BMGP Details Spin Off of Global Bio Energy
March 19 2012 - 9:00AM
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 Company has received a commitment
for financing to advance the companies growth programs.
The company has taken an equity position of 5,000,000 shares in
Global Bio Energy a firm organized by Company CEO, Clayton Hardman,
to hold the technology rights to the unique manufacturing process
for a highly biodegradable form of plastics called PVA. A Chinese
entity has committed $10 million to set up manufacturing in China
to increase current output of PVA.
Global Bio Energy will license the PVA technology to this
Chinese entity with Biomagnetics Diagnostics Corporations' fees to
be used by the company to complete development of and begin
manufacturing of the integrated optical biosensor device, developed
in conjunction with Los Alamos national laboratory.
“This is an innovative financing arrangement, but one that is
necessary due to the intricacies of financing ventures China,”
commented Clayton Hardman, CEO. “The market for PVA plastic in
China is robust and we are confident our fees and share interest
will be significant enough to allow us to complete the development
of this important life-saving biosensor diagnostic technology.”
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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