Biomagnetics Provides Investor Update on Spin Off of Low Carbon Diesel Project – Moves into Financing Due Diligence Phase
05 Avril 2011 - 3:00PM
Business Wire
Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP - News) a
developer of revolutionary diagnostic systems and technology for
HIV, hepatitis, tuberculosis, cholera and malaria detection, and
other innovative technologies, today announced the Company’s status
on its proposed spin off of its low carbon diesel project. Last
week, CEO, Clayton Hardman, travelled to China to meet with several
potential funding sources interested in moving the project forward.
These funding sources have agreed to move into a due diligence
process to validate the Company’s proposal.
Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. stated,
“We were very encouraged after meeting with the managers of three
different Chinese funds. Each has expressed interest in funding our
project and in enter into project due diligence, a process that
typically takes six to eight weeks. We are committed to moving this
project forward for the benefit of Biomagnetics shareholder
valuation.”
During September of last year, the Company filed a patent
application for a unique formulation of low carbon diesel created
by the owner of Zhuhai Oil Energy Science and Technology Ltd.
("Zhuhai"), located in Guangdong Province, China. Last August,
Biomagnetics announced it had signed a Letter of Intent (LOI) with
Zhuhai to acquire all assets of that company including the
intellectual property for proprietary formulations of a very low
carbon footprint bio-fuel blend.
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical
device and biotechnology company and an acquirer of other
innovative technologies. 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.
Biomagnetics Diagnostics (CE) (USOTC:BMGP)
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