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RAPAPORT... Global Diamond Exchange Inc., based in New York, reported April 25, 2007 that negotiations for a possible buyout by an unnamed suitor are "proceeding as planned." The company stressed however that it is continuing to conduct business as usual and that it recently completed the sale of its third shipment of diamonds with a total wholesale revenue value in excess of $3 million.
"The company is pleased to announce that while it is in continued negotiations and working out the mechanics for the potential buyout/merger, it is still conducting its normal course of business," the company stated.
Global Diamond Exchange lists all its stock on its Website www.globaldiamondex.com/inventory.php.
The company announced on March 7 that a possible buyer had approached the firm just one week after it reported that it was in negotiations to acquire a synthetic diamond manufacturing and processing facility in Moscow.
In an April 25 update about the potential buyout, the company reported that the negotiations are proceeding as planned.
"Attorneys are currently working out the final details, which will include record and pay dates. Furthermore, a mechanism is being set up for tendering shares if and when this transaction is completed," Global Diamond Exchange stated. "We stress patience since this will take some time as the suitor is working out a way to take Global off the public markets and into the private sector."
Since Global Diamond Exchange set up offices in New York in November 2006, all attempts by Rapaport News, including a personal visit to the company building address, to discuss the business strategy and company tenders went unanswered. However the firm's public relations representative Alex Livak told Rapaport in January that the company's first financial statement would be forthcoming.
Shares in the company have experienced a tumultuous ride debuting at 7-cents per share in September 2006 and falling to less than 1-cent in December before bottoming out at 0.0015-cents in February 2007. On April 24, shares closed at 0.0055-cents. In December Global Diamond Exchange restructured corporate stock from 7 billion shares to 975 million shares and retired another 13 million shares January 30.
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