopia.
About Rx Africa (Ethiopia) PLC
Rx Africa (Ethiopia) PLC is a pharmaceutical company, formerly known as Sunshine Pharmaceutical, which owns and operates a pharmaceutical manufacturing facility in Addis Ababa, Ethiopia. The plant was established to manufacture AIDS/HIV, malaria, tuberculosis and other generic drugs in Ethiopia. Rx Africa (Ethiopia) PLC is currently producing six generic products for distribution in Ethiopia, with plans to increase its product line by a minimum of 30 new generic medicines over the next six months for sale throughout Ethiopia and the rest of Africa.
About Diamond Entertainment Corporation
Diamond Entertainment Corporation is a publicly traded company (DMON) incorporated in New Jersey and headquartered in Walnut, California. Through a newly formed, special purpose subsidiary, Diamond Entertainment Corporation recently completed the acquisition of Rx for Africa, Inc., a holding company based in New York City which is the parent company of Rx Africa (Ethiopia) PLC, a pharmaceutical company based in Addis Ababa, Ethiopia. Prior to its acquisition of Rx for Africa, Inc., Diamond Entertainment was principally in the business of distributing and selling videocassette/DVD programs through normal distribution channels throughout the United States.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Forward-looking statements are not statements of historical facts, but rather reflect our current expectations concerning future events and results. We use words such as "expects," "intends," "believes," "may," "will" and "anticipates" to indicate forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including, but not limited to, those risks and uncertainties detailed in the Company's periodic reports filed with the Securities and Exchange Commission. We caution that these risk factors may not be exhaustive. We operate in a continually changing business environment, and new risk factors emerge from time to time. We cannot predict these new risk factors, nor can we assess the effect, if any, of the new risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ from those expressed or implied by these forward-looking statements.
If any one or more or these expectations and assumptions proves incorrect, actual results will likely differ materially from those contemplated by the forward-looking statements. Even if all of the foregoing assumptions and expectations prove correct, actual results may still differ materially from those expressed in the forward-looking statements as a result of factors we may not anticipate or that may be beyond our control. While we cannot assess the future impact that any of these differences could have on our business, financial condition, results of operations and cash flows or the market price of shares of our common stock, the difference could be significant. We do not undertake to update any forward-looking statements made by us, whether as a result of new information, future events or otherwise.