Press Release: Source Biomagnetics Diagnostics Corporation

BioMag to Be Featured in Live Press Conference on Market News First (MN1.com) Wednesday June 21, 5:12 pm ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--June 21, 2006--BioMag Corp. (OTC: BMGC - News) announced today that it will conduct a live press conference via Market News First on www.MN1.com at 9 a.m. PDT/12 p.m. EDT, Friday, June 23, 2006. Interested parties may go to www.MN1.com and download the free player enabling them to listen in for management's review of operations and discussion of future prospects. This live broadcast is available to anyone at any computer connected to the Internet and should prove valuable for existing and prospective investors alike.

About MN1.com

MN1.com is the only online destination that brings real micro-cap news to investors and features live interaction with companies from the Bulletin Board, Pink Sheets and Amex. Featuring Live Press Conferences, All-Day Live Trading Commentary, Analyst Profiles, Interactive Forums, News Items and "The MicroBlog," MN1.com gives micro-cap investors the information source necessary to trade in the markets. MN1.com boasts being the largest true news company reporting on micro-cap traded stocks.

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.