Biomagnetics (BMGP) Enters Chinese Biotech Market

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 8, 2008 -- Biomagnetics Diagnostics Corp. (http://www.biomagneticsbmgp.com)(OTC:BMGP), announces today they have formed a joint venture with Dr. Hai Shiene Chen and ACGT DNA Technologies Corporation, a leader in Canada's DNA industry with extensive ties to China’s medical industry, including high level government officials and private industry contacts. The company will focus on:

1. the creation of a separate Chinese Corporation (a subsidiary of BMGP) to establish a functioning presence in China. ACGT currently has a separate operating division based in China. Our goal is to use their expertise and connections to help form BMGP’s Chinese division and qualify it for funding assistance from the Chinese government’s high tech Incubator Program.
2. developing revenues from BMGP’S core diagnostics system as a solution for current needs within China’s healthcare and food industry. The company is finalizing preliminary letters of intent for providing BMGP’s testing technology for use within the Chinese food and medical industry.
3. exploring stem cell and genetic engineering application opportunities within China. Unlike the United States, China has no restrictions on stem cell research. Couple that with a highly trained and skilled labor force makes China ideal for biotechnology development.

Clayton Hardman, CEO of BMGP also announced that the company is currently reviewing a proposal from an Austrian based genetic engineering company and an independent research foundation. The proposal will grant us access to their patented cancer treatment system, viral painting technology, scientists, and laboratories to further explore BMGP’s proprietary technology.
He further stated that this is the direction that BMGP intends to pursue to leverage its assets. “The international scientific community is standing on the forefront of advances and breakthroughs not seen since the telecommunications industry fifteen years ago. BMGP is committed to aggressively seeking opportunities in the stem cell and genetic engineering industries while developing our core technologies, in an effort to enhance shareholder value.”

Biomagnetics (OTC BMGP) intends to follow the lead of established Western drug makers and biotech’s Merck & Co. Wyeth, Eli Lilly & Co., Schering-Plough, Genentech, Bristol Meyers Squibb and many others that are ramping up investments in China, India and Singapore. BMGP is exploring opportunities within the international stem cell/ genetic engineering/ biotechnology industry, and is working to establish a separate Chinese operating company with the intent to apply for listing on the Shenzhen or Hong Kong Stock Exchange.

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