ORANGEVALE, Calif.--(BUSINESS WIRE)--Biomagnetics Diagnostics Corp. (OTC:BMGP) today announced that they are sending a representative to mainland China to meet with Government sponsored fund managers overseeing the development of Chinese based high-tech companies. On the table is a joint venture to further develop and market Biomagnetic’s proprietary technology through a separate Chinese based public company which would be partially owned by Biomagnetics and their shareholders.
The company has patented a revolutionary diagnostic system that will detect the presence of any pathogen (including HIV) and delivers test results in minutes (not days or weeks) at a fraction of the cost of other testing alternatives.
“We are very interested in this new program the Chinese government is setting up; it falls within our international corporate development strategy,” said Clayton Hardman, President and CEO of Biomagnetics Diagnostics Corp. “To pursue this and other Asian opportunities we will be forming a separate Chinese Corporation (a subsidiary of Biomagnetics Diagnostics) to establish a functioning presence in China. It is our intention to apply to the Shenzhen or Hong Kong stock exchange for trading of the new company’s shares, and if successful, distribute a portion of Biomagnetics’ shares in the new company to our shareholders through a spinoff stock dividend (subject to market conditions, successful completion of the project and conformity with SEC Regulations).”
The Company defines its markets for the first line of products as public, private laboratories and blood banks. The Chinese deal is an important part of the world marketing plan for Biomagnetics; the world market size for manufacturing alone is $25 billion and the US retail market is $37 billion.
Mr. Hardman also noted that the previously announced negotiations to purchase an interest in Tianjin Automatic Science & Instrument Co. LTD. would be further enhanced by the creation of the new subsidiary. Tianjin Auto Science has been in business over 15 years. By acquiring an interest in Tianjin Auto Science, Biomagnetics Diagnostics will gain access to over 1,250 distributors, a laboratory client base of 10,000 and skilled manufacturing in the business community’s most exciting markets.
About Biomagnetics Diagnostics Corporation
Biomagnetics Diagnostics Corporation, a company that has designed and patented revolutionary diagnostic equipment and immunoassays, will identify market inadequacies and fill those needs with new technologies, and highly specific and sensitive assays that are qualitative (yes/no) and quantitative (viral load/degree of infection), easily performed and cost effective.
For more information please visit: www.biomagneticsbmgp.com
Forward Looking Statement:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performances of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.
Contacts
Biomagnetics Diagnostics Corp Paul Hardman, 916-987-7078
