Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Engages CPA Firm Don D. Meyers, Associates and Moore & Associates, Chartered Accountants and Advisors as Its New Auditor Wednesday May 24, 9:02 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--May 24, 2006--BioMag Corp. (OTC: BMGC - News) announced today that it has engaged CPA firm Don Meyers, Associates and Auditors Moore & Associates, to compile and audit the company's past two years and all future financials.

Clayton Hardman, president and CEO of BioMag Corp., stated, "BioMag's growth is gaining momentum as we execute additional phases of our strategic business model. This type of growth and the magnitude of the enterprise the company is developing requires the support of insightful professionals who can add value to its development."

About BioMag Corp.

BioMag Corp., 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.