Biomagnetics Diagnostics Completes Q3:10 Audit – Provides Recap of Recently Held Conference Call

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 the completion of its third quarter audit. Additionally, the Company is providing a recap of its recent investor conference call, which was held on January 12th.

The completion of the third quarter audit brings Biomagnetics Diagnostics up to date with all audit related requirements, which will allow the Company to become a fully reporting entity.

The recent conference call was held to discuss goals for 2011, specifically discussed was the status of the collaborative research agreement with Los Alamos National Security and the Company’s plans to design a production model of the integrated optical biosensor bench top unit. An additional component of the completion of the research agreement will be the delivery of both the cholera and tuberculosis assays. Biomagnetics believes there are several markets eagerly awaiting this technology. The Company plans to perform clinical trials in India, South Africa and Mexico.

Also discussed on the call was the status of the Company’s Chinese acquisitions. Specifically discussed was the selling off of the low carbon fuel rights to raise the required capital to complete the Company’s medical diagnostics product and distribution goals. Biomagnetics wishes to monetize these low carbon fuel rights as a methodology for raising capital in order to minimize dilution of shareholder value.

“We continue to make progress on many fronts. With the third quarter audit now behind us we were able to file all corporate information required by OTC Markets Group to remove the CE symbol,” commented Clayton Hardman, CEO of Biomagnetics diagnostics. “We will now move ahead with filing the required documentation with the Securities & Exchange Commission in order to become a fully reporting corporate entity. We remain very excited about the significant opportunity in front of Biomagnetics related to the introduction of the world’s first integrated optical biosensor product as we believe there is a huge demand for a handheld, easy-to-use, economical, point of patient care diagnostic tool for the diagnosis of tuberculosis, cholera, and other diseases. We feel strongly this device holds the potential to revolutionize the diagnostics marketplace.”

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.