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DTLL,
Inc. Announces Letter of Intent with
Apollo Diamond, Inc. and
Apollo Advanced Nano-Diamond Corporation
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BOSTON,
May 20 /PRNewswire-FirstCall/ -- DTLL, Inc. (BULLETIN
BOARD: DTLI) , Apollo Diamond, Inc., a privately-held
company located in Boston, Massachusetts, and Apollo
Advanced Nano-Diamond Corporation, a wholly-owned subsidiary
of Apollo Diamond, Inc., today jointly announced their
execution of a letter of intent to enter into a Cooperative
Technology Agreement (the "Agreement") pursuant
to which Apollo will sell to DTLL diamonds and diamond
materials produced by Apollo, and DTLL will research
and develop, in cooperation with Apollo Advanced Nano-Diamond
Corporation, various nano-technology applications of
the material provided by Apollo in the field of use
of micro and nano electromechanical systems (MEMS and
NEMS) and quantum computing (the "Field of Use").
Upon execution of the Agreement, DTLL, Inc. will issue
to Apollo Diamond, Inc. 10,000,000 shares of common
stock in DTLL, Inc. and to Apollo Diamond, Inc. and
its shareholders an aggregate of 5.5 million warrants
to purchase shares of DTLL common stock at $7.50 per
share. DTLL will have the right to market and sell any
products developed under the Agreement and will pay
to Apollo a fee, based on a to-be negotiated percentage
of net sales.
Apollo Diamond, Inc. is an emerging leader in the production
of diamonds and diamond materials. It has developed
proprietary technology to produce large, single-crystal
diamonds of exceptional quality in a controlled process
environment. Apollo Diamond, Inc. was originally formed
in 1990 and is privately-held. In 2004, Apollo Diamond,
Inc. formed Apollo Advanced Nano- Diamond Corporation
to focus on bringing Apollo's highly specialized diamond
materials into a number of key nanotechnology applications.
Diamonds' physical properties make them uniquely suited
for many nanotechnology applications including quantum
computing, a next-generation computing technology, and
micro- and nano-electromechanical systems (MEMS and
NEMS) that are used to make increasingly small devices
such as filters, sensors and transducers.
The CEO of DTLL, Inc. commented "we internally
initiated an exploration of possible nanotechnology
opportunities several months ago and believe the opportunity
presented by the ability to use Apollo's technology
provides our company with a highly unique and potentially
extremely favorable value proposition for our shareholders."
He also added, "we are not alone in recognizing
the vast potential of Apollo material; in 2002, Apollo
received the U.S. Navy Department's prestigious Berman
Award for the breakthroughs its material enabled in
the field of quantum computing."
The Agreement between DTLL, Inc., Apollo Diamond, Inc.
and Apollo Advanced Nano-Diamond Corporation is subject
to a variety of contingencies including the negotiation
of a definitive agreement and its approval and execution
by the respective entities. The business plan of DTLL,
Inc. based on the Cooperative Technology Agreement may
not be successful due to numerous factors, for example,
the diamonds and diamond materials produced by Apollo
Diamond, Inc. will prove not to be suitable or viable
in the area of nanotechnology, nanotechnology may not
offer the business opportunities anticipated by the
parties, or DTLL will not be able to obtain additional
financing to implement the Cooperative Technology Agreement
successfully.
Further information regarding DTLL, Inc. can be obtained
by contacting its CEO at 763.574.8392. Apollo Diamond,
Inc. information can be obtained at the website maintained
by such entity at http://www.apollodiamond.com/.
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