This is a statement from Clayton Hardman, President and CEO of Biomagnetics Diagnostics Corp. (PINK SHEETS:BMGP), a developer of revolutionary diagnostics systems and technology for HIV, hepatitis, tuberculosis and malaria detection, and other innovative technologies, to clear misunderstandings:

“Over the past few months, we have communicated to our shareholders and business community regarding specific activities Biomagnetics has undertaken to increase share value and obtain additional capital required to bring our products to market without causing further stock dilution. Clearly, the information provided has created confusion rather than clarification.”

“Biomagnetics holds a Patent License Agreement with Los Alamos National Security, LLC. This License Agreement is in full force and effect from the Effective Date and remains in effect until the expiration of the last to expire of the patents included within the Licensor’s Patent Rights. The Collaborative Research and Development Agreement (CRADA) we have with Los Alamos National Laboratories provides Biomagnetics with an updated bench top Integrated Optical Biosensor (IOBS) System. The CRADA includes the development of two diagnostic assays, TB and cholera. The new system will be sent to Lathrop Engineering in San Jose, CA. They will engineer a laboratory production model and miniaturize this model into the hand held battery operated unit.”

“The reason for accepting the opportunity to involve Biomagnetics in the Low-Carbon Fuel and Biodegradable plastic film projects in China; Biomagnetics will receive capital and a substantial number of shares in both companies which will increase the Company’s share value and asset base allowing us to bring our products to market without further share dilution.”

“The market for Low Carbon Fuel and Biodegradable Plastic Film is immense. We plan to sell all rights in the Fuel project, purchase an OTCBB shell, merge the plastic program into the shell, retain 60-70 percent ownership and pass the management to others who are qualified in those industries.”

“Taking these steps during development of our core product, the IOBS System, we can remain focused on sales and organizing distribution through existing channels.”

“By year’s end all documents will be ready for submission to SEC and shortly thereafter (60-90 days) we will move up to the OTCBB. The Pink Sheets News Service has placed a “CE” (Caveat Emptor) warning on our symbol due to the lack of updated corporate information, a direct result of the time it took to complete our audit. The 2008 and 2009 audits are completed, the 1st and 2nd quarters have been reviewed, the 3rd quarter is being completed by our CPA and we expect to have the audit for 2010 completed by the end of the 1st quarter of 2011.”

“Last week, I attended the TB symposium in Santa Fe, sponsored by Los Alamos National Laboratories. Arrangements were made for Lathrop Engineering to meet with key personnel at Los Alamos to collaborate in the next phase of product development, the miniaturization plan leading to clinical trials.”

“I met with the co-founder and chief scientific officer of “Foundation for Innovative Diagnostics” (FIND), once we have the IOBS system ready, and he is satisfied with the technology, he agreed to conduct validation studies. I met with Dr. Willem Sturm, Dean of the Nelson R. Mandela School of Medicine in KwaZulu-Natal, South Africa, who agreed to have us send him a bench top unit for validation of the TB assay, assist us with clinical trials and development of an assay for HIV.”

“This information should clarify any misunderstandings.”

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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