Biomagnetics Announces LOI to Acquire Lanzhou New Sunshine Plastics Industry LTD Fourth Chinese Asset Targeted at $1.50 BMGP ...
August 30 2010 - 9:30AM
Business Wire
Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP) a developer
of revolutionary diagnostic systems and technology for HIV,
hepatitis, tuberculosis and malaria detection, and other innovative
technologies, today announced the signing of a Letter of Intent
(LOI) with Lanzhou New Sunshine Plastics Industry LTD. This
expected acquisition is the fourth planned acquisition targeted at
a share price of US $1.50 for Biomagnetics Diagnostics’ common
shares.
Under the terms of the LOI, Biomagnetics will acquire all assets
of New Sunshine Plastics manufacturing facility, and issue
4,220,000 shares of Biomagnetics common stock. Biomagnetics intends
to use this manufacturing facility to house the equipment and
technologies being acquired from Lanzhou Sanhuan New Technology
Development Ltd. in order to meet the strong and growing Chinese
and worldwide demand for biodegradable PVA plastic film.
Clayton Hardman, President and CEO of Biomagnetics commented,
“We originally planned to build a new manufacturing plant to
produce our PVA biodegradable plastic, but when this opportunity
was presented, it was obvious this would be our best course of
action. By acquiring New Sunshine we will be able to avoid the time
and expense of new construction allowing us to begin producing this
revolutionary biodegradable PVA plastic film much sooner. There is
clearly a huge demand for this product and considering the large
contract we already have for this plastic film, getting to the
revenue production phase quicker will significantly benefit our
Company and its shareholders.”
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical
device and biotechnology company and an acquirer 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.
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