Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Attending the World's Largest HIV/AIDS Conference in Toronto, Aug. 13-18 Wednesday August 2, 9:01 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--August 2, 2006--BioMag Corp. (OTC: BMGC - News) through its wholly owned subsidiary Biospectrum Technologies Inc., announced today that it will attend the 16th International AIDS Convention Aug. 13-18, in Toronto. The conference theme, "Time to Deliver," underscores the continued urgency in bringing effective HIV prevention and treatment strategies to communities the world over.

The world's largest HIV/AIDS conference provides an international, open and independent forum for the exchange of ideas, knowledge and research, which will inform HIV/AIDS programs and strengthen prevention, treatment and care efforts worldwide. An estimated 20,000 participants including scientists, health care providers, political, community and business leaders, journalists, government, non-governmental and intergovernmental representatives, and people living with HIV/AIDS are expected.

Clayton Hardman, president and CEO of BioMag Corp., stated, "In order to stay current with others in our field of diagnostics and with the socio-economic impact AIDS plays in the world, Biomag will attend several seminars involving pathogenesis, clinical trials and geo-political policies." Hardman continued, "In keeping true with our company's vision, we feel it necessary to be involved not only with current research, but with the role our company can contribute to AIDS awareness, and ultimately in the reduction of the spread of HIV and other infectious diseases by advancing early detection."

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.