Global Diamond Exchange Reports Take-over Complete

Pinksheet-listed Global Diamond Exchange reported that `Sib Almaz` management completed take-over of the company. There was a spike in share trading September 12 of more than 15 million shares at about 0.0044-cents. The spike did not however lift the share price, which closed September 14 at 0.004-cents.

According to a statement the company`s CEO Slava Beurikov said, "We are now proceeding with the second step -- to reduce the number of shares, through various means including but not limited to a repurchase of shares. The company`s ultimate goal is to eventually exit from the domestic markets. Details will be made public through press releases as they occur and the transaction progresses."

The statement also read that "Sib Almaz is considering the opportunity to enter the retail side of the business and is looking into acquiring retail space in New York City`s Diamond District."