Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Enters Memorandum of Understanding with Bangkok RIA Group Wednesday June 7, 9:02 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--June 7, 2006--BioMag Corp. (OTC: BMGC - News) announced today that it has entered into a memorandum of understanding with Bangkok RIA Group ("BRIA"), a laboratory, manufacturer and distributor of diagnostic services in Thailand.

BRIA will make formal application to a Health Ministry of Thailand to obtain approval to initiate clinical trials for the Company's HTS-MTP Diagnostic System, including the Company's proprietary HIV and Hepatitis B assays. Upon completion BRIA will assist in the commercialization of the Company's products.

Clayton Hardman, President and CEO of BioMag Corp. states, "Working with an elite medical diagnostics services company such as Bangkok RIA Group, only substantiates our level of commitment and determination to bring our revolutionary technologies into a market region need is of such importance. There is no better choice to have BRIA represent our Company in Thailand."

About Bangkok RIA Group

Bangkok RIA was founded in 1989 to provide medical laboratory diagnostics services to hospitals, clinics and other medical care units. In response to the rapid expansion of the business, Bangkok RIA then decided to transform, itself into a holding company with a group of subsidiaries. Over the years, Bangkok RIA has increased its capabilities, by expanding geographic locations and developing a reputation for technical expertise, through its franchises throughout Thailand.

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.