Biomagnetics Filing Key Patent Application Today for Bio-Fuel Product Paving Way for Acquisition Closure & Significant Revenu...
September 08 2010 - 11:34AM
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, has filed a patent application for a
unique formulation of biofuel created by the owner of Zhuhai Oil
Energy Science and Technology Ltd. (“Zhuhai”), located in Guangdong
Province, China. Last month, 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.
“We are excited about the unique formulation of bio-fuel and our
planned acquisition of the Zhuhai asset. We are also excited about
our participation in the ‘Green Revolution’, occurring throughout
China,” commented Clayton Hardman, CEO of Biomagnetics. “The Zhuhai
low carbon footprint bio-fuel formulations significantly reduce
particulate and carbon emissions while remaining cost competitive,
a great combination for success in the bio-fuels industry,”
continued Hardman.
“The situation in Guangdong is very different from other
provinces. Environmental pressures are forcing a rapid change in
electricity generation, with many of the Guangdong fuel oil power
plants turning toward natural gas or cleaner burning fuel oils.
Zhuhai has drawn interest from several companies with high fuel
needs and is currently in negotiations with Foshan Ceramic Company
to purchase 10,000 tons per month. With the patent filing, Zhuhai
plans to prepare delivery of its bio-fuel product to buyers upon
completion of the acquisition by Biomagnetics.” Clay Hardman
advised, “We believe the acquisition of Zhuhai will bring
Biomagnetics a significant high margin revenue stream and
contribute significantly toward increasing shareholder value. We at
Biomagnetics could not be more excited about our current future
outlook as we move toward this closure and the closure of the other
pending Chinese acquisitions.”
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical
device and biotechnology company and an acquirer of other
innovative technologies. More information on Biomagnetics
Diagnostics Corp. can be seen at www.biomagneticsbmgp.com.
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