Biomagnetics Provides Investor Update on Spin Off of Low Carbon Diesel Project – Moves into Financing Due Diligence Phase

Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP - News) a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis, cholera and malaria detection, and other innovative technologies, today announced the Company’s status on its proposed spin off of its low carbon diesel project. Last week, CEO, Clayton Hardman, travelled to China to meet with several potential funding sources interested in moving the project forward. These funding sources have agreed to move into a due diligence process to validate the Company’s proposal.

Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. stated, “We were very encouraged after meeting with the managers of three different Chinese funds. Each has expressed interest in funding our project and in enter into project due diligence, a process that typically takes six to eight weeks. We are committed to moving this project forward for the benefit of Biomagnetics shareholder valuation.”

During September of last year, the Company filed a patent application for a unique formulation of low carbon diesel created by the owner of Zhuhai Oil Energy Science and Technology Ltd. ("Zhuhai"), located in Guangdong Province, China. Last August, Biomagnetics announced it had signed a Letter of Intent (LOI) with Zhuhai to acquire all assets of that company including the intellectual property for proprietary formulations of a very low carbon footprint bio-fuel blend.

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.