Press Release: Source Biomagnetics Diagnostics Corporation

BioMag Changes Their Corporate Name to Biomagnetics Diagnostics Corporation, New Trading Symbol: BMGP Monday December 18, 9:01 am ET

ORANGEVALE, Calif.--(BUSINESS WIRE)--December 18, 2006--BioMag Corp. (OTC: BMGC - News) hat effective today it has changed its name to Biomagnetics Diagnostics Corporation and the company's stock now trades under the new symbol BMGP. The company also has a new website address at: www.biomagneticsbmgp.com.

Clayton Hardman, President and CEO of Biomagnetics Diagnostics, stated, "This name change better describes who we are and the basis of our technology. Brand identity and corporate image reflection is important in this industry and we believe our new corporate name accomplishes this important aspect."

About Biomagnetics Diagnostics Corporation

Biomagnetics Diagnostics Corporation, 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.

For more information please visit: www.biomagneticsbmgp.com

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.