Health & Fitness
Health and Fitness
Health and Fitness 
Tue, July 27, 2010
Mon, July 26, 2010
SAN FRANCISCO--([ BUSINESS WIRE ])--Biomagnetics Diagnostics Corp., (PINK SHEETS:[ BMGP ]) a developer of revolutionary diagnostic systems and other innovative technologies, today provided the following updates on corporate activities.
Clayton Hardman, CEO of Biomagnetics commented, aWe have recently completed a thorough review with our auditors, results which will soon be open for review. This will be the first step in becoming a fully reporting company and being listed on the OTCBB. Full transparency is critical as we expand and move forward with planned acquisitions. Over the coming weeks and months you will see substantial developments from our company. We believe we are on the leading edge in revolutionizing tuberculosis diagnostics throughout the world in partnership with Los Alamos National Laboratories. We are equally excited about introducing to the world revolutionary biodegradable plastic film and several agreena bio-fuel formulations all of which hold the promise to significantly reduce pollution. It is clearly a very exciting time for our shareholders. Below, we have provided a detailed update of some of our recent corporate activities.a
Corporate legal staff has already completed the majority of the required Securities and Exchange Commission (SEC) filing information (Form 10) and expects to file with the SEC over the next few weeks.
Integrated Optical Biosensor Development (IOBS) - Biomagnetics continues to work toward development of the world's first integrated optical biosensor for the detection of disease causing pathogens. Biomagnetics is aggressively working with the staff of Los Alamos National Security, LLC to arrange a joint conference call or webinar to discuss this project with both the medical and investment communities.
Zhuhai Oil New Energy Science and Technology, LTD Acquisition - Biomagnetics recently announced the signing of a letter of intent to acquire Zhuhai, an innovative designer and producer of low carbon biofuels. Today, the companies are releasing test results on these unique biofuel blends. According to China National Vehicle Pollutant Emission Standards, idling nitrous oxides cannot exceed 200 ppm for light duty gasoline vehicles. Recent tests using the Zhuhai low carbon gasoline blend produced test results of only 6 to 27 ppm. The high idle standard is for less than 150 ppm, with the Zhuhai blend product testing at 3 to 15 ppm. The Zhuhai gasoline product also significantly reduced carbon emissions with test results of 0% to 0.2%, versus the maximum national carbon emissions standard of 0.5%. As was announced on July 21, biofuel production at the plant was recently increased to 60 metric tons per hour. It is estimated the average pretax profit per ton of various fuel blends that will be sold to power plants and other industrial users will range between 700 RMB and 1,300 RMB per ton. The companies recently completed additional negotiations toward the closing of this merger, which included an agreement to allow Biomagnetics to manage the process of filing all U.S. patent applications for these low carbon biofuels.
Lanzhou Sanhuan New Technology Acquisition a" On July 12th, Biomagnetics announced the signing of a letter of intent to acquire Lanzhou Sanhuan, the developer and patent holder of a unique highly degradable, PVA plastic film with unique gas permeation reduction features. Biomagnetics has recently completed its initial legal review of the patent held by Lanzhou, the status of current production levels and the validity of the ongoing Chinese government agriculture-related contract for a significant amount of Lanzhou PVA film. As a result of this review, Biomagnetics will move forward with a formal offer for the Company.
Additional Acquisitions - Biomagnetics is today announcing its intent to move toward an acquisition related to the manufacturing inputs for the Lanzhou PVA film while reviewing an additional proposed acquisition relating to the production of bio-fuels in China. This additional bio-fuel acquisition is designed to provide a limited level of vertical integration in order to better meet strong demand required by a local Guangdong electric power station that has agreed to place a significant order for the cleaner burning Zhuhai biofuel blend.
Relative to the acquisition of Lanzhou and Zhuhai, Biomagnetics will issue a total of 20 million shares of common stock and has agreed to capitalize these two operations with $2 million in capital of over the next 90 days. The Company believes these acquisitions will be highly accretive to earnings and will result in a significant addition to shareholder value.
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company and an acquirer other innovative technologies. The Companya™s revolutionary diagnostic systems, which are based on advanced waveguide and magnetics technologies, test for any virtually viral or bacterial disease. The Company's technology allows laboratories to perform far more tests in the same amount of time it takes to do a single test. The HTS-MTP platform is designed to detect the actual virus and viral load in body fluids and not just simply screen for the presence of viral antibodies. Additionally, the Company is currently developing a waveguide-based advanced integrated optical biosensor through its cooperative research and development agreement with Los Alamos National Security, LLC, which will initially be used for cholera, tuberculosis and malaria diagnosis. More information on Biomagnetics Diagnostics Corp. can be seen at [ www.biomagneticsbmgp.com ].