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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (date of earliest event reported): July 6, 1998
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DIAMOND ENTERTAINMENT CORPORATION
(Exact name of registrant as specified in its charter)
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New Jersey 000-17953 22-2748019
(State or other jurisdiction (Commission File Number) (I.R.S. Employer of
incorporation) Identification No.)
16818 Marquardt Avenue
Cerritos, California 90703
(Address of principal executive offices)
Registrant's telephone number, including area code: (562) 921-3999
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Item 5. OTHER EVENTS.
On July 6, 1998, Diamond Entertainment Corporation announced that
it has formed the subsidiary, GalaxyNet International, Ltd., for entry into
the rapidly expanding field of Internet Gaming.
The Press Release announcing the event is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
a) Exhibits:
Exhibit No. 99.1 Press Release of the Company, dated July 6, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
DIAMOND ENTERTAINMENT CORPORATION
(Registrant)
Date: July 15, 1998 By: /s/ James K.T. Lu
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James K.T. Lu, President
28541001.760.doc
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EXHIBIT 99.1
DIAMOND ENTERTAINMENT CORPORATION
News Announcement
FOR IMMEDIATE RELEASE
July 06, 1998
Diamond Entertainment Corporation (OTC:BB:DMEC) announced today the
formation of a subsidiary to enter the rapidly expanding field of Internet
Gaming.
Diamond Entertainment Corporation announced today that it has formed
GalaxyNet International, Ltd., a full service Internet gaming company.
Mr. James Lu, Chairman of Diamond Entertainment Corporation stated, we
viewed Internet Gaming as a tremendous opportunity for our company. We
intend to be fully operational this fall. The Company will initially target
Asian and European gamblers. An extensive marketing campaign will be
initiated in Hong Kong and Taiwan. The new subsidiary will make use of our
vast contacts throughout the Far East.
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