Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Engages Dr. Manuel Lopez-Portillo to Coordinate Clinical Trials and Subsequent Sales in Mexico Tuesday May 30, 9:02 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--May 30, 2006--BioMag Corp. (OTC: BMGC - News) announced today that it has entered into a consulting agreement with Dr. Manuel Lopez-Portillo to coordinate clinical trials and sales in Mexico. These duties include formal application to the Health Ministry to perform clinical trials, developing the necessary protocols, selecting the test sites, overseeing the trials, obtaining the required commercialization documents upon completion and establishing government contracts.

Dr. Manuel Lopez Portillo, a neurosurgeon, held the position of Director of Medical Services of ISSSTE (the social security system for all government employees) during his cousin's presidency. He has an extensive background in the internal affairs of government regulations of Mexico and has assisted the Company for the past 9 years as Director Strategic Alliances & Government Affairs Mexico.

Clayton Hardman, President and CEO of BioMag Corp. stated, "Dr. Portillo has served as an advisor to the company for many years, and is very intimate with the inner workings of our revolutionary technology. Dr. Portillo has a wealth of experience in the diagnostics industry and has the professional network and infrastructure in place to act as our gateway into Mexico's multi-million dollar diagnostic industry."

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.