October 14, 2008 08:30 ET

Blue Diamond Ventures to Acquire Majority Interest in Gulf Coast Biodiesel Production Plant

HOUSTON, TX--(Marketwire - October 14, 2008) - Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV), through its interest in Blue Diamond Ventures Biodiesel, LLC, has secured the right to acquire the majority interest in a biodiesel production plant and related port facilities in the Gulf Coast.

Included in the acquisition are rail, pipeline and millions of gallons of storage tank capacity.

Immediate sales in the United States and abroad are expected from the facility which, following expansion, will have an eventual production capacity of 70 million gallons per year.

"This acquisition represents a significant strategic growth opportunity for Blue Diamond Ventures, Inc.," said CEO John Quincey Moaning. "There is a projected increase for more biofuel consumption in the United States and abroad."

Moaning continued, "This, along with our vision of expanding the development and supply of non-food feed stocks used in the industry, makes the acquisition a logical next step as we assist America in breaking its dependency on foreign oil without threatening the world food supply."

Blue Diamond Ventures Biodiesel, LLC anticipates investing immediately in the facility's capability to use non-food feed stocks to produce biodiesel.

This production facility has a current capacity of a million gallons per month and will be an integral part of Blue Diamond Ventures, Inc.'s overall biodiesel portfolio for sales in the United States and abroad. Blue Diamond Ventures, Inc. continues to negotiate the rights to acquire marginal land in Central America and Africa for the development of biodiesel production plants, as well as non-food feed stock.

As soon as Lands Registry procedures are completed, Blue Diamond Ventures, Inc. and the Government of Belize anticipate finalizing a purchase agreement of land in the Stann Creek District of Belize. The site will serve as headquarters for the company's biofuels and research and development operations in Belize.

Certain information included in this press release may be deemed to be "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release, are forward-looking statements. Any forward-looking statements are not guarantees of Blue Diamond Venture, Inc.'s future performance and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Blue Diamond Venture, Inc. disclaims any duty to update any forward-looking statements. Some of the factors that may cause Blue Diamond Venture, Inc.'s actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements include the following:

--  Changes in or elimination of laws, tariffs, trade or other controls or
    enforcement practices such as:
--  International, national, state or local energy policy;
--  Federal and state biofuel (including biodiesel) tax incentives;
--  Regulation currently proposed and/or under consideration which may
    increase the existing renewable fuel standard and other legislation
    mandating the usage of biofuels (including biodiesel);
--  State and federal regulation restricting or banning the use of Methyl
    Tertiary Butyl Ether;
--  Environmental laws and regulations applicable to Aventine's operations
    and the enforcement thereof;
--  Changes in weather and general economic conditions;
--  Overcapacity within the biofuel (including biodiesel) and petroleum
    refining industries;
--  Total United States consumption of gasoline;
--  Availability and costs of products and raw materials, particularly
    feedstocks, methanol and natural gas;
--  Labor relations;
--  Fluctuations in petroleum prices;
--  The impact on margins from a change in the relationship between prices
    received from the sale of co-products and the price paid for feedstocks;
--  Blue Diamond Venture, Inc.'s or its employees' failure to comply with
    applicable laws and regulations;
--  Blue Diamond Venture, Inc.'s ability to generate free cash flow to
    invest in its business and service any indebtedness;
--  Limitations and restrictions contained in the instruments and
    agreements governing Blue Diamond Venture, Inc.'s indebtedness;
--  Blue Diamond Venture, Inc.'s ability to raise additional capital and
    secure additional financing, and our ability to service such debt, if
    obtained;
--  Blue Diamond Venture, Inc.'s ability to retain key employees;
--  Liability resulting from actual or potential future litigation;
--  Competition;
--  Plant shutdowns or disruptions at our plant or plants whose products
    we market;
--  Availability of rail cars and barges;
--  Potential decreases in marketing alliance volumes resulting from the
    acquisition of marketing alliance partners by our competitors, the
    reduction of production capacity or abandonment of announced projects by
    marketing alliance partners for economic reasons, the creation of similar
    marketing alliances by our competitors and other failures to renew
    marketing alliance contracts;
--  Our ability to complete our biodiesel plant(s) construction and
    expansion projects in a timely manner and at the expected cost;
--  Our ability to receive and/or renew permits to construct and/or
    commence operations of our proposed capacity additions in a timely manner,
    or at all; and
--  Fluctuations in earnings resulting from increases or decreases in the
    value of biodiesel inventory