Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Engages Rear Admiral Udomporn Sompongse (Ret.) to Launch Clinical Trials and Product Sales In Thailand Monday June 5, 9:02 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--June 5, 2006--BioMag Corp. (OTC: BMGC - News) announced today that it has entered into a consulting agreement with Rear Admiral Udomporn Sompongse (Ret.) to coordinate clinical trials and sales in Thailand.

Admiral Sompongse, currently an advisor to the Company, held the position of "Royal Aide-De-Camp to his Royal Highness Crown Prince of Thailand" prior to retiring. He has an extensive background in governmental internal affairs and is an advisor to the department of "Homeland Security" of Thailand. Admiral Sompongse will be responsible for the management of the clinical trials that will be conducted in Thailand, including working with BRIA Laboratories, the company that will make the formal application to the Health Ministry in Thailand to perform these trials, develop the necessary protocols, select the initial testing sites(s) and acquire the necessary documentation for commercialization.

Clayton Hardman, President and CEO of BioMag Corp. stated, "We are excited to appoint Admiral Udomporn Sompongse to direct and oversee our efforts in Thailand. For several years Admiral Sompongse has served as an advisor and is the perfect candidate to represent our Company in Thailand." Hardman continued, "The elaborate network that Admiral Sompongse has established throughout Asia gives our company a significant advantage during the clinical trial process and eventual sales."

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.