Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Corporation Retains Crosscheck Capital as Its Investor and Public Relations Firm Monday May 8, 9:00 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--May 8, 2006--BioMag Corporation (OTC:BMGC - News), through its wholly owned subsidiary Biospectrum Technologies, Inc., announced today that it has retained the investor and public relations services of Crosscheck Capital.

Under the terms of the agreement, Crosscheck will provide the company with consulting services relating to the development, implementation and maintenance of ongoing programs to create investor awareness of the company's activities and to communicate with company shareholders regarding all corporate development and activities.

Clayton Hardman, President and CEO, stated, "Through the latest acquisition announced by BioMag is evidenced that we have reached true acceptance of our capabilities. As such, we believe the time has now come to significantly increase our communications with our shareholders and the investment community. The solution provided by Crosscheck Capital solves our need to manage and execute various IR strategies in a cost efficient manner. This provides our management team with the ability to focus on executing the business plan. It is now time to raise our profile in the investment community and Crosscheck Capital has been retained to execute this task."

About BioMag Corporation

BioMag Corporation, through its wholly owned subsidiary Biospectrum Technologies, Inc., a company that has designed and patented revolutionary diagnostic equipment and immunoassays, will identify market inadequacies and fill those needs with new technologies and highly specific and sensitive assays that are qualitative (yes/no) and quantitative (viral load/degree of infection), easily performed and cost effective.

Forward-Looking Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

Contact: Paul Hardman, (916) 987-7078
Source: BioMag Corp.