Biomagnetics Ends Acquisition Related Quiet Period - To Spin Off Chinese Bio-Fuels Operation Into Publicly Traded Company
November 08 2010 - 9:00AM
Business Wire
Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP - News) a
developer of revolutionary diagnostic systems and technology for
HIV, hepatitis, tuberculosis and malaria detection, and other
innovative technologies, today announced its plans to spin off its
Chinese bio-fuels operation, Zhuhai Oil Energy Sciences and
Technology, located in Guangdong Province, China, into a separate
publicly traded entity.
Over the past few months, the management team at Biomagnetics
has been working on a structure that it believes will maximize
shareholder value. The Company has been interviewing investment
groups to facilitate this transaction. The new Company, which will
trade on the OTCBB as a fully reporting organization with the SEC,
will enter into a contract with Biomagnetics to purchase all
intellectual property and contract rights to the proprietary low
carbon fuel formulations.
“A green revolution is sweeping through China resulting in a
critical demand for low carbon bio-fuels. These unique formulations
greatly reduce particulate and carbon emissions while still being
cost competitive,” commented Clayton Hardman, CEO of Biomagnetics.
“We are negotiating specific terms while waiting for GAAP certified
audits. Specific terms to finalize include capital compensation and
percentage interest in the new company Biomagnetics will receive
for selling its Bio-Fuel rights. This should add to shareholder
value, and reduce or eliminate future shareholder dilution.”
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical
device and biotechnology company. 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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