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Biomagnetics to Become Fully Reporting - CEO Comments on Corporate Growth Plans and Strength of Balance Sheet

^{Published on 2009-12-28 07:15:11 - Market Wire}
 

SAN FRANCISCO--([ BUSINESS WIRE ])--Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP) a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis, and malaria detection, today announced it is instituting several actions to become a fully reporting organization, improve transparency to investors and migrate the trading of its common shares to the over-the-counter market. Additionally, corporate management is expressing confidence in achieving growth objectives for 2010.

"With the growth we expect during 2010 it will be important for us to provide full transparency to our investors and other stakeholders"

"With the growth we expect during 2010 it will be important for us to provide full transparency to our investors and other stakeholders," commented Clayton Hardman, CEO of Biomagnetics Diagnostics. "Toward this aim, we have begun implementing plans to complete a full financial audit and to file these audit results with both Pink OTC Markets, Inc. and the Securities and Exchange Commission. We expect these actions to allow us to not only become a fully reporting organization, but also to make us eligible to trade our shares on the OTC market.

These actions include the completion of a full financial audit and the filing of financial disclosure information with Pink OTC Markets Inc. and the U.S. Securities and Exchange Commission. Additionally, the Company will be working with several broker-dealers on Rule 15c2-11 documentation for submission to FINRA in order to receive OTCBB quotation clearance.

"Our balance sheet remains very strong with a meaningful cash balance and minimal debt. We have been able to accomplish this with only very minimal fund-raising activities. This has allowed us to keep the number of total outstanding shares at only approximately 64 million. While we do not anticipate the need to raise growth capital, as our working capital balances are already robust, it is very comforting for us to have the strong backing of our shareholders, many of whom are eager to provide us additional growth capital should it be required. Simply put - our financial position is very strong, which will allow us to aggressively implement our growth strategies. With a total market capitalization of approximately $9 million, we believe our common shares are significantly undervalued."

"Mr. Hardman continued, "While we realized significant accomplishments in the last four months of 2009, we expect the acceleration of developments in the first half of 2010. During the first quarter, we expect to enter into several certifications in China, India and Africa, which we believe will clearly demonstrate the superiority of our technology and testing cost profile relative to the inferior solutions currently available in today's market. In the first half we expect to expand upon our groundbreaking agreement with Los Alamos National Security, commercialize the integrated optical biosensor technology for the detection of cholera, malaria, tuberculosis and HIV/AIDS, in addition to accelerating development of the technology that will enable multiple detections from a single sample. We are clearly very excited about where Biomagnetics Diagnostics is headed during 2010."

According to the World Health Organization, some 3.2 billion people, or about half the world's population is at risk of malaria transmission in 107 countries and territories worldwide. While there are between 350 million and 500 million new cases of malaria each year, there are very few reliable and field deployable diagnostic tools available. In the case of malaria, early detection substantially improves treatability and survivability. Field deployable Integrated Optical Biosensor Systems (IBOS), such those Biomagnetics Diagnostics is planning to soon introduce hold the promise to significantly speed the diagnostic testing process and to meaningfully lower costs and improve lives.

About Biomagnetics Diagnostics Corp.

Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company. The Company's revolutionary diagnostic systems, which are based on optics and advanced magnetics, test for any viral or bacterial disease. The flagship product, IOBS (Integrated optical Biosensor System), is based on technology originally developed by Los Alamos National Laboratory, is an ultraportable, hand-held blood diagnostic device that can be utilized by relatively unskilled personnel to screen both humans and animals for various diseases and pathogens, with an emphasis on malaria, tuberculosis, hepatitis, HIV/AIDS and cholera. The Company's HTS-MTP platform technology, which is based on advanced magnetics, allows laboratories to perform far more tests in the same amount of time it takes to do a single test and is designed to detect the actual virus and viral load in body fluids and not just simply screen for the presence of viral antibodies. More information on Biomagnetics Diagnostics Corp. can be seen at [ www.BiomagneticsBMGP.com ]