Diamant Art Corp (DIAAF)

Description:

Diamant Art Corporation was incorporated in Canada on January 24, 1986 under The Ontario Business Corporations Act. The Corporation operates as Diamant Art Corporation, which name was adopted and approved, November 22, 2004, by shareholders through an amendment to the Articles of Incorporation of the Company. Historically, the Company's business was the production, distribution and marketing of replications of original paintings that incorporated brushwork texture including but not limited to oil, acrylic and other textured pigment-mediums `Textured ART'. The Company's reproductions on canvas are marketed using the registered trademark of Artagraph(r) Editions. The principle component of the its product line is PVC-based plastic sheet & coating that is moulded to produce the brushstrokes. Generally, over the last 10 years, the Company has been reliant on one or a few major customers. Effective June 14, 2004, FILM finalized an agreement with Diamant Plastics Corp. a private company incorporated in Ontario, Canada for the exclusive distribution rights in Canada, to market and distribute a new non-PVC based plastic utilized in the stretch-film food packaging industry, name branded DIAMANT. Diamant manufactures reproductions of Impressionist and Post-Impressionist paintings as well as paintings by contemporary artists. In the past, the Company has contracted with art publishers, to produce replications of contemporary works of art for a fixed price, which are then distributed by the publisher. It has a library of approximately 80 different Artagraph(r) titles, of which the majority are Impressionist or Post-Impressionist paintings, some being limited edition reproductions. Once the Company has a reproduced title in its library, it could manufacture as many reproductions from that title as the market would bear, subject only to limitations imposed by contracts with third parties that limit the availability of certain Artagraph(r) Editions. Currently Diamant Art is engaged in supplying retail art gallery customers with its catalogue products. The Company has marketed through specialty retail; overseas distributors, including Japan and Spain; direct mail with American Express Card Members programs and carried out contract printing for publishers. The difference between the commercial markets in Europe versus the markets in North America is the mass production aspects typical of the North American industry. The Company operates in a highly regulated industry. DIAMANT film has been approved by Canadian Health Protection Branch for food contact and qualifies for U.S. Food and Drug Administration non-objection status. Recently, DIAMANT film was passed stringent EU guidelines and applicable laws regarding food hygiene for contact with aqueous, acidic, alcohol, oily and fatty food types.