Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Intends to List on the Over the Counter Bulletin Board Thursday October 5, 9:01 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--October 5, 2006--BioMag Corp. (OTC: BMGC - News) announced today that upon completion of the Company's financial audits and other matters the company intends to list on the Over the Counter Bulletin Board ("OTCBB").

Since announcing the Company's new financial auditor back in May, the Company has been working diligently with Moore & Associates, Chartered Accountants and has nearly brought their financial audits to a close.

Clayton Hardman, President and CEO of BioMag, stated, "Completing the financial audits is a significant step toward application to list on the OTCBB. Our company has made significant progress in the past few months and we are continuing to exceed our goals and expectations. This is an important milestone for our Company as we move forward in our corporate development, and maintain our consistent effort to grow our Company and shareholder value."

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.